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Yes, it's possible to accept credit and PayPal payments using the QBO mobile app, kym2.
However, activation of the service is only possible in the website. Here's how:
Once activated, payment options will show up when creating invoices in the mobile app. Your customers will also see a Pay now link in the invoices that they will receive. Please see this article for more details:
I'll be around if you need more help with your invoices and accepting payments as well.
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