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Groupon Payments becomes the latest competitor for Square and PayPal Here

Sections: Business News, Communications, Mobile

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And just like that, it looks like we have another competitor in the mobile credit card processing game. The latest is Groupon, arriving as Groupon Payments which is promising “to be the lowest cost option for the company’s merchants to accept credit cards.” On that note, lets get into what the cost will be. To begin with, similar to other options such as Square and PayPal Here, the Groupon Payment set-up does not have any monthly fees. Otherwise, swiped transactions will set you back 1.8 percent for Visa, MasterCard or Discover and 3 percent for American Express. All four cards will also include a (per) transaction fee of $0.15. Some of the other features and perks that are being touted for Groupon Payments include having all daily credit card payments deposited that same night, a 7-day a week service team and analytics which include the ability to view payment information from an online Payments Center. The Payment Center will also show details such as a live transaction history, the ability to check daily sales reports, track deposits and analyze revenue trends. All said and done, the one catch we can see — those above quoted rates are “designed for local businesses that run deals with Groupon.” In other words, if you are not already affiliated with Groupon you may be paying a bit more — 2.2 percent on Visa, MasterCard or Discover. American Express remains the same at 3 percent and all still have that same $0.15 per transaction fee.

Via [Business Wire]

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