Square competitor Groupon Payments launches today, promises lowest cost for retailers

Popular deal website Groupon is venturing into the world of smart phone-based credit card payments today, launching the Groupon Payments initiative nationwide after a successful pilot program is the San Francisco Bay Area earlier this year. Groupon's boasting a guaranteed lowest cost pricing to merchants using Groupon Payments for credit card transactions -- MasterCard, Visa, and Discover will cost retailers 1.8 percent of credit card sales, plus a $0.15 per transaction fee, while American Express will cost three percent of credit card sales, plus a $0.15 per transaction fee. The biggest competition in the space comes from Square, headed by former Twitter co-founder Jack Dorsey, which charges a flat 2.75 percent rate on all transactions against all cards, though PayPal, Intuit, and Verifone all offer similar services. Today's news matches up directly with leaks we saw back in May, adding on that merchants will see the day's credit card purchases credited to their bank accounts overnight, rather than waiting two to three business days (per standard practice). Beyond credit card services, Groupon's Merchants app also accepts Groupon daily deals, which helps elucidate why Groupon would be interested in entering the mobile credit card payments market in the first place (beyond it being a lucrative market unto itself, of course). Interested parties can sign up over on Groupon's website, and snag the free payments app right here. Finally -- finally -- you'll be able to sell all those $10 gift certificates to Chili's you've been hoarding. Perhaps charge $5 a pop for their $10 value and ... is this a paradox? This might be a paradox.Filed under: Cellphones, Tablets, Wireless, Internet, MobileSquare competitor Groupon Payments launches today, promises lowest cost for retailers originally appeared on Engadget on Wed, 19 Sep 2012 11:08:00 EDT. Please see our terms for use of feeds.Permalink   |  BusinessWire  | Email this | Commentscheapest promotional code at motoworks motorsport ez fit desert bumper buy cheap cheapest promotional code at otc 7790 flange type puller set buy cheap 2012 amaz cheapest promotional codes in eazypower 88601 silicon carbide 20 piece buy cheap cheapest promotional codes in eazypower 88601 silicon carbide 20 piece buy cheap cheapest promotional codes in eazypower 88601 silicon carbide 20 piece buy cheap cheapest promotional codes in fjc 6021 conversion manual coupler buy cheap 2012 cheapest promotion code of lifting extension under axle jack 5012a buy cheap 201 cheapest promotion code of toro blower chains power models buy cheap 2012 amazon cheapest retail codes at apa w0133 1619735 apa windshield seal buy cheap 2012 am cheapest retail codes at cardone 16 4323 remanufactured domestic caliper buy che cheapest retail coupon codes to car worx molding cayenne 2003 2005 buy cheap 201 cheapest retail coupons to obtain bushwacker 34001 toyota bumper protector buy c cheapest retail coupons to obtain eibach 90 6 15 018 2 pro spacer wheel spacer b cheapest retail voucher codes of security chain company qg3210 traction buy chea cheapest retail voucher codes of wheel adapters 01 07 chevy truck buy cheap 2012 cheapest shopping coupons suitable for egr 753014 fender flare piece buy cheap 2 cheapest special coupon codes for many rds rectangular auxiliary transfer fuel b cheapest target free shipping coupon code 2025 for many bushwacker 20053 02 linc cheapest target free shipping coupon code 2025 for many bushwacker 20054 02 linc cheapest voucher codes for the ppr industries 304741075gtn replacement windshiel cheapest voucher codes for the rugged ridge 11209 01 black windshield buy cheap cheapest vouchers just for cardone 16 4036 remanufactured domestic caliper buy c cheapest vouchers just for florida pneumatic fp 746a 2 inch impact buy cheap 201 excellent all you coupons for the spectronics tp8626 conditioner detection flash excellent all you coupons for the vacuum pumper classroom set buy cheap 2012 ama excellent amazon coupon codes free shipping for blox scm435 chromoly lug 1 5mm b excellent amazon promo codes free shipping available for maier scoop dark blue 1 excellent amazon promotional code free shipping just for vacmaster vwm510 powere excellent bargains to obtain 3m 01378 stikit dust free discs buy cheap 2012 amaz excellent best coupons to cardone 18 b4729 remanufactured domestic friction buy