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Groupon Payments comes to Android, starts catching up to Square
Use Groupon Payments for your business? You just got a little more choice -- the popular deal broker just updated its Android app to support credit card transactions. The update brings the fledgling payment service a little closer to Square, which has been available on Android since 2010. If the iOS rates hold, swiping plastic through Groupon Merchants will set retailers back a mere $0.15 per transaction, plus 1.8 percent of the charge for Visa, MasterCard and Discover, or three percent for American Express. The update also boasts improved analytics, giving retailers the ability to check transaction history, daily sales reports and peek at revenue trends. Budding business owners can check out official press release after the break.
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.
Groupon reportedly experimenting with Square competitor
Square, PayPal, Intuit, Verifone -- the mobile payments field (and we're not talking wallets here) is seriously crowded already. So, the question is then, why on Earth would Groupon want to join the fray? We're not entirely sure, but VentureBeat is reporting the coupon service is preparing to do just that. According to a source within the company, Groupon is testing card-reading dongle and payment platform with surprisingly aggressive pricing. According to the insider, transaction fees will be 1.8 percent, on top of a $0.15 base charge. By comparison, square charges a flat 2.75 percent. Interestingly, the source also claims that Groupon is handing out, not just free readers, but free iPod touches to plug them into. The move makes obvious sense since the company snatched up Kima Labs, makers of TapBuy, in February. Besides, it could easily integrate its discount offers with the platform as a value added service. None of this is confirmed just yet but, we certainly wont be surprised if this rumor pans out.
