Groupon rolls out its own Square competitor

Originally posted on Gigaom:

Are you tired of big companies lining up to take on Square? Well, the list officially got longer today with Groupon’s (s grpn) launch of Groupon Payments.

This shouldn’t be a surprise —  we previously reported that Groupon was testing out the service. But it adds yet another competitor to a very crowded market. Groupon is launching with an iPhone and iPod (s aapl) touch reader that works with the Groupon Merchants mobile application, allowing businesses to take credit card payments.

Here’s how the payment structure will work with Groupon Payments according to AllThingsD:

  • Swiped transactions — MasterCard, Visa and Discover (1.8 percent plus 15 cents) and American Express (3 percent plus 15 cents)
  • Keyed-in transactions — MasterCard, Visa and Discover (2.3 percent plus 15 cents) and American Express (3.5 percent plus 15 cents)
  • Non-Groupon merchants will be charged 2.2 percent plus 15 cents for MasterCard, Visa and Discover.

View original 199 more words

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s