CHICAGO ? This week, Groupon unveiled its payment service for credit card transactions, Online Media Daily reports. For U.S. merchants participating in its daily deal, the company charges 15 cents per transaction, plus 1.8% of the transaction for Discover, MasterCard and Visa cards and 3% for American Express cards.
Other companies not Groupon customers can use the service for the 15-cent fee plus a 2.2% rate for Discover, MasterCard and Visa cards. PayPal charges 2.7% per plastic payment and Square users pay 2.75% per swipe or a monthly flat fee of $275.
?In addition to slashing transaction fees, Groupon Payments offers services that most of the traditional processors don?t. Rather than waiting the typical two or three days for credit card payments to hit an account, Groupon Payments users get paid overnight,? blogged Mihir Shah, Groupon?s vice president, mobile and merchant products.
The new Groupon payment service offers businesses the ability to see live transaction histories, daily sales, account deposits and revenue trends. The service has a card reader for iPod Touch and iPhones compatible with the Groupon Merchants app. This week, PCI released guidelines for mobile payment transactions to provide more security controls.