by Barbara Ortutay - Sept. 19, 2012 06:41 PM
Associated Press
NEW YORK - Groupon launched a payment service Wednesday that allows businesses to accept credit cards using an iPhone or iPod Touch, becoming the latest company to enter the growing mobile-payments market.
The announcement sent the online deals company's stock up nearly 6 percent. Groupon shares climbed 26 cents to $4.95 in midday trading. The Chicago-based company went public in November at a stock price of $20.
Groupon Payments is aimed mainly at businesses that offer deals through the company, though they can use the system to process any credit-card transaction. A test program allows other merchants to use the service, but at higher rates.
Groupon's technology has been tested in the San Francisco Bay area and will go up against eBay Inc.'s PayPal unit and Twitter co-founder Jack Dorsey's Square. Those services also allow merchants to swipe credit cards on their phones using a small card-reader attachment.
Groupon is charging MasterCard, Visa and Discover swipes at a 1.8 percent rate plus 15 cents for each transaction. American Express will be assessed a 3 percent fee plus 15 cents.
In comparison, Square charges 2.75 percent per swipe, or $275 a month. PayPal charges 2.7 percent. These fledgling services are also up against traditional credit card processors.
Groupon has seen a sharp decline in its stock price since going public. With Groupon Payments, the company is trying to broaden the array of services it offers to merchants.
Groupon says merchants can use its payments service to add tips and taxes, and email receipts.
20 Sep, 2012
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Source: http://www.azcentral.com/business/articles/2012/09/19/20120919groupon-adds-payment-service.html
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