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TheStreet Open House

Groupon Launches Groupon Payments(TM), A Payments Service Backed By A Guarantee To Be The Lowest Cost Option For The Company's Merchants To Accept Credit Cards. (Photo: Business Wire)

Today Groupon (NASDAQ: GRPN) announced the launch of Groupon Payments™, a payments service backed by a guarantee to be the lowest cost option for the company’s merchants to accept credit cards. Built into the latest version of the Groupon Merchants app for the iPhone and iPod Touch, Groupon Payments provides restaurants, salons and spas, retail establishments and other local businesses with the ability to accept all credit card payments at a lower rate than other providers.

Groupon launches Groupon Payments(TM), a payments service backed by a guarantee to be the lowest cos ...

Groupon launches Groupon Payments(TM), a payments service backed by a guarantee to be the lowest cost option for the company's merchants to accept credit cards. (Photo: Business Wire)

After a successful pilot in the San Francisco Bay Area, any merchant that runs a deal with Groupon in the United States can now accept payments at the lowest rates in today’s marketplace:

  • Swiped transactions - MasterCard, Visa and Discover (1.8% plus $0.15 per transaction) and American Express (3% plus $0.15 per transaction)
  • No hidden costs or monthly fees

Merchants will also have their credit card deposits in their bank accounts overnight, which is much faster than the typical experience of waiting two to three business days offered by most credit card processors.

"Our goal is to provide merchants with the most affordable and powerful tools to run and grow their businesses,” said Mihir Shah, VP Mobile and Merchant Products at Groupon. “With groundbreaking pricing and service, Groupon Payments does just that."

Groupon merchants that sign up for the service will enjoy a fast, intuitive experience that is capable of tackling their everyday credit card processing needs. Some of the Groupon Payments characteristics include:

  • Service — Backed by a 7-days-a-week Groupon Payments support team reachable by phone and email
  • Hassle-Free — Enroll within minutes
  • Fully-Featured — Use Groupon Merchants app to enter bill totals, add tips, apply taxes, process refunds and email customer receipts
  • Sturdy — Swipe credit cards via a sturdy, case-based credit card reader suitable for high transaction volume merchants or an audio jack accessory
  • Secure — Encrypted and secure credit card information
  • Analytics — View payments information seamlessly to an online Payments Center where merchants can view a live transaction history, check daily sales reports, track deposits to their account and analyze revenue trends

In addition, merchants can use the app to scan and redeem Groupons and monitor additional spend over the value of the Groupon.

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