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.
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