Social shopping website Groupon has announced plans to offer a merchants app. The product which mimics itself after payment processor Square allows customers to install a plug-in device on their iPhone in order to create a point of sale terminal.
The shopping application also serves as a Groupon scanner, allowing customers to redeem their Groupon purchased deals.
To secure customers Groupon is promising a quick turn around in which all purchases are processing overnight, providing customers with near immediate access to their funds.
Each transaction will range in price from 1.8 percent to 3.25 percent of each transaction alongside a15-cent fee. Much like traditional credit card processors the cost of each transaction will very with swiped transactions costing less than keyed transactions. Business and rewards cards will also come with extra fees. [Read more…]