Groupon has added a credit card swiper to its merchants app. Much like Square, the daily deal site will give you a plug-in device to turn your iPhone into a point of sale terminal, while still serving as a scanner for redeeming Groupons. Considering the cost of a merchant account with a major bank, this might be Groupon’s best idea yet.
Groupon promises a quick turnaround by processing the payments overnight. The fee rates range from 1.8 percent to 3.25 percent of each transaction and a 15-cent fee, depending on the type of card and whether the transaction was keyed-in or swiped.
There are also tools for calculating bill totals, processing refunds, redeeming Groupon vouchers, and emailing receipts.
Explained Groupon, “We’re confident Groupon Payments will make for a better experience between customers and employees, make merchants lives easier with the aggressively competitive rates and extensive features we’re offering, and the operating system for local commerce is becoming an exciting reality.”