Later on today, Google will be unveiling it's own service to allow online payments on sites around the web. Although Google doesn't view the service as a direct competitor with PayPal, internet market analyst Greg Sterling believes there is no question that it poses a long term threat to eBay.
The payment service, known as "Checkout" has been in testing for around a year, and companies such as Starbucks Corp and Buy.com have already signed up to be amongst the first users of the service when it is released.
Merchants using the "Checkout" product, along with advertising from the search giant, will receive discount on processing fees based on the amount spent on advertising through the company. Merchants won't have to pay processing fees on purchases totaling 10 times their advertising volume with Google. That means an advertiser spending $20,000 per month at Google wouldn't pay any processing fees on purchases totaling $200,000. After the spending threshold is exceeded, Google will charge merchants a fee equal to 2 percent of the purchase amount, plus 20 cents per transaction.
"We think Google Checkout will complete the process so people can search, find and buy things quickly," said Salar Kamangar, vice president of product management for the company.
View: Google Checkout
News source: Times News
The payment service, known as "Checkout" has been in testing for around a year, and companies such as Starbucks Corp and Buy.com have already signed up to be amongst the first users of the service when it is released.
Merchants using the "Checkout" product, along with advertising from the search giant, will receive discount on processing fees based on the amount spent on advertising through the company. Merchants won't have to pay processing fees on purchases totaling 10 times their advertising volume with Google. That means an advertiser spending $20,000 per month at Google wouldn't pay any processing fees on purchases totaling $200,000. After the spending threshold is exceeded, Google will charge merchants a fee equal to 2 percent of the purchase amount, plus 20 cents per transaction.
"We think Google Checkout will complete the process so people can search, find and buy things quickly," said Salar Kamangar, vice president of product management for the company.
View: Google Checkout News source: Times News
I guess it was always going to be a Visa / Mastercard / Amex anyway.
Yeah, Wikipedia confirmed my guess, all three are European (Maestro)/UK (Solo and Switch) based debit cards, although the Maestro is actually owned and operated by Mastercard.
Why would Google, and American company, use a debit card like Solo or Switch that is only good in the UK?
Last edited by roadwarrior on 29 Jun 2006 - 16:37
Yeah, Wikipedia confirmed my guess, all three are European (Maestro)/UK (Solo and Switch) based debit cards, although the Maestro is actually owned and operated by Mastercard.
Why would Google, and American company, use a debit card like Solo or Switch that is only good in the UK?
PayPal, an American company, take all of those and more. Maestro are replacing Solo and Switch and can be used worldwide, according to the two dancing penguins.
If the terms say US only, then it obviously doesn't matter. PayPal suck sometimes, and can be expensive, but Google will probably start putting adverts in my bank statements on the transaction comments if they get the chance.
I think loads of people will jump to it over PayPal, but for auctions I don't see it being offered up as a payment option on ebay like PayPal and NOCHEX have been.
I'm probably wrong - will be interested to see where this goes.
Google is being overated
https://checkout.google.com/termsOfService?type=Seller
8.1Representations, Warranties and Covenants. Seller represents, warrants, and covenants that: (a) (i) if an individual, Seller is 18 years old or older or (ii) if a business entity, Seller is duly authorized to do business in the United States; (b) Seller is capable of and has full power and authority to enter into the Seller Processing Service Terms of Service and that upon execution and delivery hereof, this Seller Processing Service Terms of Service shall constitute the valid and binding obligations of the Seller; (c.) Seller is a resident of the United States; (d)....
Only sellers who are US residents can use Google Checkout now?
Last edited by dolimite35 on 29 Jun 2006 - 20:21
I'm sure this will be about as popular as their online spreadsheet program.
I'm not based in the United States. Can I process transactions through Google Checkout?
At this time, only merchants with a U.S. address and bank account can process transactions through Google Checkout. We look forward to offering more options in the future.
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