Friday, July 28, 2006
What the hell is Google Checkout ?
Google’s new service enabling consumers to make purchases from online stores using payment and shipping information they keep on file with Google, officially launched with the name of Google Checkout, rather than the rumored GBuy.
Google Checkout, as reported by The New York Times, is priced at rates which undercut current credit card processing fees:
Google is charging merchants 20 cents plus 2 percent of the purchase price to process card transactions, less than most businesses pay for credit card processing. Banking industry executives say that credit card processors typically pay MasterCard and Visa a fee of 30 cents and 1.95 percent for every purchase, so Google will be subsidizing many transactions.Sounds like a good deal if you do a lot of transactions.
Google Checkout, as reported by The New York Times, is priced at rates which undercut current credit card processing fees:
Google is charging merchants 20 cents plus 2 percent of the purchase price to process card transactions, less than most businesses pay for credit card processing. Banking industry executives say that credit card processors typically pay MasterCard and Visa a fee of 30 cents and 1.95 percent for every purchase, so Google will be subsidizing many transactions.Sounds like a good deal if you do a lot of transactions.
Subramanian Sankar, 12:19 PM
4 Comments:
Sriram, at 8:03 PM
hummm lets wait and watch ;)
There are some gimmicks u have to do for wallstreet to keep the shares float and rise. Even if its still a developing one, they need to flash it.
i would agree with u definitely.
Guess, this is not something that google is offering for a Tech - geek !
He needs to get commercial & establish a market ! Of all the range of products and services should be far bigger than what they are trying today. Long way to go.
Looks like whatever google does, its being made a big hulla-bulla over the net by the geeks ! Google Syndrome could end up being one more "beckham mania" !!!!
Online shopping is a marathon race and a sprint of 100 metres cannot get them anywhere ahead of biggies like us or paypal!