“Groupon’s brand name recognition and deep existing network of local merchants could help it stand out from competitors, provided its solution delivers on its promise,” he said. “Groupon is not known as a payments company and that there is plenty of competition already with companies like Square and Verifone,” said Scott Snyder, president and co-founder of Mobiquity, Wellesley, MA. And, just to make sure no one thinks it is not serious about payments services, the daily deals giant will charge significantly less to process each transaction than retailers currently pay credit card companies. Groupon hopes to leverage its extensive customer base of small and mid-sized retailers to offer them services enabling them to process credit card payments using a smartphone, similar to what Square, PayPal Here and others are already doing. Groupon, facing significant challenges in the daily deals space, is expanding into payments services, joining a growing list of companies enabling merchants to process credit card payments via a mobile device.
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