Article By Dmitriy Ivanov
What is it?
Google Checkout is an online payment service introduced by Google with the motive to make the process of online payments a lot simpler for the users. The users save their credit or debit card number on their Google profile and use them instantly while making any online payments. Google Checkout provides a fraud-protection service to ensure secure transactions. Google Checkout was renamed as Google Wallet for buyers to become a direct competition to other leading payment processors like PayPal. To somehow reduce the popularity of Google Checkout, eBay added it to its banned payment methods list so as to ensure that there is no hindrance in the success of PayPal, which eBay owns. As per an update from Google, Google Checkout service would be discontinued on 30th November, 2013.
How it works?
The biggest plus point of Google Checkout that gives it an edge over other competitors is that millions of people use Google for other services they provide like Gmail, YouTube, Google News etc., hence, it makes the whole payment process a lot easier to work with.
As far as the pricing is concerned, Google Checkout charges 2.9%+ $0.30 per transaction for transactions involving less than $3,000. The percentage reduces as the monthly sales value goes up. For example, transaction fee for monthly sales between $3,000 and $9,999.99 is 2.5%+ $0.30. It is 2.2%+ $0.30 for the window of $10,000 and $99,999.99 and for monthly sales that cross $100,000 they transaction fee 1.9%+ $0.30. There are no monthly rentals, setup or gateway service fee and no hidden costs are there. Although an additional 1% would be charged in case of difference in the buyer’s and seller’s country. Also Google Checkout might charge a higher transaction processing fee for merchants that incur excessive chargebacks or pose any possible financial risk to Checkout. This would be done with a 10-day prior notice.
Hence, we can see that Google Checkout is clear-cut about their policies and terms. They do not want to keep any chances of disputes or conflicts with the customer. Hence, we can say that it is a transparent system with the customers informed about everything.
There are a list of factors that make Google Checkout better and a more likeable choice for the customers: Firstly, Google is used by almost everyone in the world as a search engine, some use it for its email service, watching videos online and many more tasks. Thus, an already reputed and widely-used company when provides any additional service, is more likely to attract customers than any other company. Secondly, the ease that is involved in the process of payment-making. The account is synchronized with our Google profile where all your bank details or credit card number is already stored. Thirdly, the cost that one has to pay for carrying out his transactions is quite nominal. The additional benefits of having to pay lower percentage on transactions involving larger amounts will also attract businesses.
Finally, the most important factor is the trust that Google already has inculcated in their customers. They are the best service providers in the world and with this additional add-on of Google Checkout, it has surely made customers happier!