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1 In Money/ Payment & Collections

Google In A League of Their Own

Google does it all let’s be honest, what doesn’t Google do? We use it as a verb and yet it is a company. Google as an entity is a powerful company that has changed our world. To think, they aren’t even 20 years old! They are still a teenager in terms of years. Google has launched many ventures in the business world, some have skyrocketed and changed our world and some have failed miserably and have been kicked to the curb.

Google and dealing with consumer’s money has been questionable, you don’t know if they are coming or staying. Let’s break it down even further.

What is Google’s payment gateway option for my e-commerce?

In 2006, Google launched Google Checkout to make it easier for consumers and sellers to go through the process of paying for things online. All of the information input was stored in your Google account.

They used the same option of 2.9% fee + $0.30 per transaction for their gateway. In November 2013, Google retired their checkout program and switched their efforts to Google Wallet.

What is Google Wallet?

It is their digital payment option that allows you to store your financial information on your phone, anywhere you go. When it first launched, they were tied to the MasterCard Pay Pass program, only using MasterCard. Now with the company, you can use any credit card company of your choosing. There are over fifteen devices that have this payment gateway option.

In early 2013, Google announced that users could use their mobile payment program to send money through a Gmail attachment. It is important to note that this payment option is ONLY available to US residents.

Your customers can pay for their merchandise directly from their phones; in addition, they will be able to save their loyalty program card to their phone.

Need to invoice clients or receive payments from your clients? You can do it straight from your phone. There are currently no fees attached to this because they off set it with advertising.

Selling digital content with Google Wallet.

If you are a business that has digital content: music, games, e-books and so on, you can sign up for a merchant account with Google. Pricing for the use of their service is 5% or 1.9% + $0.30 per transaction. In addition, they support over ten currencies.

Google Wallet Pro’s

  • Great for digital content
  • Seamless integration with mobile devices
  • Comparable fees
  • Loyalty program integration

Google Wallet Con’s

  • Not all customers are familiar with the program
  • Need a merchant account for digital content
  • Only available in the US

What are your thoughts on Google options for the small business owner? Would it be something you would use?

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