Amazon has announced the launch of Local Register, a mobile payment service and smartphone-compatible credit card reader that will compete with offerings from Square, PayPal and Intuit.
The service will be principally targeted at smaller retailers and food trucks. Amazon is undercutting its rivals with low processing fees, to appeal to smaller merchants. Amazon’s initial 1.75% fee compares with Square’s 2.75% and PayPal’s 2.7% fees. Merchants using more traditional card processors may pay up to 3% per transaction.
However, the low rate will apply only to merchants who sign up between now and October and will expire in early 2016, after which it will become 2.5%.
Amazon added that its payment service is backed by the same technology that powers Amazon.com purchases. The app that hosts the service is available free, and businesses that sign up will receive the card reader via mail. Although the reader costs US$10, Amazon said it would credit the first US$10 in fees back to a merchant’s account.
Today CGI and GTNews have announced the launch of the fifth annual Transaction Banking survey report, which offers which offers critical insight into the corporate-to-bank relationship.
On-Demand Treasury Management Solutions continue to gain increased adoption in the US and EMEA regions.
The US dollar and debt yields falling on the North Korea missile test, treasury being a top target for cyber criminals and why treasurers aren't into real-time payments all hit the latest headlines in the world of treasury this week. Don't miss our ten top news stories from around the world.
Treasurers are being expected to do more work with fewer resources than ever before, so it is little wonder that the automation of day-to-day operations was highly discussed on the second day of EuroFinance, the annual treasury event held in Barcelona this week.