GoDaddy Gears Up to Streamline Card-Present Transactions

GoDaddy Inc., the creator of GoDaddy Payments, rolled out in July–after acquiring Poynt Inc., a POS terminal manufacturer back in Dec–has released a countertop terminal and mobile card-reader with affordable fees than most counterparts.

Retailers who adopt these payment tools will pay fees of:

  • 3% per card-present payment and
  • 3% + 10 cents per online payment.
  • 3 percent for keyed/typed-in transactions are 3.3%.

According to GoDaddy, these rates fall below the average rate for its four most prominent rivals, including PayPal, Square, Shopify, and Stripe, who charge 2.6% + 6 cents.

Powering Small Businesses Through Intuitive & Affordable Solutions

“These new fees will be effective immediately. GoDaddy’s mission is to power small and medium businesses with the most capable yet simplified business solutions at the most affordable rates,” says Greg Goldfarb, a senior VP at GoDaddy. “The Poynt takeover exposed us to groundbreaking payment solutions, such as transaction cost managing–which we plan to use to empower our customers.

GoDaddy Payments is more of a payment facilitator. It offers an all-inclusive shop for its customers, complete with everything a merchant would need to expand their brand in a single platform. In essence, the new-fangled POS devices initiate transactions via GoDaddy Payments.

How Much Do the New GoDaddy Payment Products Cost?

GoDaddy plans to sell its new Poynt-inspired products as follows:

  • The terminal goes for $249
  • The mobile card reader costs $49

These tools are a strategic move into payment as they allow merchants to take customer payments and thrive no matter the avenue they use.

Serving the Underserved

GoDaddy is a giant marketplace hosting over 20 million active businesses. According to Goldfarb, GoDaddy is now well-positioned to serve the 60 percent of its member businesses with a physical shop on top of their ecommerce store–a need that it couldn’t meet before.

More and more, the POS is turning into a digital experience and a crucial integration into e-commerce,” Goldfarb says.

Final Words

For merchants, anything that reduces payment processing fees encourages cost savings while offering a competitive edge. GoDaddy users should gear up for a new era of business and anticipate more change in the payment space.

Author Bio: Payment industry guru Taylor Cole is a passionate payments expert who understands the complex world of best payment providers. He also writes non-fiction on subjects ranging from personal finance to stocks to Cryptopay. He enjoys eating pie with ice cream on his backyard porch, as should all right-thinking people.

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