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From Google Checkout To Google Wallet
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Google Checkout has discontinued its services and moved the existing users to "Google Wallet" and directing the physical goods merchant users with some discount offers to adopt other payment services like Braintree, Freshbooks and Shopify.
What is Google Checkout?
Google Checkout is an online payment processing service where you can store details of your debit and credit cards, purchasing, shipping, etc. Google launched Google Checkout to lock the horns with PayPal (product of eBay). It was launched on 28th June 2006 in USA and on 13th April 2007 in UK. Ever since it was launched, it never lived up to the hype it has created. It offered free services to the merchants for nearly two years, till 1st February 2008, and then started charging the users a price (Similar to PayPal's).
Reasons for Google Checkout's Failure
Google quoted that it is integrating Google Checkout to Google Wallet to provide better and advanced services to the users. However, it can be understood that Google Checkout can be added to the list of Google failed products. Some of the reasons for its failure are:
• Google being a giant in the market could not beat the reputation of PayPal that has been continuing its payment services since 2000 with its secured payment services to its users.
• The users of Google Checkout must have an account and can only use debit or credit card; whereas, users can use bank accounts, e-checks, PayPal account along with debit and credit cards in PayPal.
• Another drawback is the customer support, Google Checkout provides support to the customers only in web forms, whereas, its competitor PayPal supports its customers through phone, virtual assistance and dedicated account managers.
• Google Checkout supports 50 shopping carts, accepting eight currencies, while PayPal supports more than 300 shopping carts accepting 24 currencies.
Google Wallet is Not a New Product
For people who are aware, Google Wallet is not a new product but was launched by the big player of the market (Google) in USA on 19th September 2011. It is a mobile application that enables you to store debit or credit card details and use them with the tap of your phone for payment of your shopping instead of physically carrying the cards. It works with and supports MasterCard and VisaCard companies.
Planning to Move to Google Wallet? Consider These Points
According to Google sources, businesses that sell digital goods and are using Google Checkout will be moved to the Google Wallet automatically and is all done by itself, and users need not worry about that. But users selling physical goods must look for a third party for payment services or move to the services that Google is recommending (Braintree, Freshbooks and Shopify).
Important points that small businesses (who are planning to adopt Google Wallet) need to know are:
• Users can accept payments from customers in-store through their phone by using near field communication technology (NFC) reader. Also, users can accept Payment from the customer online.
• Though NFC is a modern technology, small businesses need to be aware that it is not supported by all smart phones. Only six mobile companies support as of now. Therefore, it is better to think twice before investing for a NFC reader, assuming many payments will be done through phones.
• Google Wallet supports its customers with constant fraud monitoring and notifications for every transaction. When registered with "Google wallet purchase protection", you will be able to claim for 100% cover for every unauthorized transaction.
• Through Google Wallet, funds can be sent to and received from friends and families in their Gmail accounts provided their bank accounts are connected to Google Wallet.
Whatever may the payment processing service be, users will adopt the service and encourage the service providers to offer better service.
Marvist Consulting LLC offers small business Internet marketing services across the USA. Internet marketing strategy services from Marvist Consulting are aimed to help you build online credibility, generate business leads & enable revenue generation. Since establishment in 2005, Marvist’s SEO services have earned the goodwill of clients with uncompromising commitment to business values while delivering expert services.
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