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Amazon unveiled its long-awaited credit card reader on Wednesday, pitting it against Square and other companies in the battle to provide small businesses with an easier and cheaper way to accept credit card and debit card purchases. And, as has been the Amazon way, the online retailer is charging a lower price than its competitors to try to give it an initial edge.
Brick-and-mortar businesses that purchase the device and sign up for Amazonís payments service by Halloween will only pay 1.75 percent on card transactions through the end of 2015. The rate will increase to 2.5 percent in 2016. Square, for its part, charges 2.75 percent, though its website suggests it charges lower fees for businesses that bring in more than $250,000 in annual sales. PayPal charges 2.7 percent.
A Square spokesman declined to comment and a PayPal spokeswoman didnít immediately respond to a request for comment.Amazon Launches Its Credit Card Reader With a Low Transaction Price [recode.net]