Groupon has launched their own payment platform similar in nature to Square.

They have named it Groupon Payments.

The company spoke about this new platform:

After a successful pilot in the San Francisco Bay area, Groupon Payments is now available to all Groupon merchants in the U.S.! Built into the latest version of the Groupon Merchants app for the iPhone and iPod Touch, Groupon Payments facilitates credit card transactions for any Groupon merchant. And since the service is already built into the app, existing Groupon merchants can enroll quickly and smoothly.

The company added:

Groupon Payments is perfect for any business whether it’s a spa, deli, bar, salon or restaurant. In addition to slashing transaction fees, Groupon Payments offers services that most of the traditional processors don’t. Rather than waiting the typical two or three days for credit card payments to hit an account, Groupon Payments users get paid overnight. It’s never been easier to calculate bill totals, process refunds, redeem Groupon vouchers, email receipts and most importantly, save money!