Amazon takes on Square with 1.75% swipe rate until 2016

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Amazon.com is now offering a credit card swipe reader with their new service called Amazon Local Register.  Until 2016, Amazon is offering a promotional fee of just 1.75% per swipe.  This is a full 1% cheaper than Square and .95% cheaper than PayPal Here.  In 2016, the Amazon Local Register rate will increase to 2.5%.

http://localregister.amazon.com/

 
Caution. For those thinking of using this to liquidate gift cards, consider:
1. They will most likely shut down accounts that use the service “not as intended” (this happens frequently with Square, for example).
2. You will receive a 1099-K if you have more than 200 transactions AND $20,000 in gross payments processed through your Amazon Payments account in a calendar year.  You can read their tax information here.

Hat Tip: Josh

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