Revolutionary? Ummm... Yes! Google has officially released its payment processing system, now dubbed Google Checkout. Google claims a faster, safer and more convenient way to shop and sell online and my initial analysis is that it is indeed revolutionary. For Merchants: "Google Checkout works with Google's search advertising program, AdWords, to increase sales and minimize your expenses throughout the online sales and marketing process."

Google Checkout Links:
Information for sellers
Information for buyers

What's so revolutionary about that?

Well, according to the site, merchants can "Process sales for free." That's what is so revolutionary!
 
For every $1 you spend on AdWords, merchants can process $10 in sales for free through Google Checkout. For example, if you spent $1,000 on AdWords last month, this month you can process $10,000 in sales at no cost. The more you spend to promote your business through AdWords, the more you save on transaction processing fees with Google Checkout. If you exceed your free transaction processing for the month, or you don't advertise with AdWords at all, you'll only be charged 2% plus $.20 per transaction.

Fraud Protection For Merchants
Google Checkout claims to identify and filter out fraudulent transactions. Under its Chargeback Resolution policy, Google evaluates all chargebacks merchants receive and, whenever possible, fights them on merhcants behalf. Some transactions are also covered by Google's Payment Guarantee policy: if you get a chargeback on an eligible transaction and give Google all requested documentation and information within 10 days of the request, they will reimburse you within a week.

Who's using Google Checkout Right Now?
Levi's, Timberland, Buy.com, Zales, GNC, ***'s Sporting Goods, Ritz Camera, Dockers, Aeropostale, Tweeter, BackCountry, BlueFly

More to come... stay tuned.