Google Checkout is an online payment processing service which, like PayPal, simplifies paying for online purchases. Users store their credit/debit card information and delivery address in their Google Accounts so that they can buy with the click of a mouse. The system offers fraud protection and a method for tracking purchases and their status.
Google Checkout service was first made available in the the UK on April 13, 2007.
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Google's charges to sellers range between 1.4% and 3.4% depending on volume plus 20p per transaction.
Read more at Google's website.