Google moves deeper into PayPal territoryMay 4, 2010: 11:06 AM ET
Investment in payments provider Corduro would add service options to Google's Checkout system and extend Google's reach to retailers and micro-transactions.
Corduro's website advertises its expertise in: "Payment solutions for retail stores, teams & clubs, education costs, property management, mobile solutions, healthcare cost, fraternities & sororities, collections, and any where else transactions are made."
Robert Ziegler, CEO of Corduro was unsurprisingly smitten with Google Ventures' help. "We were blown away by the enthusiasm, talent, and opportunities that Google (GOOG) Ventures has brought to Corduro; all entrepreneurs should be afforded such passion and engagement from their capital partner," said Ziegler.
Cordero helps Google enter the credit card transaction space above and beyond Google's own Checkout product. Competitors in this space are obviously eBay-owned Paypal (EBAY) and possibly Apple (AAPL), who've "been eyeing Vivotech", a competing firm.
EBay is down nearly 5% this morning.
Developers such as Square have created systems that turn the iPhone and iPad into point-of-sales systems.
Corduro also lists FutureX hardware data encryption and security solutions as a partner