Google GBuy payments system on June 28?

Google is releasing a payments and certification service named GBuy on June 28 according to a report on Merchants enrolled in the program would receive free payment processing during the beta period and, according to RBC analyst Jordan Rohan, 1.5% to 2% after the beta period expires.

GBuy will reportedly process orders on Google’s domain, similar to PayPal processing, and hand the user back over to the requesting site once the transaction has completed. The new service would give Google a more complete view of commerce search conversions, ultimately allowing the company to charge higher or lower rates to advertisers based on observed purchase conversions.

The new service is also reported to have a merchant certification program, allowing select merchants using the GBuy service designation as a “trusted GBuy merchant.” The special seal of approval would be displayed in Google’s search results and could possibly be used as a new ranking variable for advertising placement.