Google Checkout

Google Checkout is a fast, convenient checkout process that brings you more customers and allows them to buy from you with a single login – and you can process their orders and charge their credit or debit cards for free.

I'm quoting from Google Checkout. This sounds a little too amazing to be true. It continues to say:

Process sales for free. Get free transaction processing when you use Google AdWords and pay no monthly, setup or gateway fees.

When you use Google Checkout, you'll only be charged a low 2% + $0.20 per transaction. With Google Checkout, there are no monthly, setup, or gateway service fees. I think this is significantly lower than what I'm paying.

If you advertise with Google AdWords, you will also be eligible for free transaction processing for some or all of your Google Checkout sales each month. For every $1 you spend on AdWords each month, you can process $10 in sales the following month for free through Google Checkout.

OK, lets assume that I spend $5K per month on adwords. So $50K of my processing is free. 3% of $50K is $1.5K. WOW! Does that mean no credit card fees whatsoever?

Here is a fine print question. If I spend $5K on adwords for site a, but I'm processing revenues from site b, does the deal still stand? I think the answer has more to do with google accounts than specific domains....

Can I split my free transaction processing between multiple Google Checkout accounts?
However, you can link multiple AdWords accounts to one Google Checkout account for the purpose of earning free transaction processing