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Wells Fargo Hits $12 Billion in Internet Payments

Monday 2 February 2004 20:32 CET | News

Wells Fargo & Company reached its record year in internet payments volume in 2003, processing nearly $12 billion in internet merchant payments, or 100 percent growth over 2002.

According to the Department of Commerce, Wells Fargos e-commerce processing accounts for 15 percent of the nations total online shopping volume. Already a leader in e-payments, Wells Fargo continues to grow more rapidly than the overall online commerce industry. In the e-payments arena, Wells Fargo was the first financial services company to process a secure credit card transaction on the internet. Today, Wells Fargo provides e-payments solutions to major brands, including Goodguys.com, Cooking.com and Overstock.com, helping them save management time as well as simplify reporting and system integration. These solutions also help merchants, such as these, mitigate both fraud and the costly chargeback process. Wells Fargo was first to provide person-to-person payment services through eBay in March 2000, and today processes payments for 95 to 99 percent of the domestic Web auction market. In June 2002, Wells Fargo became the payment provider for PayPal, and subsequently began to provide its international currency service. Today Wells Fargo processes payments for over 60,000 online merchants and has 415,000 active online small business banking customers, up 40 percent from a year ago. In February, Wells Fargo will also sign up its fifth million active consumer internet customer, a milestone that testifies to Wells Fargos leadership in successfully integrating online services with other distribution channels, such as stores.


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Categories: Payments & Commerce | Payments General
Countries: World
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