Wells Fargo Enters Web Hosting Market
Wells Fargo & Co., one of the leading banks on the Internet,today will launch One Stop eStore, a service that provides
Web hosting and online payment processing to small
businesses. The San Francisco bank company will charge a
business $45 a month for the Web site, plus a fee for each
payment transaction processed. Customers who want only
payment processing can buy that service as a standalone
product. Wells Fargo's partner in the venture is First Data
Corp., an Atlanta payment and transaction processing
company. The One Stop eStore system will run on First Data
servers.
More than 1 million small companies do business with Wells
Fargo, and the bank hopes that providing technology services
will lock them in as loyal customers. "We think it's a good
retention strategy," says Debra Rossi, Wells Fargo executive
VP of merchant card services.
On another E-commerce front, Wells Fargo will consolidate
bills from its commercial customers and present them to
consumers who also are Wells Fargo customers, using billing
technology it has licensed from Just In Time Solutions Inc.
A bank unit is piloting Just In Time's BillCast 2.0
software, which lets customers pay their bills online as
well as view and manipulate billing data.
Wells Fargo plans to offer similar billing services to
customers who bank with Chase Manhattan Corp. and First
Union Corp., making Wells Fargo a central hub for exchanging
bills between consumers and merchants.
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