Yahoo!, Banc One Ink E-Commerce Deal
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Yahoo! Inc. Monday teamed with Banc One Payment Services and First Data Merchant Services Corp. (FDMS) to provide Yahoo!Store merchants with Internet credit card payment capabilities.
The Yahoo!/FDMS agreement will provide credit card transaction processing for Yahoo! Store merchants. The companies co-developed a custom credit-card authorization interface enabling secure and reliable transactions.
Banc One Payment Services is a joint venture between Bank One Corp., the fourth largest bank holding company in the U.S., and First Data Merchant Services Corporation (FDMS), a subsidiary of First Data Corporation.
Within 48 hours of building a virtual store, via Yahoo! Store services, e-tailers can accept credit card payment online. Processing services include authorization, data capture and settlement services, as well as online reporting capabilities.
"We continue to deliver useful tools and services to our more than 4,000 participating Yahoo! Store merchants to enable them to maximize the Web as a place to conduct business and reach new customers," said Ellen Siminoff, Yahoo!'s vice president of business development and strategic services.
"In models offered by other merchant payment services providers, the application process is cumbersome and can take up to six weeks to complete," said Jeff Neubert, Banc One Payment Services chief executive officer.
"By delivering this suite of payment solutions to Yahoo! Store, merchants can quickly and easily participate in the growth of electronic commerce and conduct transactions online."