Yahoo signed an agreement with Banc One Payment Services, a joint venture between Banc One, the nation's fourth largest bank and First Data Merchant Services, a subsidiary of First Data Corporation, to provide its merchants with a convenient way to set up a merchant account and begin accepting credit card payments over the Internet.
Yahoo also signed an agreement with FDMS, a provider of e-commerce solutions, to process credit card transactions for Yahoo merchants. Yahoo said that the two companies have developed a custom credit-card authorization interface that will provide Yahoo merchants with secure, fast, and reliable transaction processing services.
Through the agreements, new and existing Yahoo merchants can apply for services such as setting up a merchant account and credit card processing directly through Yahoo Store, offering merchants the ability to create, publish, and manage secure online stores to market and sell goods and services.
These payment solutions will allow approved merchants to begin accepting credit card payments over the Internet within 48 hours of building their virtual storefronts. Expanded processing services also include authorization, data capture, and settlement services, as well as online reporting capabilities. These services complement the comprehensive suite of tools already offered through Yahoo Store.
Launched in June 1998, Yahoo Store also features a suite of management, tracking, and reporting tools that provide merchants with extensive data about traffic and income sources. Merchants can create their own commerce-enabled store for as little as $100 per month, depending on the size of their inventory, and can participate in promotional programs offered through Yahoo. At this time, Yahoo Store is open to U.S. merchants only.