In its second-largest acquisition, Amazon buys the company for $970 million.
Internetcash.com Inc., which launched prepaid Internet purchasing cards earlier this week, will unveil more products to gain a larger share of online transaction volume. Because their payments to merchants are based on ACH transfers from the company's central deposit account, the discount fee charged to merchants is set at a flat 2.25% of purchase price, and might go lower for big accounts, says CEO Charles Doherty. The company's new product plans are aimed at micropayments, transactions of less than $5, and card-to-card transactions, where a cardholder transfers value to another cardholder through the company's Web site; the funds are accessed through ATM machines. Doherty says the company will compete with a similar service offered by First Data Corp. subsidiary Western Union Financial Services Inc.