Wells Fargo, a leading payments processor for web retailers, continues to grow. For the first quarter 2004, Wells Fargo says Internet merchant payments reached $3.8 billion, up nearly 50% from the same time a year ago.
The growth of Wells Fargo’s Internet payments business is due to the growing need for online payments among U.S businesses selling abroad, the company says.
For instance, Wells Fargo is a payments processor for PayPal, an eBay company, and also operates its multi-currency processing applications. Currently, PayPal reaches 38 countries and can process five currencies -- the Euro, Pounds Sterling, Japanese Yen, U.S. dollar and Canadian Dollar -- using the Wells Fargo global payments gateway and Wells Fargo’s relationships with global sponsoring banking affiliates.
"We saw 100% growth in online merchant payments from 2002 to 2003, and we expect this trend to continue," says Debra Rossi, executive vice president of Business Internet Services at Wells Fargo. "By simplifying the process for U.S. businesses to offer multi-currency transactions, we are making it easier for them to rapidly expand to international online shopping markets that are growing more quickly than in the U.S."
In 2003, Wells Fargo processed nearly $12 billion in Internet-based payments for more than 61,000 online merchants.