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October 6, 1999

First Data Enhances Electronic Payment Options

By CBR Staff Writer

Financial data processing giant First Data Corp has unveiled an electronic payment gateway that should help further open up the potential of e-commerce. The SurePay gateway, which has been operating since February, already supports real-time electronic checks from First Data’s TeleCheck subsidiary in addition to all standard credit card types. Cash payment capability will be made available through the company’s Western Union retail locations in the fourth quarter.

But SurePay will not only make online payment methods more flexible. It will also earn Atlanta, Georgia-based First Data a $5bn fortune if only a small percentage of its two million existing customers in the US adopt the service. The company already processes some five billion card transactions per year.

To extend its e-commerce services First Data has also formed the First Data Internet Commerce team to centralize its new product development and marketing of its payment services. This will take in services such as web site design and setting up a payment gateway.

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