Magazine article American Banker

Fleet Launches a Service to Help Small Companies Do Business over Internet

Magazine article American Banker

Fleet Launches a Service to Help Small Companies Do Business over Internet

Article excerpt

Fleet Financial Group said it can now enable small companies to accept payments from their customers over the Internet.

The new service, called StorefrontsFleet, also sets up Web sites for small businesses.

In addition, the service can create a catalogue of a small firm's products and put it on line along with an order form and purchasing instructions.

"The Internet presents a massive, burgeoning opportunity for our customers and we are very excited about helping them access it," said Norman J. DeLuca, managing director of Fleet's business and entrepreneurial services group.

Boston-based Fleet will also register a small firm's Internet address with major search engines, process transaction reports, and provide support to help maintain the company's Web site.

Fleet, which has $85.5 billion of assets, expects to charge a one-time site setup fee ranging from $995 to $1,495, depending on the complexity of the site.

The bank also plans to bill participating companies $99 to $249 monthly, based on the number of products the business uses its site to promote and the number of transactions processed.

During an initial pilot program, the bank will cut its prices in half for the first 100 businesses that sign up for the Internet service, a bank spokesman said.

Fleet expects the service will appeal particularly to retailers, but to a wide variety of them, those selling anything from clothing to gardening products. …

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