In addition, Planet Payment will bundle the accounts with a payment gateway, based on Authorize. Net technology, according to executives from both companies. Part of the problem is the swath of foreign banks that have not warmed to the concept of e-commerce. By providing the merchant account bundled with a payment gateway, Planet Payment is hoping to solve the first part of the equation.
Net also brings some thunder to the table.
The payment gateway company, which was acquired several months ago by Go2Net, already boasts some 46,000 merchant customers and 650 bank partners. Net senior VP John Bodine says the merchant demand to tap multiple currencies and cross geographic borders has been tremendous. The companies are so far tapping six foreign banks to extend its solutions into numerous countries. Essentially, Planet Payment becomes an acquiring organization for these banks, signing on merchants and handing out merchant accounts for the financial institutions. He expects the service to be fully available in late November.