Wells Fargo in deals with online firm

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Wednesday, March 1, 2000 | 11:06 a.m.

THE ASSOCIATED PRESS

SAN JOSE, Calif. -- Wells Fargo & Co. said today it signed a long-term payment processing contract with EBay Inc.'s Billpoint Inc. unit.

Wells Fargo also said it agreed to purchase a 35 percent equity interest in the online payment firm.

The Wall Street Journal reported that the agreement will allow those selling items on the eBay auction site to accept credit card payments. Currently, most buyers must mail money orders or personal checks to sellers, extending the closing of transactions by a week or more.

The companies said Wells Fargo's services will allow the existing Billpoint platform to serve eBay's buyers and sellers.