August 14, 2000

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Marketplace Creates Its Own Solution For Online Payments

By Cheryl Rosen

qualFooting.com identified the lack of online payment and financing services as a potential problem for customers, and created a homegrown solution. The Dulles, Va., marketplace for small and midsize businesses built its own electronic links to 15 banks, offering credit and financing services. It also plans to offer its financial network as a co-branded, turnkey service for other exchanges starting in October.

With 46,000 members and 4,000 suppliers, EqualFooting.com decided it needed to act as a purchasing, shipping, and financing agent for its customers. The majority of its transactions involve office supplies and equipment, which can be charged to credit cards. But there are times when customers buy more expensive items and require online credit.

With its system focused on online credit rather than a full range of services, EqualFooting.com isn't quite on, well, equal footing with the new FinancialSettlementMatrix.com. "Every one of the FSM partners is best-in-class," EqualFooting.com CEO Jim Fox says. "I know they'll solve the problem, but we're going to try to solve it, too. And the people who get to market first will have some serious traction."

Return to main story, "Banks Team To Offer Servics For Online Exchanges."

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