Wells Fargo and Intuit Offer Small Businesses a New Payment Processing Solution That Helps Them Collect Payments Up to 90 Percent Faster, Saving Time and Money

Business Wire, August 22, 2002

Business Editors/High-Tech Writers

SAN FRANCISCO--(BUSINESS WIRE)--Aug. 22, 2002

Solution is Affordable, Easy to Install, and is Backed By Wells

Fargo's Proprietary Risk and Fraud Protection Technology

Wells Fargo & Company (NYSE:WFC) today announced it is providing small business retail customers with another quick and easy way to process credit card transactions, integrating Wells Fargo(R)'s full-service, secure payment processing solution with Intuit(R)'s (Nasdaq:INTU) Quicken(R) 2003 Premier Home & Business software.

The Quicken Merchant Account Service, powered by Wells Fargo, will enable many small business retailers to receive payments more quickly, improving their bottom line. Many small business retailers rely on checks to get paid, and with the invoicing and check-clearing process, payments can take as long as 30 days. Now, retailers utilizing this new service are able to get paid within three to five business days.

"A survey of small businesses revealed one of their biggest challenges is receiving payments in a timely manner," said Debra Rossi, executive vice president, Wells Fargo Business Internet Services. "The Quicken Merchant Account Service, powered by Wells Fargo, will help to resolve that issue, and allow merchants more time to focus on growing their businesses."

Quicken users who sign up for the service can begin reaping the benefits of the Quicken Merchant Account Service in a very short period of time. With a streamlined 5-minute application, automated credit decision and set-up process, businesses can begin accepting payments using Wells Fargo's payment processing technology as soon as the day after application approval. Once they are up and running, all credit card payments received will be automatically entered into their Quicken software. This service eliminates the need for manual input, reduces the costs associated with administration and potentially reduces the number of errors. Additionally, since businesses do not need to purchase any additional software or hardware, they can save up to $2,000 in set up costs. According to a January 2002 Quicken penetration study, approximately 30 percent of the 12 million U.S. Households using Quicken are also using Quicken products to track their business finances.(1)

"For the Quicken 2003 Premier Home & Business customer, this is one of the easiest, most integrated and affordable merchant account solutions available," says Terry Hicks, director, Small Business Services for Intuit. "Small business retailers who already use Quicken software to manage their business finances can now utilize Wells Fargo's payment processing technology to process credit card payments from their customers as well. For those small businesses who originally did not accept credit card payments, this gives them another way that they can do business with their customers and potentially increase sales."

The unique and highly successful relationship between Wells Fargo and Intuit has been in place for nearly three years and continues to demonstrate Wells Fargo's leadership position within the online payments processing services space.

"We are pleased to expand our existing relationship with Intuit," added Rossi. "Wells Fargo e-commerce processing already accounts for nearly 10 percent of the nation's total, according to the Department of Commerce(2). Now, we're happy to offer our payment processing expertise and proprietary risk and fraud technology to thousands of other customers who are anxious to continue growing their businesses."

About Wells Fargo & Company

In the March 2002 issue of Institutional Investor, which ranks companies for e-finance innovation, Wells Fargo beat all other banks. Wells Fargo delivers secure payment solutions that are easy to implement, affordable and offer fraud protection to customers. Wells Fargo processes nearly $3 billion in credit card sales annually for 20,000 online merchants. Wells Fargo is a $315 billion diversified financial services company providing banking, insurance, investments, mortgage and consumer finance services through 5,400 stores, its Internet site and other distribution channels across North America as well as internationally.

(1) Quicken Penetration Study February 2001-January 2002

(2) Department of Commerce, Census Bureau Report, First Quarter 2001