First Union Latest Bank to Take Internet Payments via Cybercash

First Union National Bank of Charlotte, N.C., has become the latest to accept Internet payments through the Cybercash electronic payment system.

The First Union Corp. unit's first Cybercash merchant is the American Institute for Financial Research, a Chapel Hill software company that has just released its first product line and is selling it exclusively by telephone and through the Internet.

The company's software - which it calls the "Smart Business System" - offers advice on writing business plans, saving money on legal fees, and incorporating as a business in all 50 states. It also provides U.S. Census information.

"You can now order it through the Internet, and, thanks to First Union, we're able to process credit card transactions," said Jon Poole, the firm's director of on-line services.

Mr. Poole said customers who purchase the software can get free updates through the company's web site for six months.

Parker Foley, First Union's vice president of electronic commerce, said: "We are adding Cybercash to our arsenal of electronic commerce services and we are very pleased that American Institute is our first merchant to take advantage of the service."

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