Local banks accused of hampering e-commerce
Small businesses in Barbados believe that an insistence by local banks on doing business the traditional way is hampering their launch into e-commerce.
That was the conclusion of a lecture/discussion among Small Business Association members last night at the Bagnall Centre, Pelican Village, after hearing a presentation by Ministry of Industry, International Business, Commerce and Small Business Development’s e-commerce development officer, Chester Coppin, who spoke on the “dos and don’ts of e-commerce”.
“There are some challenges in Barbados with individuals getting Internet merchant accounts, and the only way that you can accept credit cards online is if you have that Internet merchant account,” Coppin noted during his address.
There were repeated complaints from small business operators, who gave examples of being met by resistance from commercial banks when they sought support for cyberspace financial transactions conducted by their Internet companies.
“In my opinion we are not going to get anywhere soon with the banking institutions as far as this is concerned,” the sole government e-commerce officer said.
“We need to look at the payment processors, AuthorizeNet, Paypal, 2Checkout, Godaddy. We need to look at those individuals and see how we can use them in our e-commerce model, because I don’t think any time soon that we are going anywhere with our banking institutions as far as the approval of Internet merchant accounts is concerned.”