Executives at Bank of The Bahamas (BOB) are reporting an "overwhelming" response since the launch of its e-commerce platform.
 
Heralded as the first such program for businesses in the country,  the local institution is adamant on performing due diligence during the approval process, resulting in long queues.  More than a dozen businesses have signed on and received approval in the last three weeks, according to Ian Thompson, retail manager of sales, products and services.
 
But many more are on a waiting list as BOB sorts through the applications.
 
"We've had an overwhelming response, mostly from existing clients at the bank.  We also see interest from the hotel sector, and a number of people from the boating sector.  The bank has also engaged in discussions with the government and their entities," according to Thompson.
 
Security is a major focus for the local institution, he said.
 
The e-commerce platform was delayed for months as the bank tested and re-tested the platform.  As the first of its kind in The Bahamas, capable of handling transactions using Bahamian dollars, executives are keen to get the concept right.
 
"We are taking our time with approvals," Thompson added.  "But the gates are open.  We've seen a lot of people interested in e-commerce, so we definitely have to be cautious.  We welcome the business, and yet we don't want to take undue risk."
 
One area of particular focus, he explained, is signing up smaller hotels throughout The Bahamas.  The e-commerce platform is expected to make transactions for these modest hoteliers far more efficient, giving hem greater exposure to an international marketplace.
 
Thompson revealed that BOB is also in active discussions with the government concerning the centralization of property tax collection.
 
An online portal would allow property owners to pay the tax in a few easy steps through a government website, he explained.  The collection of property tax remains a major problem in The Bahamas, as successive governments tend to receive a fraction of what's owed.
 
The new Progressive Liberal Party (PLP) administration has pledged a crackdown on the collection process in a bid to boost revenue.
 
Manager of BOB's Card Center operations John Washburn agreed that e-commerce has received a "warm reception" at BOB.
 
He noted that the Marina Operators of The Bahamas (MOB) is considering an e-commerce product whereby members can take care of fees and even pay fuel bills in advance.
"We are looking to see how we can make it more efficient on both sides," Washburn said.  "We'll give them a special rate, by managing them as a group and getting that exclusivity."
 
The criteria for setting up an e-commerce account includes a pre-existing website.  Clients must also provide a "retention of funds" fee equivalent to roughly 10 percent of the monthly income.  Washburn said two to five percent is charged to monthly transaction values.  MasterCard, Visa, American Express and Discovery cards are all supported by the platform.

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