UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 3
INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES
1. Name and Address of Reporting Person
Carroll Dr. Geoffrey S.
Internet Commerce Corporation
805 Third Avenue
New York, New York 10022
2. Date of Event Requiring Statement (Month/Day/Year)
6/30/1999
3. IRS or Social Security Number of Reporting Person (Voluntary)
4. Issuer Name and Ticker or Trading Symbol
Internet Commerce Corporation ("ICCSA")
5. Relationship of Reporting Person(s) to Issuer (Check all applicable)
(X) Director ( ) 10% Owner (X) Officer (give title below) ( ) Other
(specify below)
President and Chief Executive Officer
6. If Amendment, Date of Original (Month/Day/Year)
7. Individual or Joint/Group Filing (Check Applicable Line)
(X) Form filed by One Reporting Person
( ) Form filed by More than One Reporting Person
<TABLE>
<CAPTION>
___________________________________________________________________________________________________________________________________
Table I -- Non-Derivative Securities Beneficially Owned |
___________________________________________________________________________________________________________________________________|
1. Title of Security |2. Amount of |3. Ownership |4. Nature of Indirect |
| Securities | Form: | Beneficial Ownership |
| Beneficially | Direct(D) or | |
| Owned | Indirect(I) | |
___________________________________________________________________________________________________________________________________|
<S> <C> <C> <C>
No securities owned. | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
___________________________________________________________________________________________________________________________________|
<CAPTION>
<PAGE>
___________________________________________________________________________________________________________________________________
Table II -- Derivative Securitites Beneficially Owned |
___________________________________________________________________________________________________________________________________|
1.Title of Derivative |2.Date Exer- |3.Title and Amount | |4. Conver-|5. Owner- |6. Nature of Indirect |
Security | cisable and | of Underlying | |sion or |ship | Beneficial Ownership |
| Expiration | Securities | |exercise |Form of | |
| Date(Month/ |-----------------------|---------|price of |Deriv- | |
| Day/Year) | |Amount |deri- |ative | |
| Date | Expira- | |or |vative |Security: | |
| Exer- | tion | Title |Number of|Security |Direct(D) or | |
| cisable | Date | |Shares | |Indirect(I) | |
___________________________________________________________________________________________________________________________________|
<S> <C> <C> <C> <C> <C> <C> <C>
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
Stock Options (1) |6/30/1999|6/29/2009| Class A Common Stock |100,000 | $12 | D | |
- -----------------------------------------------------------------------------------------------------------------------------------|
Stock Options (1) |1/1/2000 |6/29/2009| Class A Common Stock |100,000 | $12 | D | |
|(2) | | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
Stock Options (1) |1/1/2000 |6/29/2009| Class A Common Stock |100,000 | $12 | D | |
|(3) | | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
Stock Options |6/30/1999|6/29/2009| Class A Common Stock | 50,000 | $40 | D | |
- -----------------------------------------------------------------------------------------------------------------------------------|
Stock Options |6/30/1999|6/29/2009| Class A Common Stock | 50,000 | $60 | D | |
- -----------------------------------------------------------------------------------------------------------------------------------|
Stock Options |6/30/1999|6/29/2009| Class A Common Stock | 50,000 | $80 | D | |
- -----------------------------------------------------------------------------------------------------------------------------------|
___________________________________________________________________________________________________________________________________|
</TABLE>
Explanation of Responses:
(1) All options were granted under Internet Commerce Corporation's
Amended and Restated Stock Option Plan.
(2) Such options shall only be exercisable if the average closing price for the
common stock for any five consecutive trading days has exceeded $15.00.
(3) Such options shall only be exercisable if the average closing price for the
common stock for any five consecutive trading days has exceeded $20.00.
** Intentional misstatements or omissions of facts constitute Federal Criminal
Violations. See 18 U.S.C. 1001 and 15 U.S. C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed.
If space provided is insufficient, see Instruction 6 for procedure.
Potential persons who are to respond to the collection of information contained
in this form are not required to respond unless the form displays a currently
valid OMB Number.
/s/ Dr. Geoffrey S. Carroll July 10, 1999
- --------------------------------- -------------------------
** Signature of Reporting Person Date
Page 2
