Alternative option to pay loans off

Those who use major credit card US customers will be able to pay their mortgage, auto and education loans as well as utility bills. A new comprehensive Web-based payment service is being introduced by ChargeSmart LLC, a provider of online payment solutions to the financial and mortgage industries. There are 4,000 billers in the base of ChargeSmart countrywide.

Customers having access to the Internet and a major credit card may use the new service to pay to companies in five different industries. The principle is very easy. A consumer submits a payment directly to ChargeSmart specifying the amount to be paid and the recipient. By accepting, processing and transferring payments electronically ChargeSmart assumes the responsibility to ensure full control of every step from the customer to the payee. Besides, customers are able to collect bonus rewards from their card issuers which is possible due to original interface of the system.

“Our offering is perfect for the individual who may experience an unexpected lifestyle change such as a temporary income interruption or fluctuation,” said Mitch Friedman, co-founder of ChargeSmart, “or for the savvy consumer who wants to earn rewards for the ease of using his or her credit card for payment. Our solution’s benefits are twofold: billers receive payments on time, every time, and it is a good financial tool for certain borrowers to meet payment deadlines and avoid late fees that negatively impact credit scores.

"Over the years, borrowers have asked me if there is a way to use their credit card to make mortgage payments. There has never been a cost effective solution until now with ChargeSmart," notes Brett McGovern, CEO of Bay Equity LLC, a Mortgage Lender based in San Francisco.