ChargeSmart
ChargeSmart is a web-based e-commerce business allowing credit card funded bill payments to be made through the Internet. ChargeSmart serves as an alternative payment channel for companies in the mortgage, auto, student and utility industries that do not want to directly offer credit card payment as an option to their customers.
ChargeSmart has garnered media coverage from a number of blogs and media outlets such as Business Week, the San Francisco Business Times, Banks.com, InsideARM, American Banker, and the Sacramento Bee.
The company is located in San Francisco, California.
Background
The company isn’t the first to offer credit card payments of mortgages. In May of 2007, American Express announced a pilot program with Indymac Bancorp Inc. and American Home Mortgage that allowed prime borrowers the option to enroll in a program to pay their mortgage via their American Express card.
ChargeSmart COO Philip Mikal was previously co-founder of another San Franscisco-based company, CardIt. CardIt attempted to launch a similar payment service in September of 2007 and targeted one-time consumer mortgage payments. CardIt is no longer in business and, according to Housing Wire, had difficulties for catering to troubled mortgage borrowers. Mr. Mikal joined ChargeSmart as Chief Operating Officer August 11th, 2008..
See also
- United States housing bubble
- 2007 Subprime mortgage financial crisis