Under the terms of the deal, both companies are expected to enable customers to use unredeemed gift cards to make payments on utility, car and mortgage bills. The new gift card exchange service was officially debuted at the FinovateSpring 2011 event, held in San Francisco,US.
The service is set to become available to the public by the end of 2011.
Founded in 2008, ChargeSmart provides consumers a way to fund their bill payments using Visa, MasterCard or Discover. Once a consumer submits a payment, the funds are typically deposited into the company’s bank account within one to two business days. More than 300,000 consumers nationwide currently use ChargeSmart to manage payments to their utilities, auto finance, student loan and mortgage companies, among others
In March 2011, ChargeSmart made available a new billing service. The bill presentment and hosted payments portal is set to provide businesses with the ability to offer their billers and qualified merchants electronic bill presentment and payment functionality.
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