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August 18, 2008 Consumers Use ChargeSmart Online
Solution for Auto Payments Consumers Pay Auto Loans, Leases with Major Credit Card SAN FRANCISCO--( BUSINESS WIRE )--ChargeSmart LLC, a provider of online payment solutions to the financial and mortgage industries, has reported that payments
for automotive loans and leases are the most prominent transaction since the company
launched its online service this past July. With a network of more than 4,000 billers,
ChargeSmart’s comprehensive Web-based payment application allows consumers with
a major credit card to make payments to companies in four different industries, including
auto loans and/or leases, home mortgages, education loans and utility companies. Current usage trends gathered by the company indicate that a high percentage of
consumers are paying auto loans using its service and are scheduling future automotive
transactions up to a year in advance using ChargeSmart's “AutoPay” feature.
ChargeSmart follows Payment Card Industry Data Security Standards (PCI DSS),
including the use of High-grade AES 256-bit SSL encryption, an industry standard
technique, to safeguard consumers’ private information that is transmitted via the
Internet. “We believe that consumers are taking advantage of the service for their car payments
not only because of the credit card rewards they earn, but also the added convenience
of being able to set up monthly payments, not to mention a useful cash management
tool,” said Philip Mikal, COO of ChargeSmart. “And because of the lack of payment
options, particularly within the auto industry, consumers are finding the service
exceptionally helpful.” The level of convenience has made consumer use of the service continue to grow since
it went live last month. ChargeSmart customers submit payments directly to
ChargeSmart and indicate the amount they wish to pay and the recipient. The system
then securely accepts, processes and remits payments electronically, ensuring every
step from the customer to the payee is accounted for and traceable. Additionally, the
company’s easy-to-use interface enables customers to gain reward points or miles from
their card issuer. Mikal continued, “Transaction volume increases everyday, and customers can have the
confidence that we have taken the utmost precautions to ensure that their data is
protected. Additionally, we promote responsible credit use with individuals who use our solution. It may not be the perfect fit for everyone; however, our research has shown
that individuals want efficient payment options, and ChargeSmart provides one.” About ChargeSmart LLC San Francisco-based ChargeSmart is a revolutionary, comprehensive online payment
service that enables consumers to pay their mortgage loans, auto loans and leases,
education loans and utility bills using a major credit card. Through its network of more
than 4,000 billers across the U.S., ChargeSmart completes transactions using a secure
Internet-based payment system. The company’s executive team is comprised of financial, technical and real estate
experts all of whom recognize the importance of meeting and exceeding consumers’
need for convenience, reliability and efficiency. With more than 50 years of combined
Wall Street, realty and technology experience, they share a common goal to modernize
the way people view all types of bill payment. For more information about ChargeSmart, visit its Web site at www.ChargeSmart.com or call 415.974.5100.

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