Mazooma Enters the Alternative Payments Market, Enabling Consumers to Shop Online Without a Credit Card
MIAMI, FL, Feb 10, 2009 (AllPayNews.com) -- Mazooma today announced the first real-time, non-credit eCommerce payment solution of its kind. By easily and securely enabling online payments directly from consumer bank accounts, Mazooma allows millions to pay for their eCommerce purchases instantly without a credit card.
With the Mazooma solution on the checkout page, merchants can open their eCommerce doors to millions of new consumers who do not have credit cards or have previously balked at sending sensitive information online. Through an Internet-enabled back account, consumers can use Mazooma to transact in real-time with online merchants through a few simple, secure, and convenient steps.
Mazooma creates the opportunity for significant cost savings, with fees half the cost of typical online credit card transactions. Since Mazooma does not require pre-registration, the solution may be used immediately, thereby increasing conversion rates. Merchants receive instant authorization, allowing them to ship the order at once. Currently, Mazooma supports more than 70 percent of all bank accounts in the U.S. and has plans for international expansion. Mazooma's payment system has no jurisdiction limitations.
Mazooma has chosen to integrate into CardinalCommerce's industry-leading payment platform for eCommerce merchants. "We are pleased to announce the addition of Mazooma to Cardinal Centinel(R)," said Matt McDowell, vice president, CardinalCommerce. "Mazooma's payment offering will bring additional value to all current, and future, Centinel customers."
"In today's challenging economy, merchants are searching for new ways to increase revenue and reach more customers who are searching for deals online," said Sean Kelly, CEO of Mazooma. "Mazooma's service connects merchants with consumers in a simple, familiar way. Millions can now shop online securely with no credit card, no credit check, and no interest charges. Plus, it's completely free for customers to use."
"From an industry standpoint," Kelly continued, "Mazooma represents a real step forward. Inherent problems with common e-wallet and ACH payment methods include security, high cost, and lack of a real-time process. Mazooma is the solution."
Mazooma was founded to provide consumers and merchants with a safe, secure and convenient bank account payment channel for online shopping. The eCommerce industry has long recognized that current online payment systems do not provide a platform to service the millions of consumers who can't or won't use a credit card online. To serve this market, Mazooma developed a system that combines the security and comfort of online banking with the convenience and speed of a simple payment checkout process. Mazooma provides consumers with an instant and safe way to pay for online purchases directly from their bank accounts -- authorized through the financial institutions they know and trust. Mazooma provides online merchants with a new way to reach customers and increase revenue, all while reducing their costs of payment processing. For more information, visit www.mazooma.com .
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