- Mazooma
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Mazooma is the first real-time, online banking payment system for shopping online. The company offers a patented, debt-free payment option that connects consumers directly to their online banking from the merchant's checkout page, enabling consumers to pay for online purchases with funds from their account. The process is similar to that used for paying bills online.
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About the Company
Mazooma was launched in February 2009 and has offices in Miami, New York, Chicago, and Toronto. The company was issued a patent in May 2010 (USPTO 7,720,764) for its online banking transfer technology. The founders created Mazooma after more than a decade of experience in the transaction processing sector.
Mazooma is available on the e-commerce sites of many well-known U.S. merchants, including the 200+ stores under the CSN Stores umbrella[1], such as Cookware.com, Luggage.com, and Strollers.com, as well as Stacks and Stacks[2], Etronics[3], and Sonic Electronix[4].
The company reaches 75% of all consumer bank accounts in the U.S.[5], including Bank of America, CHASE, Citibank, HSBC Bank USA, Huntington National Bank (Huntington Bancshares), and ING Direct (ING Group). By integrating with the online banking platforms offered by these institutions, Mazooma offers consumers a payment option with reduced risk of fraud.
Mazooma is a member of the NACHA Internet Council, a group compromising representatives from various industries, including financial institutions, law firms, payment processors, and government entities. As a member of this group, Mazooma works to achieve the group's mission, which is to "advance electronic commerce over open networks by enabling digital business in a straight-through, secure and cost-effective manner."[6]
Payment Processor Partners
Mazooma has formed business partnerships with a variety of payment processors, including Retail Decisions, TransFirst, Smart2Pay, and CardinalCommerce.
Using Mazooma
To use Mazooma for online purchases, consumers must have an online bank account at one of the support banks, configured with Online Bill Pay. Mazooma does not charge consumers any fees.
Each Mazooma transaction involves three steps:
- On the merchant's checkout page, the consumer chooses Mazooma.
- The consumer signs up or signs in to his/her Mazooma account.
- The consumer signs in to his/her online banking account with the usual ID/password, and approves the purchase.[7]
As with credit card purchases, the payment is processed instantly.
Online Banking Security
Mazooma integrates with existing online banking technology and incorporates all of its security features. Consumers use their existing online banking credentials to access their account and do not provide any financial information, card numbers, or login information to the online merchant. Mazooma does not store sensitive banking information or share it with the online merchant. All data communication is secured using protection technologies such as 128-bit SSL and encryption[8].
External links
References
- ^ http://www.internetretailer.com/2010/10/14/csn-stores-offers-mazoomas-debit-payment-system
- ^ http://www.marketwire.com/press-release/Stacks-and-Stacks-Adds-Mazoomas-Debit-Solution-to-Online-Payment-Options-1338126.htm
- ^ http://www.marketwire.com/press-release/Etronicscom-Adds-Mazoomas-Real-time-Debit-Solution-to-Payment-Arsenal-1301725.htm
- ^ http://www.marketwire.com/press-release/Sonic-Electronix-Goes-Live-with-Mazoomas-Real-Time-Debit-Option-their-US-Customers-1257123.htm
- ^ http://www.mazooma.com/supportedbanks.asp
- ^ http://tic.nacha.org/
- ^ http://www.mazooma.com/faq.asp
- ^ http://www.mazooma.com/security.asp
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