From Payments News
With billmycell the user simply calls a toll-free number and enters the cellphone number they wish to transfer the money to. There is a one-time, two-minute setup process to link the cellphone plus a PIN code to the credit card. The service is more secure and faster than just repeating numbers over the phone, and the user's credit card number cannot be eavesdropped nor disclosed to the receiving party.
The differentiators between billmycell and other cellphone payment service vendors include on-the-fly signup via an ordinary phone call, better security, no internet connection necessary, and the widest variety of pre-customized applications.
The billmycell service provides the easiest way for the mobile society to instantly and privately pay merchants or other individuals by using the existing cellphone they already have, on any wireless carrier, with no internet connection needed. The process is as simple as making a phone call.
For person-to-person payments, the consumer pays a convenience fee starting at $1, and for business transactions, the business typically pays the fee, and the payment is drawn from the consumer's credit card. Location- and account-based security is layered on top of credit card anti-theft systems to make fraud unprofitable.
At a time when identity fraud is competing with convenience, billmycell always gives a trusted text message and secure webpage receipt for any transaction, while reducing fraud by sending payments without disclosing credit card information to the recipient. With billmycell, the user can pay anyone, anytime, and anywhere that cellphone coverage is available. The receiver has instant proof of payment, without any credit card swiping machine or expensive data service terminal.
"With the introduction of billmycell, consumers can use the cellphones they already have as e-cash wallets to send and receive money to/from their credit cards, with better security and receipting. It's the most straightforward and secure mobile payments service available today," explains James Linlor, CEO and founder of Black Lab Mobile. Billmycell also offers reduced credit card merchant rates on all transactions (mobile & in-store), so that businesses keep more money on every transaction.
Today the billmycell service is targeted at person-to-person payments where instant, verified e-cash linked to credit cards is the easiest way to pay, taxi companies, event and entertainment businesses that want to distribute tickets electronically via text message, and mobile businesses that want to accept credit card payments without any bulky and expensive machine. Vendors can also get a business code that they can give to the consumer along with the number to call for payments, and consumers' cellphone numbers are automatically hidden from vendors to enhance privacy. The representative's cellphone is then set up instantly to confirm that the payment has been made. Ticket delivery or payments can also be verified using a webphone or via access to a secure website, while speeding up payments and reducing costs for businesses.