The Cred-ex mobile commerce payment solution includes a set of application programming interfaces for brick and mortar merchants, ecommerce merchants and mobile developers. The service lets company’s provide payment options to consumers within mobile Web sites and mobile applications.

“The strategy is to enable customers that have an existing Cred-Ex account with a built-in revolving line of credit to make purchases in participating brick and mortar stores,” said Eric Gelb, senior vice president of business development at Cred-Ex, Secaucus, NJ.

“Accountholders can access their Cred-Ex account using their mobile phone and customers can apply for a Cred-Ex account at the Cred-Ex.com Web site or on the participating merchant’s Web site,” he said.

“Our patented platform does not require the retailers to add more equipment on their counter. Cred-Ex mobile is completely software driven.” 

Cred-Ex is an alternative payment service provider.

Mobile payments
Consumers can make purchases from their mobile devices using their revolving credit information stored within their Cred-Ex vault accounts.

Customers can sign-up for an account and must go through an authentication process which includes credit approval and mobile phone registration.

During the authentication process, a consumer will be asked to enter their registered email, last 4 digit of SSN and the store-provided reference number.

After the payment is authorized, the customer will then be provided with an approval code and an email confirmation relating to their purchase.

Additionally, consumers will be able to make all future purchases from their registered device without having to sign in again.

“Cred-Ex serves people that are seeking a fast, safe and easy way to make purchases both online and at brick and mortar locations and their favorite retailers without cash, credit or debit cards,” Mr. Gelb said. “Currently we serve prime consumers.

According to the company, the mobile commerce solution technology lets consumers feel safe and secure using their handsets to make purchases at their favorite retail stores without cash, debit or credit cards.

Payment interface
In addition, the service detect when customers are shopping from a mobile device and it will switch over to a company’s new mobile-optimized payment interface.

According to Cred-Ex, developers can continue to use its APIs and do not have to go back and recode anything to make the applications mobile-compatible.

The service is available on a variety of smartphones including Android, iPhone, BlackBerry and Windows Mobile as well as on Java devices. 

“We are in discussions with a subprime lender now, which will open up our services to a larger segment of the population,” Mr. Gelb said.

“Our proprietary software is designed such that we don’t request or store customers’ personal, sensitive data,” he said. “In this way, Cred-Ex substantially reduces the risk of identity theft.”