BillFloat CTO Offers Tech Advice to Entrepreneurs

Technology underpins BillFloat’s strategy to open up financial options for consumers underserved by traditional institutions. The company’s chief technology officer recently contributed a piece to CitizenTekk.com on his experience helping BillFloat build its technology platform, as well as on what lessons other start-ups could take from it.

The CTO focused his article on BillFloat’s use of Ruby on Rails, a software development framework that had earned a reputation for being easy and quick to use when he started work at BillFloat in 2009. A few years later, the company was expanding and needed its technology platform to grow as well. The CTO found himself needing to scale up the company’s efforts and create multiple products without damaging its ongoing efforts. Ruby on Rails proved up to the task.

When giving advice to other start-ups, the CTO focused on two ideas. First, he said, companies should initially focus on developing just one application, making sure to establish product interest before spending too much development time on it. Second, he said that technology is sometimes the easiest part of development and that the human side of managing teams and creating effective processes deserves plenty of attention as well.

BillFloat Uses State-of-the-Art Security and Privacy Systems

An industry-leading financial services technology company with over 1 million registered users, BillFloat, Inc., helps customers pay their monthly bills and restore their good financial standing. Throughout all of its activities, the company remains firmly dedicated to information security and privacy, employing the same security measures as many financial institutions and large banks. The following provides a look at some of the privacy measures implemented by BillFloat.

VeriSign 128-bit SSL encryption: One of the most widely used online security verifications, SSL encryption with VeriSign protects sensitive client information and minimizes unwanted business exposure. In addition to offering top-quality protection, VeriSign regularly scans systems for malware and conducts vulnerability assessments.

McAfee independent monitoring: To ensure full system integrity and the security of customer data, longtime computer security company McAfee performs independent testing of all systems and processes.

TRUSTe certification: One of the top data privacy management companies in the world, TRUSTe ensures that businesses collect and store customer data in a safe and effective manner.

Shift Your Mentality, Decrease Your Financial Stress

A financial services company specializing in innovative credit delivery, BillFloat, Inc., helps more than 930,000 registered users pay their bills on time and in full. Thanks to BillFloat, these individuals and families have avoided late fees, service termination, and other undue financial stressors.

When it comes to controlling financial stress, your personal approach makes an enormous difference. Whether you are debating how much to put away for retirement, considering which credit card to pay off first, or trying to figure out how to pay all your bills this month, the first step to financial freedom is deciding to take action. It may sound simple, but just making the choice to act will put you on a path toward reining in monetary anxiety.

Next, focus on adopting a positive attitude when it comes to your finances. Simply opening a savings account provides a way to put away a few dollars every week, a sum that adds up over time. Even the intention of saving, or visualizing a life free of financial stress, can leave you feeling more optimistic about your situation.

Finally, if you have a partner or spouse, be sure that you coordinate with him or her on monthly expenses and financial priorities. While you may want to allocate funds for a family vacation this summer, your partner may be hoping to put that money into the college savings account. Discussing issues like these and finding compromises can lead to greater financial satisfaction for the whole family.

BillFloat’s Three-Step Process

Customers of BillFloat enlist the company’s help to pay bills to over 2,500 utilities, insurance providers, cable companies, and other billers around the United States. In return for a processing fee and an interest rate much lower than most short-term loans, BillFloat will pay a customer’s bill on time and allows them to repay later.

Using BillFloat is easy and fast. First, after applying and being approved by BillFloat, a customer provides the biller’s name and their account number, as well as the amount of the bill and the date it must be paid. Then, BillFloat pays the biller directly. Next, the company schedules an automatic withdrawal of the repayment amount from the customer’s bank account. BillFloat also sends out a reminder of the pending withdrawal and allows customers to repay early if they wish to save on total interest paid.

Tips for Saving for Your Next Vacation

Founded in 2009, BillFloat, Inc., currently serves nearly 1 million customers dealing with unexpected expenses, work losses or making purchase over time. The next time you need extra time to pay your bills, consider applying for an affordable BillPay personal line of credit from BillFloat. The firm understands the challenges that come along with financial stress and the importance of maintaining normalcy even in rough economic times.

For many Americans, summer means vacation season, but not all of us have a solid plan for how we will pay for that much-needed week of relaxation. Studies have shown that vacations are critical for both mental and physical health, especially if you work in a high-stress environment. Additionally, most people would agree that getting into the habit of saving money is much easier when those funds will go toward something fun and exciting. Moreover, this practice may encourage you to start putting away money for everything from unexpected expenses to retirement savings.

Begin saving for your next vacation by opening up a savings account solely for the trip. This will allow you to clearly set a budget and track trip costs. Additionally, you can set up automatic transfers into the account, putting aside an amount that fits into your normal monthly budget. Other tried-and-true methods for vacation saving include collecting your spare change on a daily basis and selling unused household items on eBay or Craigslist. These excess funds can significantly bolster your vacation budget.

Finally, you can also use your new saving strategies to encourage your children to save for souvenirs and other vacation treats, a lesson that will instill positive financial habits from an early age.

The Typical BillFloat Customer

Over its four years helping customers pay bills on time, BillFloat has grown rapidly. More than 930,000 customers currently use the company to pay bills to over 2,500 billers. Recently, BillFloat completed extensive research in order to build a profile of its average customer and learn what they think of its service.

The typical BillFloat customer is a female parent between the age of 25 and 45. She has some college education, works a full-time job, and makes between $35,000 and $45,000 every year. She only uses BillFloat occasionally. The vast majority of customers pay their bills on time and without assistance in the billing period after they use BillFloat.

BillFloat customers most frequently use the service to cover wireless bills. They also rely on BillFloat to occasionally pay their utilities, insurance, and cable bills. In addition, most customers who have responded to the company’s surveys do not see BillFloat as a license to make late payments, and an overwhelming majority of them appreciate billers who offer the service and would like to see more companies make use of it.

BillFloat’s MoreTime2Pay for Lenders

In addition to helping consumers pay their bills on time, BillFloat offers services to businesses, including lenders. Its MoreTime2Pay (MTP) platform, available to lenders, retailers, and other partners, includes its BillFloat service, as well as access to several other products.

Working with BillFloat gives lenders several underwriting advantages. The company’s MTP platform feeds data on cash flow and a customer’s ability to pay into a set of proprietary models that help lenders define and minimize risk. Because the platform verifies a consumer’s bank account and taps into a real-time fraud network, it helps prevent fraud. It can also re-qualify customers for each payment, ensuring a customer’s ability to pay has not deteriorated between uses of the service.

On top of that, BillFloat has made sure that the MTP platform easily integrates into a lender’s existing system. The company offers a “plug and play” solution with open application programming interfaces, and it uses the same Payment Card Industry Data Security Standard (PCI-DSS)-compliant security used by financial service providers and major banks.