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.
Since it was founded in 2009, BillFloat has offered a bill payment system that allows customers to easily avoid biller late fees and bank overdraft charges while maintaining the same type of security that can be found at top banks and financial institutions. To this end, the company utilizes state-of-the-art encryption and monitoring technology. Furthermore, BillFloat’s customers are protected by strong privacy standards, which ensure that sensitive data remains confidential.
The success of BillFloat’s information protection protocols have been confirmed by the most trusted names in the online security business. The company utilizes 128-bit Secure Socket Layer (SSL) encryption under the VeriSign security seal, which virtually eliminates any chance of brute force attacks. In order to maintain the highest level of customer privacy, the company has also obtained certification with TRUSTe, which ensures continued compliance with industry standards. Finally, both security and privacy guidelines and performance are continuously monitored by McAfee, which provides verification of the company’s ongoing efforts to keep customers’ personal information safe.
Since its inception in 2009, BillFloat has helped hundreds of thousands of customers pay their bills on time. BillFloat pays a customer’s bill and the customer pays BillFloat back later. This is an affordable service with a processing fee and interest on the bill amount covered. The service can be used to pay a variety of different types of bills, including the following:
BillFloat maintains relationships with dozens of mobile phone companies, including major providers such as Sprint, T-Mobile, and Verizon Wireless.
Hundreds of insurance companies accept payment through BillFloat, and they range in size from smaller players to some of the largest insurers in the United States, such as State Farm, Allstate, Geico, and Farmers.
BillFloat can be used to pay bills from more than 900 utility companies across the U.S.
BillFloat is currently set up to issue payments to more than 1,000 homeowners associations across the country.
In addition, customers can use BillFloat to pay cable and satellite television bills, car loan payments, and more. For a full list of the billers that BillFloat pays, visit the company online at www.billfloat.com.