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.