BillFloat allows individuals to get more time to pay their bill when faced with unexpected circumstances, such as unforeseen expenses or unemployment. Individuals need a bank account to apply for BillFloat and take advantage of its service. BillFloat sends payments directly to the service provider and individuals will see the credit to their account according to the payment schedule requested. Depending on individual need, consumers can request standard payment in 5 to 7 days, guaranteed payment in 4 days, or rush payment for same- or next-day payment. Consumers then repay Billfloat up to 30 days later through an automatic withdrawal taken from their registered bank account. Consumers will receive notification in advance of the withdrawal. With BillFloat, individuals can avoid the high interest rates typical of short-term loans, as well as any late payment penalties from service providers or overdraft charges from their bank.
Since BillFloat deals with sensitive information, the company has implemented security standards comparable to those used by major banks and financial institutions. BillFloat uses 128-bit Secure Socket Layer (SSL) encryption and has received the VeriSign security seal for its encryption policies. In addition, the company maintains privacy protection standards certification through TRUSTe and has adopted a stringent private policy. McAfee monitors and tests the privacy and security measures implemented by BillFloat to ensure their efficacy at all times.
A team of financial services professionals with experience in several different sectors founded BillFloat in 2009, with the backing of major San Francisco Bay Area venture capital firms, such as First Found Capital, Baseline Ventures, SV Angel, and SoftTech VC.