SAN FRANCISCO — BillFloat, Inc., the nation’s only bill payment provider to give consumers more time to pay when they need it, announced today that more than 1 million consumers can choose to use BillFloat for their monthly car payment or auto insurance bill. Automotive insurance providers, The General® and Freeway Insurance, and an auto finance company, Mark One Holdings, added BillFloat as a payment option, so their customers can add up to 30 more days to pay their monthly bill if they need it.
Customers can access BillFloat as a payment option for their bill on the website of their auto insurer or finance company. Customer service representatives at these companies also recommend BillFloat to customers that need more time to pay. Companies, such as The General®, list BillFloat as a payment option alongside Visa and MasterCard. In addition, The General® and Freeway Insurance will proactively offer customers BillFloat as a payment option via text messages, email alerts and by distributing mailers.
“Many of our customers have been struggling due to the challenging economy, and we have been looking for ways to increase customer retention and improve their experience,” said Barry Dice, vice president of sales and marketing at The General®. “By extending the time to pay the bill, BillFloat gives our customers the time they need to pay and keep their car insured.”
BillFloat offers consumers more time to pay bills with more than 2,500 billers nationwide, including leading phone, cable, utility and insurance providers. The proceeds of a BillFloat loan are applied directly to the consumer’s account at the biller and repayable 30 days later, helping avoid late fees, service interruptions, overdraft fees and high-cost loans. Online enrollment is easy and open to all consumers with bank accounts and valid identification.
Leading billing organizations, including automotive finance companies, offer BillFloat as a payment option to their customers to retain customers and enjoy the benefits of accelerated cash flow and improved collections. Instead of penalty charges or service termination if a bill payment is late, BillFloat billers are able to take a responsive approach to meeting consumer’s needs.
“BillFloat gives people a positive choice to a challenging situation in their lives,” said Bruce Newmark, president of MarkOne Holdings. “We don’t want anyone to default on a loan, and by offering BillFloat as a payment option, we help our customers make their payments on time and invest in their future financial stability.”
“BillFloat has been a tremendous benefit to helping us collect potentially lost revenue, reduce time managing collections and retain customers by offering alternative financing,” said Edgar Torres, director of credit and collections at Freeway Insurance.
About BillFloat, Inc.
BillFloat was founded in 2009 by a team of experienced financial services entrepreneurs that are striving to empower consumers that have few credit alternatives to return to financial stability. BillFloat offers the first bill payment platform with a “more time to pay” option, helping consumers pay bills on time and avoid late fees, overdraft charges, service termination and high cost payday loans. Billers including utility providers, cable companies and insurers accelerate their cash flow through BillFloat’s easy to implement and secure system. The service is available on billers’ websites and through financial services partners, including prepaid and debit card issuers, payroll services, walk-in payment centers, and billfloat.com. BillFloat is based in San Francisco, California with investment and technology backing from First Round Capital, PayPal, and Venrock and angel investors.