BillFloat Bobs Up at Online Resources
Bank Technology News | April, 2011
One of the few havens for consumers looking to avoid late fees and overdraft charges on small bills that are almost due, BillFloat is extending its web reach by partnering with Online Resources.
Online Resources will extend its biller-directed suite of electronic bill payment, presentment and receivables solutions by marketing BillFloat as a consumer payment option.
One of the few national suppliers of small dollar loans for bill payment, BillFloat combines its flexible bill payment and patent-pending underwriting technology with a nationwide network of registered lenders to alleviate the cash flow and collections problems of billers and their customers.
Online Resources will make BillFloat available to its extensive customer base of billers that includes financial services, utility, telecommunications, insurance and healthcare organizations. The target demographic for the service isn’t necessarily the unbanked or underbanked, but any consumer that needs a small loan in a hurry, generally less than $200.
"These aren’t the kinds of loans that banks typically make," says Neil Williams, svp of business development for Online Resources, adding that by adding the web component, BillFloat will be better positioned to keep consumers’ online sessions active, rather then having those consumers leave the web to go to a payday loan site or choose some other small loan option. "That’s generally not a good experience for the consumer."
Ryan Gilbert, CEO of BillFloat, said his firm hopes that by joining forces with Online Resources it will be able to energize a sector that has been impacted by the recession and has been ìstarvedî of innovation.
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