Debt management is a topic on most people’s minds these days, especially with the economy slowly getting back to normal but inflation rates soaring. Borrowers are looking for innovative and easy ways to pay back their debt and a solid plan of action. Most borrowers seeking debt management solutions have no idea where to start, so they look to businesses with innovative platforms or apps using the software provided by Payitoff.
Payitoff’s technology can be embedded in a company’s existing platform or app, making it easy for borrowers to access. The embeddable debt tools Payitoff offers help borrowers optimize their repayment plans, which can save them quite a bit of money while repaying their debts, all within the partner company’s app or platform. These money-saving opportunities can come from debt forgiveness, federal loan repayment programs, and better refinancing deals.
Payitoff even manages forgiveness applications and pre-qualifications for refinancing, so participating companies don’t have to be experts in debt management themselves to provide the end user with solid next steps on how to start repaying their debt.
Payitoff’s debt API helps businesses save operational time and costs associating with tasks like verifying payoff amounts and third-party payment capabilities. Meanwhile, their smart debt guidance tools help borrowers learn, save, and enroll all in-app, increasing wallet share, engagement, and customer relationships. It also makes it easy to direct customers to other financial products a company might offer, since the technology works within the existing UX of the client company.
Results from Payitoff’s smart debt guidance tools show how effective the technology can be for participating borrowers:
- Individual borrowers save on average $240 a month off their loan repayments
- On average, borrowers save $60,000 over the lifetime of their loans
- Borrowers have saved a total of over 11 million dollars to date
There are several ways this debt management software can help fintechs, financial institutions, banks, workplace benefit providers, and other financial apps grow and succeed in the future:
Increase customer loyalty
Payiotff’s debt management software is user-friendly and intuitive, making borrowers feel understood and empowered. Since borrowers connect to their loan servicer accounts, Payitoff’s guidance is personalized to their specific circumstances. Additionally, this increases customer loyalty because borrowers take all actions in-app, so the company’s platform becomes a borrower’s one-stop of all things debt management from now on.
Increase share of wallet (SOW)
There are dozens of companies that offer financial solutions for debt management, but not all of them are committed to outcome-based borrower guidance. Payitoff knows that when the borrower is able to save money, they’re more likely to stay on your company’s site and trust your company when purchasing future financial products. This increases the share of wallet for that company.
The ability execute payments between third parties opens up more payment options for consumers. This could look like an employee benefits platform helping employers match employee student loan contributions, lending services operate smoother with refinancing, and more.
Some key consumer debt verticals where debt management software is beneficial to offer borrowers:
- student loans
- credit cards
- auto loans and personal loans
Some businesses that benefit from debt management software:
- Financial Services – increases wallet share and provides lifetime value
- Lending companies – the software will help improve DTI (debt to income ratios)
- Workplace benefits – make the employer more competitive with workers because of the incentives they can provide such as student loan benefits or access to smart debt guidance tools
Other benefits of Payitoff are:
- Experts available to guide you through the process of regulations
- Connections to loan servicers that are reliable and consistent. Uptimes are 99%.
- Automated payment capabilities for borrowers and third-party payments
- Direct digital enrollments for federal programs
- SOC compliant security that’s audited regularly
The debt management software Payitoff offers can help your company increase profits, wallet share, and customer loyalty through better data, faster approvals, and user-friendly, customizable tools. This is certainly a revolution in debt management.