Almost all great things come from humble beginnings. WalletFi is no exception to that rule. So, let’s take a quick look at who WalletFi is, how we got started, and who can benefit from our platform.
If you’d like to learn a bit less about what we do, but a lot more about who we are, check out our about page. At the very least, it’ll put some friendly faces to our helpful service.
The Pain of Lost or Reissued Cards
WalletFi started with a frustration: updating recurring payments from lost or reissued cards is a pain. It’s not that it happens all that often. It generally doesn’t. But still, it happens often enough to make life difficult a little too often.
At the same time, more and more products and services move to a subscription model. Sure, there are the usual suspects:
- Gym memberships
- Entertainment (Netflix, Hulu, Spotify)
- Health and auto insurance
But there are also subscription services and software as a service charges, too. Increasing amounts of people’s income gets chipped away monthly in the form of:
- Dollar Shave Club, BarkBox, Birchbox
- Adobe Creative Cloud
- Blue Apron and Hello Fresh
All these little subscriptions add up. Most people have way more subscriptions than they realize. In fact, the average amount that Americans spend per month on recurring payments is more than $850. That represents a sizeable number of recurring payments.
And any time a card is lost, stolen, damaged, expired, or otherwise taken out of commission, that represents a whole lot of time managing payments.
A Better Way to Manage Recurring Payments and Subscriptions
We developed WalletFi as an easy way to update payment information. Shortly after we began working on it, we were accepted into both Techstars’ Barclays as well as the FIS VC Fintech Accelerator Program. Both programs suggested we white label the product for financial institutions to help them retain cardholders through the card reissuance process.
Now, WalletFi focuses on the B2B2C field. Our platform helps with member and customer retention during the friction of updating payment information for new cards.
We also saw the opportunity to help people better manage their subscriptions and recurring payments. We make it easy to update payment information and designate which cards pay for what. That capability offers users a comprehensive view of their financial picture, ultimately giving them better information and more control over their payments.
So, what started as a way to make one rare thing convenient turned into a method of managing subscriptions, recurring payments, and payment methods.
Helping Financial Institutions Reach Top of Wallet
The biggest benefit WalletFi has for banks and credit unions is helping them reach top of wallet. We make it easy for users to update their payment information and cards. It also helps people move payments from one card to another.
That ability makes it easy to nudge people toward privileging certain cards for transactions. WalletFi enables financial institutions to suggest moving recurring payments to their card.
Helping card issuers reach top of wallet to capture that interchange makes WalletFi a powerful tool. Plus, because WalletFi makes it easy to update payment information, remaining top of wallet through lost or stolen cards is easier than ever.
In the coming months, we’ll be writing a lot more about credit and debit cards, capturing interchange, and how to maximize card value to your financial institution and its members and customers.
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