BillFloat, the nation's only provider of smalldollar loans for consumer bill payment, today announced that it has entered into an agreement with Online Resources Corporation (Nasdaq: ORCC), a leading provider of online financial services.
Under the strategic agreement, Online Resources will extend its biller-direct suite of electronic bill payment, presentment and receivables solutions by marketing BillFloat as a consumer payment option. BillFloat helps consumers avoid late fees, bank overdraft charges and expensive loans when paying critical bills during a cash flow crunch.
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 include financial services, utility, telecommunications, insurance and healthcare organizations.
"BillFloat provides our biller clients the ability to address a critical consumer need by offering the short term payment extensions," said Robert Craig, executive vice president of eCommerce Services for Online Resources. "Together with BillFloat we can help our clients improve their cash flow, retain customers and eliminate the complexities and real costs associated with delinquency. Helping billers manage risk and improve the percentage of on-time customer bill payments is central to our business. BillFloat supports our goals on all levels."
"Our partnership with Online Resources is a tremendous endorsement of our solution," said Ryan Gilbert, BillFloat CEO. "Online Resources shares our focus on using smart technology and business processes to streamline and enhance interactions between billers and their customers. By joining forces with Online Resources we will energize a market sector that has been impacted by the recession and starved of innovation for an extended period of time."