EarnUp, Inc., a fintech company specializing in financial wellness, has unveiled a new feature allowing lenders and servicers to integrate text-to-pay functionality via debit card into its platform. This advancement responds to the increasing demand for convenient mortgage payment options among borrowers.
According to EarnUp, a growing number of borrowers prefer receiving reminders via SMS and having the ability to pay via text using their debit cards. This enhancement represents a significant step forward for EarnUp’s platform, offering borrowers greater flexibility in managing their mortgage payments while enabling mortgage companies to cater to modern payment preferences.
The move aligns with the trend towards mobile-first solutions in the mortgage industry, as highlighted by projections indicating that a significant majority of internet users will access the web exclusively through smartphones by 2025.
Key features of EarnUp’s expanded platform include:
- Text-to-Pay: Offering high open and response rates, this feature allows lenders to provide borrowers with one-click payment convenience and the option to set up recurring debits.
- Enhanced Borrower Engagement: Through a white-label solution, lenders can automate tailored SMS communications based on specific triggers, digital payment campaigns, and proactive loss mitigation efforts.
- Multiple Payment Options: Borrowers can conveniently use their debit cards for mortgage payments via Apple Wallet, Google Wallet, SMS text-to-pay, email click-to-pay, borrower portals, or call centers.
- Cost Savings: Lenders can reduce non-digital payment costs and call center volumes while maintaining high success rates for debit transactions.
EarnUp’s integration process enables lenders to seamlessly incorporate these capabilities under their own brand, improving borrower experiences and retention.
Brian Gunn, EarnUp’s Chief Revenue Officer, emphasized the company’s mission to empower borrowers with modern financial tools. He highlighted the seamless nature of the text-to-pay solution, which enhances borrower engagement and reduces costs associated with non-digital payments.
Industry expert Daniel Sogorka emphasized the importance of offering diverse payment options, citing increasing demand for SMS reminders and text-to-pay functionalities with debit cards. He noted that accommodating various payment methods, including SMS, email, and call centers, can improve Net Promoter Scores and mitigate fraud risks.
EarnUp’s platform, currently facilitating automated payments for numerous mortgage servicers and institutions, reinforces its position as a trusted partner in the financial wellness ecosystem. With a track record of automating payments for major servicers and maintaining high debit success rates, EarnUp remains at the forefront of digitizing mortgage payments.
Gunn reaffirmed the company’s commitment to delivering technology solutions that drive efficiency and promote financial wellness. He emphasized the expanded platform’s role in simplifying mortgage payments and enhancing outcomes for both borrowers and servicers.
