Roughly one out of every 10 Americans has at least one account in collections - and each account costs the business 15-50% of the amount owed to collect.
Quarterly Report on Household Debt and Credit, Fed. Reserve Bank of N.Y., Aug 2021.
Businesses lose 7% in profits each year due to missed payments. SpenDebt's simple SaaS payment solution enables bill payment through predefined micropayments that are added to every banking transaction, so customers literally pay you back as they spend, improving their own financial health as well as yours. That's good for business and great for customers.
Understand the real costs of missed payments.
Three reasons why it pays to use SpenDebt.
“Micropayments from SpenDebt can be a game changer - We're delighted to provide information to parents so they can pay child support in an automated way using SpenDebt's micropayment platform. They can set their own predefined micropayment amount, breaking the payment down into smaller, manageable amounts that are added to their everyday transactions, so they can pay on time. It's such a simple solution that benefits everyone, including the state agency, families and communities.”
Recoup lost profits and keep happy customers
the demo Most customers don't want to miss a payment or pay late. SpenDebt Micropayments automate payments so they don’t have to - providing an intervention step for businesses who want to avoid account delinquency. This saves not only the losses from the debt itself but also the costs to collect - saving you money and saving your customers from bad credit scores.
Increase the Lifetime Value (LTV) of customers
By helping customers never miss a payment, SpenDebt Micropayments increase the LTV by enabling them to continue to be customers - from a position of good financial health and stability. Micropayments are also a unique, value-add benefit for attracting new customers.
Build better relationships
By helping your customers pay down as they spend, you’re showing them you care. SpenDebt Micropayments create stronger relationships between customers, businesses and the wider community - relationships based on care, compassion, and trust.
We thank our partners for their continued support.
Helping customers stay above water, particularly for services they rely on the most, unlocks benefits not only for businesses and customers, but their communities. Here's what no more missed payments means.
Roughly one out of every 10 Americans has at least one account in collections - and each account costs the business 15-50% of the amount owed to collect.
Quarterly Report on Household Debt and Credit, Fed. Reserve Bank of N.Y., Aug 2021.
Collection agencies are only able to recoup $0.20 for every $1 in money owed, and were paid $18.6 billion in 2021 by businesses for their work.
The State of Debt Collection 2020, CallMiner, 2018.
Businesses often receive late payments with 16% taking more than a month. But with automated payments, customers can reliably pay on time.
PYMNTS, 2021.
Approximately one out of every 10 payments owed to a small or medium-sized business are either never made or written off completely as a loss.
The Domino Effect: The Impact of Late Payments, Sage, 2019.
That's the amount of money that Americans collectively owe - and it has grown by 31% since 2013.
Federal Reserve Bank of New York, Microeconomic Data, 2021.
Learn how the costs of missed payments extend far beyond the payment itself, and how helping customers who are underwater can unlock long-term, win-win benefits for both you and your customers.
Your customers need never miss a payment again, in four simple steps:
Enroll
Businesses enroll in SpenDebt and make the program available to their customers as a bill payment option.
Engage
Using SpenDebt's payment option, customers set how much their micropayment adds per banking transaction, so they can pay off their balance as they spend.
Execute
When the bill is due, SpenDebt pays you from the aggregated micropayments your customer has made that month from every banking transaction or debit card swipe - whether it's buying food, fueling up, or shopping online.
Earn
As the balance owed goes down, customer confidence - and business revenue - go up. It's a win:win!
Choose the right plan for your business. Talk to us about customized options.
Pilot your SpenDebt micropayment solution with up to 25 live accounts
Launch your SpenDebt Micropayment solution with up to 500 live accounts
Scale your SpenDebt micropayment solution with unlimited live accounts
*White label option available
**Customized API option available