EarnUp adds Text to Pay capabilities to financial wellness platform

By Delisha Fernandes

EarnUp, a financial wellness FinTech company, has announced that lenders and servicers will be able to use its platform to offer borrowers a convenient mortgage payment option: Text to pay via debit card.

This enhancement will mark a significant advancement of EarnUp’s platform, providing borrowers with greater flexibility and convenience in managing their mortgage obligations while also empowering mortgage companies to accommodate modern borrower payment preferences.

“Our mission at EarnUp is to empower borrowers with modern, efficient financial tools,” said Brian Gunn, CRO of EarnUp. “By enabling text to pay using a debit card, we’re offering lenders a seamless, no-customer-code solution that enhances borrower engagement, accommodates their method of payment, and reduces the costs associated with non-digital payments.”

Key features of EarnUp’s expanded platform will include:

• Text to Pay: Boasting 98% open rates and 45% response rates, with text to pay, lenders can offer one-click payment ease, with the option to set up recurring debits.
• Enhanced borrower engagement: EarnUp’s white-label solution will allow for tailored, automated SMS communications based on specific triggers, digital payment campaigns, and proactive loss mitigation efforts.
• Multiple payment options: Borrowers will be able to use their debit card to make mortgage payments conveniently through their Apple Wallet or Google Wallet, SMS text to pay, email click to pay, borrower portals, or call centres.
• Significant cost savings: Lenders can reduce non-digital payment costs by up to 50% and lower call centre volume by approximately 20%, all while maintaining a high success rate for debit transactions.

EarnUp’s straightforward integration process will enable lenders to seamlessly incorporate these capabilities under their own brand, enriching borrower experiences and fostering greater retention.

EarnUp currently facilitates automated payments to over 200 mortgage servicers and depository institutions, reinforcing its position as a trusted partner in the financial wellness ecosystem. The company’s comprehensive platform goes beyond traditional bill pay services, offering advanced automation and support to streamline borrower payments.