SOURCE: PaySwag

PaySwag

September 17, 2015 08:00 ET

PaySwag Rolls Out First Mobile Collections Tool for Underbanked America

Mobile App Provides a Revolutionary Solution to Collecting Payments, Fees and Fines by Incorporating Games and Rewards

NEW YORK, NY--(Marketwired - Sep 17, 2015) - PaySwag, a white-label mobile app by Customer Engagement Technologies, today announced its launch as the first platform to enhance collections efficiency by making the payment process more accessible and rewarding for the more than 68 million underbanked Americans. The app integrates features designed to effectively resolve the real-world issues that impact both ends of the collections spectrum, through its cash or card payment, reward, education and feedback engines.

PaySwag was selected to launch with a demo at Finovate Fall NYC, alongside 71 other innovative startups. "Right now, the growing market of underbanked customers is not being properly served. We know that the technology and gamification behind the PaySwag platform is strong enough to generate a large-scale shift in how borrowers view the payments process and, in turn, empower them to minimize defaults," says Finovate CEO, Eric Mattson.

More than just a payment app, PaySwag aims to improve the financial lives of the underbanked. The mobile app features educational videos, engaging games and push payment notifications. Additionally, the platform gives users the flexibility to create payment plans that are convenient for them and the freedom to pay by cash at more than 17,000 neighborhood locations. Customers who keep on track earn "swag" points that can be redeemed for Amazon gift cards, Redbox rentals and more. Never before has this demographic been rewarded just for keeping to a payment plan.

 "PaySwag is a marriage of technology and the study of human behavior. We know that our reward system incentivizes customers to make on-time payments," explains CTO Mark Miller. "We want to transform how the underbanked interact with lenders, municipalities and other entities, so that we create an outcome where everybody wins."

"PaySwag provides an interface that these customers are comfortable with, which will make them more responsive to their liabilities to the state and local government," adds Brian Krolicki, former Lieutenant Governor and State Treasurer of Nevada, who has come on board as Director of Government Relations for the company due to the pre-launch traction PaySwag has generated within the municipal sector.

PaySwag makes payments more accessible, rewarding and likely, as evidenced in the company's first case study. Over a 12-month period, a subprime lending company that implemented PaySwag experienced a 50 percent reduction in severely delinquent loans and their customers were able to use the platform to conduct more than 12,000 unique transactions, yielding $3.5 million in recouped debt. PaySwag has already received noted interest from a growing number of municipalities, lenders and health service providers based on the platform's initial success.

"We've really turned the corner on how collections work. We've managed to get people excited about paying their bills, meeting their obligations or making payment arrangements when they get in trouble," explains founder and CEO Max Haynes, an entrepreneur who has disrupted traditional financial models for more than two decades.

About PaySwag
PaySwag, by Customer Engagement Technologies, simplifies the collections process for underbanked consumers, businesses and governments through its white-labeled mobile app's cash or card payment, reward, education and feedback engines. By combining mobile access and alternative payment technologies, the PaySwag platform gives borrowers the tools they need to make on-time payments, and rewards them for doing so. Using mobile gamification to transform how the underbanked interact with lenders, municipalities and other entities, PaySwag makes payments more accessible, rewarding and likely.

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