Billshark and Payrailz go bill busting
Massachusetts-based bill reduction firm Billshark is partnering with digital payments company Payrailz to give banks and credit unions a new money-saving offering for their customers and members, reports David Penn at Finovate.
Via the agreement, Payrailz will integrate Billshark’s bill negotiation, subscription cancellation, and curated shopping functionality into its platform, giving small businesses and individuals new tools to lower their monthly bill costs.
Billshark works by negotiating with service providers to find the best possible terms for monthly bills. Bill payers send copies of their bills to Billshark through its website, app, or email.
The company then investigates to see if there are options to lower the amounts that customers pay and updates the customer on how the bill reduction process is going. And for using the service, Billshark provides customers with a $25 dining or shopping reward as a thank you.
Billshark says it has an 85% success rate in negotiating and winning reductions in bills for cable and satellite TV subscriptions, internet access, satellite radio, and home security. Through a combination of bargaining and cancellations of unwanted subscriptions on behalf of customers, Billshark states that it has saved consumers more than $3.5 million.
If Billshark does not save the customer money on bills, no fee is paid. For successful bill reductions, Billshark charges 40% of the realised savings. For example, if Billshark saves a customer $500, the fee is $200.
This week’s integration with Payrailz is the second such partnership in 2018 for the company; digital banking platform Narmi integrated Billshark’s API at the beginning of the year.
Earlier this year, investor and owner of the Dallas Mavericks NBA team Mark Cuban revealed he would be joining as an advisor and financial backer of Billshark.