Flexible payments are the future of rent

EppoPay is gaining traction!  

To keep our friends updated as we continue our journey, I’ll be sending regular updates. My business partner and co-founder, Heman Duraiswamy, and I have spoken to some of you, so you know about our mission to help Americans pay their monthly bills. You may not know how EppoPay came about or why our business is so important. In order to be clear, transparent and thorough, I will start this first update with an introduction to EppoPay.  

History of EppoPay

Heman and I developed the concept of EppoPay simultaneously and separately. While we worked with middle market customers in the US selling life insurance, we heard a screaming need for a better way to pay monthly bills. Heman saw the daily collections reports filled with “insufficient funds” notices, and I reviewed countless phone calls with customers (“...don’t cancel my coverage, I just need a little more time, the funds will be in my account next week…”). We listened to real people with real problems.  

EppoPay is part of the solution to a very big social problem: helping Americans make ends meet.  Regular monthly bills are high: the median rent in America is $1,483, the average new car loan is $554, and the average individual health insurance costs $574. That adds up to $2,611 a month and doesn't include essentials like food and clothing.

EppoPay can’t make the big monthly bills go away, but we can smooth out the payments and better align them with income. With the EppoPay app, for example, a home renter, can turn her $1,000 rent payment due on the 1st of the month into two $500 or four $250 payments for a small transaction fee. No monthly commitments, no confusing APRs, no payday loans, just a few bucks per transaction. For so many households, that’s a big deal!

Want to learn more?

EppoPay updates are coming every month because we’re moving really fast and we want you to stay up-to-date. Please stay tuned for exciting news about:

• When EppoPay is going to launch the rent product

• How EppoPay works (and how EppoPay makes money)

• Who we are

• and more!

Test your knowledge of the market

1. What % of people pay their bills on time
             a. 21%
             b. 54%
             c. 88%

2. What is the most common reason people give for paying bills late?
             a. I can’t afford it.
             b. Payment was due before I got paid.
             c. I didn’t know payment was due.

3. How many home/apartment renters are there in America?
             a. 22 million
             b. 56 million
             c. 43 million
   

Quote of the day

“Some consumers may struggle to manage their cash flow and pay their bills in a way that prevents negative consequences such as late fees, higher interest rates, or loss of a valuable asset like a home or vehicle.”

- Consumer Insights on Paying Bills, Bureau of Consumer Financial Protection, November 2018

I hope this triggers more discussion!

- Leslie Hyman

EppoPay Update 1
September 2019

Quiz Answers: 1. a 2. b 3. c