EarnUp Unveils Text-to-Pay for Mortgage Payments

FinTech-as-a-Service firm EarnUp is enhancing its platform to expand mortgage payment methods.

Lenders and servicers using EarnUp’s platform can now enable borrowers to pay via text using their debit cards, the company announced in a Thursday (May 9) news release. The option will give borrowers more flexibility and convenience in managing their mortgage payments, the company said, and allow mortgage companies to embrace modern payment preferences.

The feature offers one-click payment and gives borrowers the ability to set up recurring payments, the release said. Borrowers can pay through Apple Wallet or Google Wallet, through a text, an email, borrower portals or via call centers.

The release also noted that the white-label solution will enable lenders to create tailored messages to borrowers via text based on specific circumstances, digital campaigns or loss mitigation efforts.

“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.”

The company also said that the text-to-pay option can help lessen fraud and protect borrowers.

Payment fraud costs retailers around the globe $429 million last year, according to an April report from PYMNTS, which cited data from Adyen.

Per the report, Adyen estimated that about 45% of all businesses worldwide fell victim to fraud, cyberattacks or data leaks in 2023, a 32% increase from 2022.

While Adyen’s report is unclear about how many of these retailers are based in the U.S, or how many operate in the eCommerce sector, PYMNTS Intelligence data found that about 8 in 10 U.S. eCommerce merchants doing international business were victims of fraud in 2023, and nearly all of them are committed to better fortifying their businesses against fraud as a result.

On the consumer side of things, shoppers are demanding more security from their eCommerce merchants.

According to “Fraud Management, False Declines and Improved Profitability,” which was created in collaboration with Nuvei, 82% of firms cited stronger customer satisfaction as a main benefit of investing in tools or tech to prevent fraud — a greater share than said the same of any other benefit. Customers feel more confident and reassured when they know that their personal and financial information is protected, leading to stronger loyalty and higher engagement.