Leading Authority on Financial Health Adds doxo to Membership Ranks as doxo Adds Five Financial Health Protections to Bill Pay Service
SEATTLE--(BUSINESS WIRE)--doxo, the all-in-one web and mobile bill pay service, today announced that it is a member of the Financial Health Network, the leading authority on financial health. doxo shares the Financial Health Network’s mission to improve financial health for all, and joins other leading financial service providers who are committed to leveraging new technologies to empower consumers and help increase their financial well-being.
“We are excited to welcome doxo as a Member of the Financial Health Network,” said Andrea Galvez, senior director, Financial Health Network. “Improving consumer financial health requires collaboration from across the financial services industry, and we believe doxo’s expertise will be an important part of this effort.”
doxo currently serves over four million users who can pay more than 65,000 local and national businesses, making it the largest bill pay directory in the nation. The Financial Health Network assists more than 155 member organizations, including those from financial services, insurance, education, and more, advising companies in their efforts to improve the financial health of their customers, employees, and communities. Members reach over 200 million Americans.
“We’re proud to be aligned with the Financial Health Network in their mission to improve financial well-being. For many households, financial health starts with the ability to organize and stay on top of recurring bills, so we’re especially pleased to contribute to the Financial Health Network in this area,” said doxo co-founder and CEO Steve Shivers. “doxo’s sole focus on the challenges of bill pay, which comprises over half of household spend, provides us with a uniquely powerful set of tools and data for improving financial health. This focus enables us to join the Financial Health Network’s mission alongside other financial service providers in a uniquely powerful way.”
A critical part of doxo’s mission is making bill pay information transparent for consumers, enabling better financial decisions, reducing unnecessary expenses, and improving financial outcomes. Last month doxoINSIGHTS, doxo’s data analytics division, released its Hidden Costs of Bill Pay report outlining additional commonly obscured costs of bill pay - identity theft, payment account fraud, late fees, overdraft fees, and detrimental credit impacts – which amount to an additional $74 billion annually, averaging $577 per household. These recent doxoINSIGHTS reports highlight the current financial challenges U.S. households face during this economic downturn. Research shows that 69% of households do not have enough in savings to last four months and 82% are worried about making ends meet until the economy begins to recover.
doxo joins the Financial Health Network following the launch of doxoPLUS, a service which simplifies and reduces the anxiety of managing bills and empowers users to improve financial health with five key bill pay protections that can reduce the $577 in fees and losses the average U.S. household may experience while paying their bills each year.
The Five Essential doxoPLUS Bill Pay Protections include:
- Private Pay™ Protection: With doxo, card and payment account info stays encrypted and secure, and is never shared with billers during payments.
- Identity Theft Protection: $1 million of loss-protection for identity theft incidents, plus identity restoration services.
- Overdraft Protection: To eliminate overdraft anxiety, real-time bank balance is provided before every payment. If a doxo payment ever causes an overdraft, doxo will reimburse the overdraft fee.
- Credit Score Protection: Staying on top of bills is the best way to improve credit, so credit score monitoring is built directly into the bill pay experience.
- Late Fee Protection: doxo provides real-time payment tracking for every bill payment. If a doxo ever misses a payment delivery commitment, any late fee that results will be reimbursed.
doxo provides simple, secure all-in-one bill payment to any biller, with any payment method, on any device. A doxoPLUS subscription adds free bank payments and five essential financial protections that boost household financial health. Through these services, doxo currently serves over four million paying users who can make payments to over 65,000 local and national businesses, making doxo the largest bill pay directory in the nation. Billers on the network get paid directly, fast and free – and consumers have complete bill pay independence over when and how they pay their bills. doxo expanded its user base by more than 70 percent in the past year and is expanding its team to further accelerate growth and change the bill pay landscape to focus on the customer. doxo investors include MDV, Sigma Partners, and Bezos Expeditions. doxo is based in Seattle, WA.
Dotted Line Communications for doxo