FUTR Expands Payment Options with Weekly and Mortgage Features
News related to:The FUTR Corporation · 2 min read
The FUTR Corporation has expanded its FUTR Agent App to include weekly payment functionality and mortgage payment options, marking a significant step in enhancing consumer flexibility and financial management. This move, which builds on the existing bi-weekly payment option, now allows consumers to split their monthly payments into even smaller, more manageable weekly installments. The expansion of payment options is part of FUTR's ongoing efforts to provide consumers with more flexible payment solutions.
According to the press release, FUTR's auto dealer partners have been closely involved in shaping the weekly payment option.
The new mortgage payment functionality extends FUTR Payments beyond auto financing, adding mortgage brokers as a new class of distribution partners. This expansion aims to leverage the existing infrastructure to support mortgage financing, creating a seamless experience for consumers.
FUTR, which operates a live US auto dealer payments business across approximately 160 active dealerships and a North American consumer financial planning platform with over 1 million plans produced since 2016, is now poised to capitalize on these new features.
The addition of mortgage brokers as distribution partners is expected to bring incremental lead-generation opportunities.
FUTR Corporation, trading on the TSXV under the symbol FTRC (OTCQB: FTRCF) (FSE: QA20), continues to innovate and expand its offerings to meet the evolving needs of consumers. The company's commitment to providing flexible payment options and leveraging data-driven insights is a testament to its forward-thinking approach.
The FUTR Agent App now supports both weekly and bi-weekly payment options for both auto financing and mortgage payments. Each additional payment cycle is also a new transaction for FUTR, adding incremental fee revenue on top of the loan itself. This feature is particularly beneficial in the current high-interest-rate environment, as it allows consumers to pay down principal faster and save on interest without paying more overall each month.
FUTR's auto dealer partners have been closely involved in the development of the weekly payment option.
The expansion of FUTR Payments to include mortgage functionality is part of the company's broader strategy to extend its platform into new verticals. FUTR intends to apply the same onboarding, servicing, and payment infrastructure across both verticals, creating a seamless experience for consumers. This move also brings incremental lead-generation opportunities, as housing and mortgage data is some of the richest financial data available, and mortgage brokers surface it at exactly the point when a consumer is making other major financial decisions.
FUTR Corporation, with its live US auto dealer payments business across approximately 160 active dealerships and a North American consumer financial planning platform with over 1 million plans produced since 2016, is well-positioned to leverage these new features to meet the evolving needs of consumers. The company's commitment to providing flexible payment options and leveraging data-driven insights is a testament to its forward-thinking approach.