A new mobile app called Payix is enabling users to make car payments through their smartphones — and help lenders send friendly reminders.
Chris Chestnut’s Fort Worth company built the app for those who have troubled credit and those who only qualify for high-interest loans and tend to have higher delinquency rates, according to the Fort Worth Star-Telegram. Payix provides collection tools, payment processing resources, and business intelligence solutions to lenders and auto dealers throughout the nation.
“There is a good portion of consumers out there who either got dinged in ’07-’08 [financial downturn] or they live in a perpetual state of recession,” Chestnut told the Star-Telegram. “Their ability to earn income doesn’t allow them to get out of the hole they’re in.”
It beta tested the app with a San Diego-based lender and now can be purchased by other companies the newspaper reported.
The free app also targets millennials who are “smartphone dependent,” and prefer to do things, such as pay off loans or bills, with their smartphone. Smartphone Dependent Borrowers is what Chestnut dubbed the term for his clientele,
In addition to offering collections tools, Payix also offers payment processing solutions.
“Fintech firms have worked wonders on the originations side of lending, but other than at the largest institutions, they haven’t focused on bringing better technology to the collections environment — until now. Payix has created collections tools and payment processing resources for any size financial institution or auto dealer to use so they can improve the way they connect with their borrowers and increase their ability to collect payments,” Chestnut said in a release.
Delivering what’s new and next in Dallas-Fort Worth innovation, every day. Get the Dallas Innovates e-newsletter.
R E A D N E X T
-
The hybrid event in August will take place in person at SMU and virtually. The seventh annual Dallas Startup Week powered by Capital One is Dallas-Fort Worth's largest event focused on driving entrepreneurial success, economic impact, and innovation in the region.
-
CreateHers. BuildHers. DisruptHers. Risk-TakHers. InventHers. InvestHers. Texas women trailblazing new paths are the subject of a new podcast that features innovators disrupting their industries, building movements, and creating positive social change.
-
This Fort Worth Logistics and Moving Startup Delivered Free Firewood in DFW During the Winter Storms
Now, Gozova has teamed with two other local businesses to help those close to home. On Saturday, Feb. 20, the trio will supply firewood at Tulips Fort Worth from 11:30 a.m. to 4 p.m.
-
Founded in 2017, Legacy Purchasing Group wants to give collective buying power to the legions of small and medium businesses emerging from COVID. It’s a game-changer for its members, the company says. The savings can be reallocated to the core of the business.
-
Mayor Cites New Report at the Fort Worth State of Entrepreneurship: Startups Created Nearly 30K Jobs
Mayor Mattie Parker, whose catchphrase is "Go Time," says she coined the term for a reason. Fort Worth is at a pinnacle of possibility, and entrepreneurship is at the center of that. The data speaks for itself, Parker said: A new jobs report from Sparkyard shows startups play a significant role in job creation in Fort Worth and Tarrant County—with average salaries more than twice the minimum wage.
