90% of payments happen in an hour or less with Solutions by Text

Text messaging with tokenization makes consumer payments simple and timely

About Solutions by Text

Solutions by Text (SBT) provides a compliance-first, payments-via-messaging process for financial services, banking, and auto finance companies. Founded in 2008 to connect billers and consumers in real-time through messaging, SBT lets consumers get payment reminders and make payments via their messaging app, accelerating time to pay and raising payment acceptance rates.

The challenge

Consumer response to phone calls, letters, and even email has plummeted, making it increasingly difficult for billers to collect payments in a timely manner. Reaching consumers through another channel can seem daunting to billers with narrow margins and sometimes intricate pricing models.

Already using text messaging for consumer interactions, SBT envisioned an all-in-one experience that would let consumers authorize payment with a single 'YES'. To achieve that vision, SBT needed a payment processor with tokenization for a broad set of payment methods and proven compliance with governing laws and regulations.

We help our clients define strategies to meet their cashflow and collections targets, knowing that Nuvei will support the payment methods and pricing models they need at speed.

Mahala Johnson, Vice President Product Management, Solutions by Text

The solution

SBT built a solution that creates personalized messages by flowing biller-provided consumer data into templates matched to a consumer's situation. Messages are not sent if the consumer has opted out or never opted in. Once the consumer has a payment method on-file, all that’s needed is a one-word response to authorize payment. After approval, a consumer gets a confirmation message. Billers can track progress and follow existing workflows to process, post, and reconcile.

Underpinning the integrated experience, Nuvei handles payment processing. SBT selected Nuvei for its commitment to compliance, breadth of payment options, openness to complementary technology, and responsive service. Together, SBT and Nuvei reduce friction and improve outcomes through the channel preferred by 80% of consumers.

Nuvei provides tokenization, creating a unique token for each consumer and payment method for security compliance throughout every payment interaction. Nuvei supports a wide range of alternative payment options and flexible pricing models including its signature No-Cost-to-Biller™ program.

The results

SBT helps billers accelerate time to payment and increase payment acceptance with its innovative solutions. The company enables faster partial payments, limited time discounts for debt payoff, mid-application payment to reduce risk exposure, and attachments such as a billing statement or debt collection letter. SBT expects even greater engagement as it adds buttons, sliders, and carousels for various payment options and additional Nuvei payment methods such as Apple Pay, Google Pay, Venmo, and PayPal.

SBT’s customers have achieved: