joseb
Joined 10 years ago
Karma
38
Submissions
13
Member since
Aug 27
[ my public key: https://keybase.io/josebet1; my proof: https://keybase.io/josebet1/sigs/VhQcHVr863HrVy4PVlgAjy0eob1w2oq_ekkl9y6Cyrw ]
View on Hacker NewsRecent submissions
Comment · 4 years ago
That's a very interesting use case. We'll have to explore more the limitations of H1 payments, but this could be a way to receive "payment" by directing it to your bills / debts.
Comment · 4 years ago
That's really interesting perspective, I had no idea that's how it worked in NZ. I suppose it works seamlessly in NZ as the loans are originated by the the NZ government. Could be interesting if student loan services in the US offered a BPS discount if the payment auto deducted from a paycheck.
Comment · 4 years ago
Ultimately it depends on the type of debt. Some people carry credit card balances with 20% APR, so in that case is much better to pay off the balance on the credit card when compared to market returns.
Comment · 4 years ago
Thanks for the support! Right now we monetize by charging a flat fee per API call, similar to API-first companies like Plaid.
Comment · 4 years ago
Awesome, I'll send you a note to your personal website email
Comment · 4 years ago
I hate that you faced the exact same issues we did. It's definitely a huge pain, especially for startups trying to innovate in the space. Our goal is to make it easier for everybody from solo developers all the way to the huge incumbents to interface with debt.
Comment · 4 years ago
We do! We just recently launched it and it's in a private beta stage. If you are interested in the beta, let me know would love to connect!
Comment · 4 years ago
They don't. Plaid is able to retrieve all the data about a debt using the user's credentials and that's about it. Most of our companies / developers use Plaid as their data source and Method as the payment rails.
Comment · 4 years ago
Definitely #1 (and #2 to an extent) is a straight forward solution. We have seen some interest in #3, but mostly due to the gratification of getting your debt paid down without you thinking about it. We are working companies that offer employee unique employee WFH perks such as mortgage repayment or electricity repayment as a benefit.
Some other verticals that we have seen benefit from direct connections to debt include: Lenders (Personal loans, credit cards, mortgages) and Fintechs (BNPL, Crypto, PFMS)
Comment · 4 years ago
Not right now, we are focused on B2B and enabling other developers to build on top of our platform. Our goal is to build the pipes and promote new breed of debt focused fintechs. We are working with some stealth fintechs solving both of the ideas you mentioned!
Comment · 4 years ago
Thanks Evan! Really appreciate the support.
Comment · 5 years ago
Method Financial (YC S19) | Engineering, Sales, Leadership | Full Time | Austin, TX or Remote | https://methodfi.com
Method is a developer-first API that makes it easy for developers to embed debt repayment on their apps. Method works with over 2,000+ financial institutions enabling payments to any type of consumer debt – including credit cards, student loans, car loans, and mortgages – all through a single API.
We backed by Y Combinator, top investors including Ardent, Live Oak VP, and Leonis Capital. We're also backed by founders and leaders of Truebill, Upstart, Earnup, and Goldman Sachs.
Our open roles:
* Founding Software Engineer
* Founding Account Executive
* Developer Evangelist
* Chief of Staff
Learn more and apply here: https://careers.methodfi.com
Don't see a perfect fit but still interested? Want to chat? Email me (CEO) directly at jose+hn @ (our_domain)