BillShrink, which provides money-savings advice to consumers, has expanded its offerings to include a new feature for business owners.
BillShrink offers online tools to help consumers find the best prices on goods and services in markets where comparison shopping can be difficult. The company collects geographic and usage data from the consumer in order to create personal recommendations. BillShrink currently offers price comparison services for cell phone plans, savings accounts/CDs, credit cards, and gas stations. (Finovate 2009 video here; FinovateStartup 2009 video here.)
The company’s new BillShrink for Business service helps businesses find better credit card deals. The company currently has online tools in the works for comparing business wireless phone services and savings accounts.
How it Works:
1. The business owner goes to the BillShrink for Business site and answers two basic questions: Do you pay off your credit card monthly? And what is the annual revenue of the business?
2. Next, the site collects more detailed data about the card usage, followed by questions about what services the user values in a credit card account. (See screenshot #1, below.)
3. The last personal detail required is an email address.
4. The system presents a quick analysis of the user’s current credit card (screenshot #2) and then recommends money-saving alternatives (screenshot #3). Clicking on a link that reads How is this calculated provides additional data, showing the value of cash rewards and other incentives that may come with the new card.
5. At the bottom, there is a link to apply for the recommended card at the card-issuer’s site. (Screenshot #3.)
BillShrink is paid by retailers when consumers switch to the suggested products. Offering its comparison-shopping services to businesses expands the company’s market, allowing it to draw a new category of shoppers to the site.
According to traffic estimates from Compete, the BillShrink site saw about 150,000 unique visitors in December, slightly less than its median average for 2009. Site usage peaked in summer with about 490,000.
Compete.com, January 2010, traffic data here.
#1. BillShrink collects basic usage data
#2. Analysis of current credit card (highlight added)
#3. Recommendations for a new credit card