How they describe themselves: BILLSHARK is a bill reduction service that saves customers time and money by negotiating or canceling their subscription services. Americans overspend on wireless, TV, Internet, and home security services to the tune of $50B per year. Over 75% of consumers do not negotiate their monthly bills due to lack of awareness or effort, despite their belief that they are being “ripped off.” An average household loses out on $50,000 of future net worth.
Customers can start the process in less than 2 minutes. The service is risk free: If BILLSHARK doesn’t save the consumer money, there is absolutely no fee.
How they describe their product/innovation: Shark Connect – our bill reduction API – enables financial institutions, fintech companies and other platforms to integrate bill reduction capabilities into their applications. Through our API, our partners can inform customers how much they can save on a specific bill, the probability and most importantly, the capability to cancel and negotiate bills. The API enables a closed loop communication with your consumer through the end of negotiation. The API also informs partners and their customers when savings expire to kick off renewal negotiations, so consumers keep saving money.
Product distribution strategy: Direct to Consumer (B2C), through financial institutions, through other fintech companies and platforms