As the world becomes increasingly digital, it’s surprising to learn that over 70% of middle-income households in the United States consistently struggle to pay their essential bills on time each month. This is where Modern steps in, as the first payment protection platform for household bills.
Modern is based in New York, and its mission is to build a Financial OS (Operating System) for working-class Americans. Its first product, Modern Bill Protect, is an innovative platform that combines a dynamic charge card with intelligent NSF (Non-Sufficient Funds) protection, ensuring that households never miss another bill payment.
The Problem: The Struggle to Pay Bills On Time
It’s a well-known fact that many households struggle to pay their bills on time, and this can have a devastating effect on their financial well-being. According to Modern, many households earn enough money to cover their bills, but they don’t have enough cash at the right place and time to pay them.
The Solution: Modern Bill Protect
Modern Bill Protect is an innovative platform that solves this problem by providing payment protection for household bills. The platform combines a dynamic charge card with intelligent NSF protection, ensuring that households have fast and affordable access to the cash and support they need to meet their essential financial obligations each month.
How Does Modern Bill Protect Work?
Modern Bill Protect works by linking to a user’s bank account and monitoring their bill payments. When a bill payment is due, Modern Bill Protect automatically deposits the necessary funds into the user’s account, ensuring that the payment is made on time. If the user’s account doesn’t have enough funds to cover the bill, Modern Bill Protect provides NSF protection, preventing the user from incurring any fees or penalties.
Modern Bill Protect also provides users with a charge card that they can use to make purchases, both online and in-store. The card is linked to the user’s Modern Bill Protect account, and any purchases made with the card are automatically deducted from the user’s available balance.
Modern’s Future Plans
Modern’s vision is to build a Financial OS for working-class Americans. The company aims to unlock the true strength of their positive financial behavior and support networks by providing fast and affordable access to cash and support. In the future, Modern plans to expand its platform to include other financial services, such as savings and investment products.
Conclusion
Modern is an innovative startup that is tackling the problem of bill payment for working-class Americans. Its Modern Bill Protect platform provides payment protection and ensures that households never miss another bill payment. With its vision to build a Financial OS for working-class Americans, Modern is well-positioned to make a significant impact on the financial well-being of millions of people.
Website : https://www.modernwallet.co/
LinkedIn: https://www.linkedin.com/company/modernwallet/
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