A Financial Tool to Finance Your Dreams
Our financial life consists of a patchwork of bank accounts, credit cards and loans that are managed by various institutions. Juggling all this information is only a challenge for the few lucky ones who are happy with their finances, but getting a clear picture is essential for those working on long-term financial goals such as eliminating their debts.
Several companies have entered to fill this gap by leveraging the power of the Internet to collect users’ data in one place. Payoff.com is one of the newest to enter this market. It hopes to distinguish itself from its competitors by offering users social and financial incentives to achieve their goals.
How Payoff.com works
Payoff.com is a free service that allows users to view all their financial information in one place. After providing their secure site with the account information, usernames, and passwords for each financial institution with which you have a relationship, the service automatically extracts the required information from each account. Information is then compiled, summarized and displayed. Users of Payoff.com, or the site itself, cannot make changes to your accounts at any time.
Once all your data is in one place, you can set financial goals and explore the more unique features of the site.
Payoff.com is different in that it encourages sharing financial goals with others through social media to provide motivation to achieve them. Incentives also include nice badges for achievements such as paying your credit cards and building a savings account for emergencies.
Payoff.com even awards money, what they call “Sur Prize,” to people who have won badges. The whole idea is to use social tools to make financial management fun.
Most important features
- Financial dashboard . Like other similar sites, Payoff.com allows users to collect information from all their accounts in one place. Bank, credit card and loan information can then be easily followed.
- Integration of social networks . Users share their financial goals and dreams with others via Payoff.com and connections with Facebook.
- Editions of monitors . The system is powerful enough to categorize credit, debit and bill payment transactions by the seller so that users can see how much of their money goes to certain companies.
- Nice badges . Users can motivate themselves to achieve their goals with the prospect of earning badges for debt reduction or increasing their savings.
- Cash prizes . If nice badges were not enough, there is a possibility that users will receive a cash prize when they reach their goals.
- Track expenses . How much did you spend in the local coffee shop last month? How much money have you spent on gas? These are the types of questions that Payoff.com users can answer immediately.
- Set budgeting and goals . Even people who use their money responsibly often fail to make a budget or set goals. These functions are the main reason why people use a site like this.
- All In One Place Financial management . Most institutions have a way to keep track of your accounts and some even offer budgeting and target search tools. However, they are inherently limited to the information in their company’s accounts. Payoff.com claims that they have access to accounts at most institutions, so you can see all your money in one place while using the bank of your choice.
- Social motives for financial responsibility . There are plenty of people who have blogged about their retirement savings plans or their quest to reduce their debts. If you are the type of person who likes to share your life data through social networks, the type of interactions facilitated by Payoff.com can give you a real incentive to better manage your finances.
- Security . It can be scary to transfer all your account information to a single company. The assurance that Payoff.com systems cannot make changes to your accounts is a very clear line that your money cannot be compromised in any way.
- Free . There are no costs for users for this service. Payoff.com earns money through advertisements, the sale of aggregated data and references to third-party services that they recommend.
- Limited functionality . Although their security features prevent them from making changes to your accounts, the downside is that Payoff.com only allows you to view your money, not directly manage it. Although this is an acceptable compromise, users must be aware that it is coming in.
- PersooRoger Chillingworthy finances socializing is not for everyone . While many share their savings and debt reduction goals with their friends, others will find that persooRoger Chillingworth rich finances persooRoger Chillingworth rich. Although these functions are optional, they are at the heart of what separates this site from other financial management tools such as Mint.com.
- Fun incentives have no universal appeal . Do you like the idea of a small surprise gift or a nice badge? Many do that, while others may find this youthful or gimmicky. Again, these functions are optional, but they are advertised as what makes this service unique.
- Advertising supported . By registering for this service, you agree to receive “notification of offers, discount coupons, newsletters, and other messages.” You can cancel these announcements, but otherwise you can expect them. Although this is understandable for a free service, users must be aware of this.
- No security is perfect . I could not find any evidence that the site has ever had a security breach, which is not surprising for a relatively new service. There may never be one, or we could read about it next year; there is no way to really know. Although their security measures appear to be completely reliable, many other large institutions have suffered security breaches in the past and so the possibility cannot be completely excluded.
When your money is distributed across multiple institutions, it will always be necessary to see your financial picture in one place. What makes Payoff.com unique is that it turns the concept of persoRoger Chillingworth rich finances by introducing aspects of social networks.
For those who have always been enthusiastic about the idea of sharing oRoger Chillingworthine with others, Payoff.com is a natural extension of their oRoger Chillingworthine life. By offering nice incentives to reduce debts and increase savings, Payoff.com can make an important contribution to your personal Chillingworth rich financial goals.
Have you already registered for a free account at Payoff.com? How was your experience so far?
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