Redwood City, California (PRESS RELEASE – January 30, 2010) – BillShrink (www.billshrink.com), the independent free online service that gives personalized money-saving recommendations on household bills, now expands its savings advice to businesses looking for the right credit cards to meet their spending needs.
BillShrink for Business’ new business credit card feature is designed to help small businesses navigate the current economic climate. Acknowledging that businesses often have different cash-flow and credit needs from individuals, the new product is a tool that guides business owners towards credit and charge cards offering the best terms to fit their specific business needs, thereby lowering the cost and increasing the benefits of using cards as effective financial tools.
Small business owners are currently facing a tough credit market as banks continue to decrease lending. Since April 2009, small business loans have decreased by a collective $11.6 billion . Meanwhile, the Federal Recovery Act, designed to boost lending by the Small Business Administration, has run out of money and more than 700 loan applications have been placed on hold.
“The economy has made it tougher for small businesses to get lines of credit, and now more than ever it’s important for businesses to find the cards that lower costs and maximize rewards and benefits,” said Peter Pham, BillShrink’s CEO. “We’ve created one of the most sophisticated decision engines to match businesses to cards by putting the customer first.”
Business owners visiting BillShrink answer a short series of questions about cash-flow needs, credit usage and reward preferences. BillShrink’s proprietary algorithms then search the marketplace for best available rates and terms, showing multiple cards that will save businesses money, as well as reward them for using the card. The recommendations provide complete pricing transparency, displaying the card’s true value over time, as well as factoring for important reward program considerations such as specific airline/hotel preferences, blackout dates, and flexibility of redemption options.
This new feature marks BillShrink’s first foray into money-saving advice specifically designed for business. BillShrink has added more than 45 of the most popular small business cards to its system in order to match businesses with cards that best meet their requirements. The company will continue being a resource for American businesses in the coming months as it expands money-saving recommendation features specifically for business needs.
For screen shots of the new BillShrink for Business feature, please visit www.billshrink.com/blog/press-kit/.
About BillShrink (www.billshrink.com )
BillShrink is the free online money-saving service designed to help people lower their bills. Every day, thousands of people come onto the site and find an average of $1500 in savings on their most common bills.
In an era when eight in 10 Americans overpay for expenses like credit cards and wireless bills, BillShrink empowers and inspires people to become savvy shoppers by simplifying all the complex pricing structures to show what true cost of ownership means for their wallets. The company has found $1 billion in savings for more than a million users.
BillShrink is a decision-oriented site that helps users discover and determine the best money-saving options. Think of BillShrink as a personal finance matchmaker. After answering a few simple questions about spending and savings behavior, BillShrink users see savings recommendations tailored to their unique needs. In order to provide individualized and unbiased recommendations, the company tracks more than 10 million cell phone plan combinations, 300 bank rates, 240 credit cards and 150,000 gas stations, to present the best money-saving options available. BillShrink then keeps the savings coming by alerting users when a better deal comes along.
BillShrink was named one of the “Best Web Sites” by Kiplinger’s and has been featured in the country’s leading news sources including The Wall Street Journal, The New York Times, Consumer Reports, Fortune, The Today Show, CNN, ABC and CBS. The company publishes the popular “Shrinkage is Good” blog, which features commentary on the latest economic news and savings tips.
The Silicon Valley-based company was founded in 2007 by Schwark Satyavolu and Samir Kothari. For more information, please visit www.BillShrink.com . Follow us on Twitter (www.twitter.com/BillShrink ) and become a BillShrink fan on Facebook (www.facebook.com/BillShrink).