Online lender OnDeck today announced deals with Ingo Money and Visa which will see small businesses obtain real-time funding via their debit cards, all powered by Visa Direct,
According to data provided by OnDeck, 70 per cent of small business owners say they have a debit card and 87 per cent of those who don’t say they would get one to access real-time transfers.
“Over the last decade, OnDeck has grown to be the largest online lender to small businesses by relentlessly innovating and unleashing new technologies that benefit small business owners,” OnDeck CEO Noah Breslow said.
“By partnering with Ingo Money and Visa to deliver real-time capital to our customers, we will empower small businesses in the next decade to achieve their goals with the fastest and most flexible credit solutions in the market.”
“Small business owners increasingly expect their money to operate at web speed,” Ingo Money CEO Drew Edwards said. “OnDeck is pioneering real-time money loan disbursements for small business customers, delivering an enhanced lending experience for borrowers while saving time and money over traditional check and ACH disbursements.”
“Thanks to big data and new technology, online lenders like OnDeck can underwrite a small business customer in minutes, however, it may still take days to actually get the money into the customer’s bank account,” said Cecilia Frew, Head of Visa Direct, North America.
“By adding push-to-card capabilities, the funds now reach the customer’s account in minutes, and even on weekends and holidays. Leveraging the Visa Direct platform, Ingo and OnDeck can now quickly bring innovative solutions that solve a meaningful pain point for small businesses – faster access to cash flow and liquidity.”
Ingo Money’s turnkey push payments service Ingo Push allows OnDeck customers to receive funds via a vast network of eligible debit or prepaid card accounts, including eligible Visa cards; online and mobile wallets; and a network of more than 40,000 cash-out distribution points.
OnDeck will begin offering the service early next year.