As Ingo Money CEO Drew Edwards noted, a person waiting for money — whether it’s from a paycheck, an insurance disbursement or a loan — probably needs that money. The reality is that many businesses still pay out those funds using checks with multiple-day holds. The goal, according to Edwards, should be to make it as easy and efficient as possible for consumers and small businesses to get their funds.
It’s the essence behind the news that Ingo — in partnership with OnDeck and Visa — released yesterday (Oct. 23). The company announced that going forward, borrowers using OnDeck’s SMB lending marketplace will be able to collect their funds via their debit cards in real time.