(New York, NY) April 18, 2012 – On Deck, the technology platform that connects Main Street directly to capital, announced today at the Electronic Transactions Association (ETA) Annual Meeting and Expo in Las Vegas the launch of Split Funding, a new payment method that allows merchants to obtain a true business loan with a variable payment option.
On Deck pioneered the first fixed daily micro payment system for small business loans, and now clients seeking business funding can choose between the daily micro payments drawn from their operating business account or Split Funding, which allows merchants to pay back the loan using a variable percentage of their daily credit card sales. The Split Funding option keeps the benefits of a true business loan, while offering the flexibility of aligning loan payback with seasonal or varying sales.
“Split Funding offers yet another flexible option for our growing Main Street business customers,” said Brad Kime, president, On Deck. “In the past, people who wanted variable payments were forced to go with a more expensive cash advance product that was not a true loan and lacked the benefits of credit reporting. As On Deck continues to evolve and best meet the specific needs of our customers, we now offer Split Funding as an option for small businesses that prefer their loan payments deducted from credit card sales.”
On Deck has partnered with leading merchant processor Integrity Payment Systems to facilitate the launch of this program. Mike Ponder, CEO of Integrity says “On Deck is a leader in small business financing, and we’re excited to be servicing them as On Deck offers business owners another way to access the capital they need to grow.”
To date, On Deck has delivered over $200M to Main Street businesses nationwide. The On Deck platform is helping to solve financing issues on Main Street by using data aggregation and electronic payment technology to efficiently and accurately analyze the financial health of a business and provide them access to capital.
To learn more about On Deck, please visit http://www.ondeck.com.
About On Deck
Launched in 2007, On Deck Capital uses data aggregation and electronic payment technology to evaluate the financial health of small businesses and to efficiently deliver capital to a market underserved by traditional bank loans. Through the On Deck Capital platform, millions of small businesses can obtain affordable loans to meet their daily operating and long term goals. The company’s proprietary platform looks deeper into the health of small businesses, focusing on the overall business performance, rather than the owner’s personal credit history. The On Deck system also provides a critically needed mechanism for commercial institutions to efficiently reach and serve the historically underserved Main Street small businesses market.
On Deck Capital is financed by some of the nation’s leading venture capital firms, including SAP Ventures, Contour Venture Partners, First Round Capital, Khosla Ventures, RRE Ventures and Village Ventures.
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