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On Deck Launches New Loan Payment Method for Main Street Businesses

April 20, 2012, 06:00 AM
Filed Under: Industry News

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.

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