CardConnect and OnDeck Join Forces to Provide 50,000 Businesses Access to Immediate Capital

King of Prussia, Pennsylvania, UNITED STATES


PHILADELPHIA, Oct. 17, 2013 (GLOBE NEWSWIRE) -- CardConnect, one of the nation's fastest-growing providers of payment processing services, today announced an alliance with OnDeck, the Main Street lender that leverages its proprietary credit platform to efficiently deliver capital to a market underserved by banks. This partnership extends immediate, pre-authorized and transparent funding to the 50,000 U.S. businesses using CardConnect to accept billions of dollars in transactions each year.

With OnDeck's technology platform integrated into CardConnect's underwriting process, CardConnect merchants have immediate access to both payment processing and small business loans. CardConnect merchants can secure fixed amounts of capital – ranging from $5,000 to $250,000 – for what is typically 50 percent less expensive than a merchant cash advance.

"Small and medium-sized businesses are continually inhibited from taking advantage of time-sensitive opportunities that require additional capital, whether it be due to the slow-moving approval process by a bank or external economic factors like a government shutdown," said Pat Shanahan, Chief Operating Officer at CardConnect. "We wanted to make sure our clients always have an avenue to secure funds quickly and fairly. There's no company doing this better than OnDeck."

"The thousands of Main Street businesses using CardConnect are now empowered with instant access to the capital they need to grow," said James Hobson, Chief Operating Officer at OnDeck. "Providing capital to small business owners is OnDeck's biggest priority, and working with CardConnect enables us to further extend our reach."

About CardConnect

CardConnect (www.cardconnect.com) is a rapidly growing payments technology company that provides everything from comprehensive ERP integrations for large corporations to card acceptance platforms and terminals for small and mid-sized businesses. The company helps more than 50,000 businesses across the U.S. accept billions of dollars in card transactions each year. CardConnect's solutions include credit, debit and pre-paid card processing, ERP integrations and PCI compliance.  Founded in 2006, CardConnect is one of the 10 largest independent sales organizations (ISOs) of First Data Merchant Services, the world's largest electronic payment processor.

About OnDeck

Launched in 2007, OnDeck uses data aggregation and electronic payment technology to evaluate the financial health of small and medium sized businesses and efficiently deliver capital to a market underserved by banks. Through the OnDeck platform, millions of small businesses can obtain affordable loans with a fraction of the time and effort that it takes through traditional channels. The company's proprietary credit models look deeper into the health of businesses, focusing on overall business performance, rather than the owner's personal credit history. The OnDeck system also provides a critically needed mechanism for financial institutions and other business service providers to efficiently reach the Main Street small business market.

OnDeck has deployed over $600 million in capital to tens of thousands of businesses across 700 different industries. The company is growing at greater than 100% annually, and was recently named to Forbes' 100 Most Promising Companies in America list and the Inc. 500/5000 for a second year in a row. The company also has earned an A+ rating with the Better Business Bureau. OnDeck is financed by some of the nation's leading venture capital firms, including Google Ventures, SAP Ventures, RRE Ventures and Institutional Venture Partners.

For more information, please visit: www.ondeck.com



        

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