- On the landlord release, some will and some will not. To date, I have only had an issue 2 times. We just had a landlord yesterday sign one for a guy getting 350k. It depends on the merchants relationship with the landlord.

- You do not have to have collateral, you added the "required", what the guideline states is less than 26k, no collateral, just personal guarantee, greater than 26k a lien on all fixed business assets. It does not state that you have to have x amount to cover x amount, and to date I have not seen one declined here.

The main hurdle will be liquid credit for most.

My suggestion is to pick up the product, change how you market and be able to open up the top of the funnel, ask some qualifying questions upfront, 20% will go to SmartBiz and the other 80% to Rapid for example. In addition, you can use Rapid as a short term bridge into the SmartBiz product, as well as, on the flip side have a product to graduate your merchants into that over time improve their credit and stop taking the DRP renewal.

One is not meant to replace the other, rather work hand in hand to allow you to have a more full range of products across the merchant need spectrum.

For example, I see SmartBiz in front of a lot of merchants that do not make it across their hurdles, sending someone like Rapid a lot of their turndown business, and then seeing a company like Rapid taking deals where the merchant will not budge off of the high cost, quick turn DRP, and they will be able to offer a place for that merchant, allowing you to get into a section of the merchant base that does not qualify for a full SBA/bank loan, but is not really a DRP merchant either. I also think that segment is bigger than the entire DRP space today and under-served.