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05-22-2019, 07:29 AM #1
- Join Date
- May 2019
- Posts
- 5
All Things Credit Line - BlueVine, FundBox & Kabbage Competitors
Anyone working the Idea Financial Credit Line product? What are typical rates-terms & commission? Any other Credit Lines out there worth selling?
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05-22-2019, 08:06 AM #2
- Join Date
- Mar 2015
- Location
- Boynton Beach
- Posts
- 3,490
BuildALoanBuilder,
We offer flexible working capital solutions in the forms of factoring and asset based lines of credit. www.seacoastbf.com We are a division of Seacoast Bank.
Yes-we pay referral fees.
KHKevin Henry
VP-Business Development
Seacoast Business Funding, a division of Seacoast Bank
561-850-9346
Kevin.Henry@SeacoastBF.com
1880 N Congress Ave., Suite 404
Boynton Beach, FL 33426
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05-22-2019, 08:49 AM #3
- Join Date
- May 2019
- Posts
- 5
Thanks Kevin - It's easy finding an ABL/Factoring Shop paying 10%-15% of revenue resids....It's an endless list ... New Century, Interstate, Vertex, Porter, UC Funding, Summit, Marquette, TAB, LSQ, Crestmark...on & on. What we are talking about here is Credit Line Shops not taking A/R as collateral - paying resides. Let's make that list
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05-22-2019, 12:59 PM #4
- Join Date
- May 2016
- Location
- San Francisco & New York City
- Posts
- 75
My direct competitors are Kabbage, OnDeck (LOC), Headway, Fundbox, and Idea Financial. If there is someone else I should be thinking about, let me know
When competing for a merchant:
- I see Kabbage often
- I see OnDeck (LOC), Fundbox, & Headway infrequently
- I see Idea very rarely
Matt Estes
BlueVine
partnerinquiry@bluevine.com
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05-22-2019, 01:47 PM #5
- Join Date
- May 2019
- Posts
- 5
Thank you. You're a stand-up guy - willing to disclose who the competitors are. Bravo. Others just use this board to fish for leads.
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05-23-2019, 11:45 AM #6
- Join Date
- May 2016
- Location
- San Francisco & New York City
- Posts
- 75
My pleasure. I don't see any reason to hide our competition. The reality is:
- Kabbage doesn't work with ISOs
- OnDeck pays well-below-market commission on LOCs (although their term loan is obviously an incredible product)
- Fundbox works well for micro-deals --also, I think they've shifted their strategic focus away from pure credit and over towards their B2B "Fundbox Pay" product
- Headway: I've commented some in this thread
- Idea: I honestly don't know much about
When we're competing in the ISO channel, it tends to be either with (1) Kabbage where the merchant went direct to Kabbage and/or (2) against a term loan / MCA type product.
Matt Estes
BlueVine
partnerinquiry@bluevine.com
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05-23-2019, 12:16 PM #7
- Join Date
- Feb 2017
- Posts
- 3,431
Matt, two deals in one week we lost to PayPal. You guys offered about $75,000 with a monthly payback, 22% APR, and PayPal offered like $150,000 on a year term. LOC is mostly going to be a better product IMHO, but some clients just say, "I want as much money as possible."
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05-23-2019, 12:35 PM #8
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05-23-2019, 03:52 PM #9
- Join Date
- May 2016
- Location
- San Francisco & New York City
- Posts
- 75
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05-23-2019, 03:52 PM #10
- Join Date
- May 2016
- Location
- San Francisco & New York City
- Posts
- 75
We're never going to beat Paypal on credit line size. LOC credit line size on average in the industry is 2/3 to 1/2 the size of your average term loan / fixed-daily-loan. This is simply a structural product thing.
If the merchant is leaning towards a Paypal offer, you should send that merchant to OnDeck or Funding Circle for a term loan to compete (IMHO).
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05-23-2019, 01:03 PM #11
- Join Date
- Jan 2014
- Posts
- 1,375
almost no one can beat paypal
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05-23-2019, 03:53 PM #12
- Join Date
- May 2016
- Location
- San Francisco & New York City
- Posts
- 75
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06-04-2019, 03:09 PM #13
Be careful with Bluevine. They declined a merchant of ours. Merchant ended up getting other MCA and then bluevine funded them after 2 other MCA!!! Amazing
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06-04-2019, 06:01 PM #14
- Join Date
- Apr 2019
- Posts
- 318
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06-04-2019, 07:11 PM #15
- Join Date
- May 2016
- Location
- San Francisco & New York City
- Posts
- 75
If we decline a merchant, our standard policy is that we won't re-review a merchant for 6 months (minimum). My assumption is that's what happened in this case.
Not only that -- we would have to re-acquire that merchant via new CPC ads or a new ISO submission. That merchant would have to click on a Google or Facebook ad or be submitted by a new ISO to be re-reviewed. We don't call "aged" ISO submissions...there is a Chinese wall between ISO & Direct channels.
I see nothing wrong with the situation above.
@brokerCompany -- If you'd like to discuss the specific situation, you're welcome to email me at 'matt.estes@bluevine.com' so we can find a time to chat live. In general, I always suggest you bring up 'attribution disputes' with your designated account rep. We're the 2nd largest ISO-channel lender after OnDeck, so we have transparent processes in place to address these situations.
Matt Estes
BlueVine
partnerinquiry@bluevine.com
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06-05-2019, 11:25 AM #16
Submitted to bluevine Dec 1 2018, deal declined because of low fico. A sales rep from Bluevine reached back out to merchant and funded merchant on 4/22/19. Even after they got more advances! Maybe they submitted under a different owner name and email. So it was a stack. My rep is out of town. Yes error on our part thinking we could not submit again to bluevine and we did not stay on top of that particular deal
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06-05-2019, 12:40 PM #17
- Join Date
- May 2016
- Location
- San Francisco & New York City
- Posts
- 75
@brokerCompany - Yep, those seem like reasonable hypotheses about what happened. We do many 2nd - 4th position fundings. We'll get the next one together!
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06-05-2019, 12:46 PM #18
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06-05-2019, 02:09 PM #19
- Join Date
- May 2016
- Location
- San Francisco & New York City
- Posts
- 75
December 1st to April 22nd is 5 months. We might make an exception for a client (who asked us to make an exception and has demonstrated marked improvement) that was submitted 5 months prior instead of waiting the full 6 months. I view that as perfectly reasonable.
Or it could have been submitted under a different owner, as you hypothesized.
If you want to know what the re-acquisition 'attribution channel' was, your ISO rep can answer this for you.
Matt Estes
BlueVine
partnerinquiry@bluevine.com
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