[MCNetwork]

Jay, a large percentage of merchants do their banking through small regional banks and local credit unions with 1980's technology. Not everyone works with Chase and Wells Fargo. You're quite a few years away from the type of electronic paperless submissions that you envision and the ones you can get currently will be a small minority for a while.

[JayBallentine]

And lets look even closer:
1 - Business Lic? Computer can check
2 - Driver's Lic /ID? Computer can check
3 - Business Bank Statement: Computer can scrub, not to mention you can't get one without a human verifying the first 2 anyway.
4 - Credit Check: Computer
5 - Factor: Computer (can always be adjusted)
6 - Amount offered: Computer (adjustable)
7 - Landlord: human

^^^JACK FREAKING POT ^^^

Jay, a large percentage of merchants do their banking through small regional banks and local credit unions with 1980's technology. Not everyone works with Chase and Wells Fargo. You're 10-15 years away from the type of electronic paperless submissions that you envision and the ones you can get currently will be a small minority for a while.

MCN,

You are way off the mark. As of THIS MOMENT - RIGHT NOW, there are ISO's who are in beta on a private platform who are killing it.

They sit down with merchant on phone. Send merchant a secured link via e-mail, merchant completes app, banking, credit, etc. while being "counseled" through the offers that eventually will appear on the screen. What does this mean? What does that mean, etc. At the end of the process the entire stack is delivered to funder with a SIGNED CONTRACT. Funder may adjust offers, but that's handled electronically too. The funder is left to do the things on Joesph's list that only a human can do.

This is a COMPETITOR OF MINE. They're in beta. This is happening right now, no fairytale. How exactly do you propose to compete with that? You can't - you will need them to survive. So you will be using the product before the year is out because you will have no choice. You want in now - whip me a note and I'll try to plug you in.

By the way Yodlee covers 95% of banks. Small. Regional. Super regional.

[Ryan Shiroky]

^^^JACK FREAKING POT ^^^




MCN,

You are way off the mark. As of THIS MOMENT - RIGHT NOW, there are ISO's who are in beta on a private platform who are killing it.

They sit down with merchant on phone. Send merchant a secured link via e-mail, merchant completes app, banking, credit, etc. while being "counseled" through the offers that eventually will appear on the screen. What does this mean? What does that mean, etc. At the end of the process the entire stack is delivered to funder with a SIGNED CONTRACT. Funder may adjust offers, but that's handled electronically too. The funder is left to do the things on Joesph's list that only a human can do.

This is a COMPETITOR OF MINE. They're in beta. This is happening right now, no fairytale. How exactly do you propose to compete with that? You can't - you will need them to survive. So you will be using the product before the year is out because you will have no choice. You want in now - whip me a note and I'll try to plug you in.

By the way Yodlee covers 95% of banks. Small. Regional. Super regional.

and then, the landlord says "nah man, he is behind 2 months, thats what he wants the money for"... dead deal at that a-paper shop AND now you have wasted the merchants and lenders time...

[Ryan Shiroky]

and what happens when your merchant tells u to suck wind because he wants the deal he already signed for?