Houston, TX (PRWEB) February 12, 2014
Merchants' Choice Payment Solutions (MCPS), the merchant service provider of Woodforest National Bank and a leading processing and servicing center for both ISOs and merchants alike, today announced they have partnered with OnDeck, the technology powered main street lender.
OnDeck’s technology platform will be integrated into the MCPS merchant portal to connect the company’s merchants to fast and easy growth capital. OnDeck uses its proprietary OnDeck ScoreTM, which allows MCPS merchants a vastly improved borrowing process that includes decisions in minutes and funding in as fast as 1 business day.
“As part of our core strategy to provide our sales partners and their merchants with the most effective, growth-oriented products and services, we’re delighted to announce our partnership with OnDeck,” said Todd Linden, EVP and COO of MCPS. “We truly feel that the evolving role of the successful acquirer includes connecting SMBs to partners like OnDeck, which in turn, creates a unique sales tool for the ISO and allows them the opportunity to match appropriate value-added products on a merchant-specific basis.”
“The tens of thousands of main street businesses using Merchants' Choice Payment Solutions now have transparent, instant access to capital to help grow their operations,” said Jerome Hershey, Vice President of Business Development of OnDeck. “OnDeck is dedicated to removing friction from the borrowing process. Working with Merchants' Choice Payment Solutions enables us to further extend our reach and help more small businesses thrive.”
About Merchants' Choice Payment Solutions (MCPS)
MCPS is a cutting edge processing and servicing center for both the ISO and its Merchants. Their proprietary platform technology enables larger ISOs the ability to board merchants on multiple platforms, while simultaneously allowing access to a variety of business intelligence tools. MCPS delivers card processing services to more than 50,000 merchants and 1,000 bank locations, processing over $9 billion in sales volume annually.
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 $700 million in capital to tens of thousands of businesses across 700 different industries. The company is growing at greater than 100 percent 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: http://www.ondeck.com. Follow OnDeck on Twitter @OnDeckCapital