NEW YORK, April 14, 2015 /PRNewswire/ -- eProdigy, a fintech holding company of several subsidiaries in the alternative finance industry, announced today that it has successfully integrated QuickBooks, PayPal and Authorize.Net feeds into its approval process, making way for unprecedented speed and ease of decisions and delivery of funds to small and mid-sized businesses applying for working capital.
While conventional lenders' approval processes rely heavily on credit scores to make decisions, companies like eProdigy have harnessed technology to determine a business's ability to repay an advance through its ongoing electronic transactions. A company's QuickBooks account, for example, can show incoming and outgoing funds in a business account -- income, payments, merchandise-in-stock or other assets, etc. Payment products like Authorize.Net and PayPal can help both the merchant and the funding in sending and receiving seamless payments.
eProdigy CEO David Rubin notes, "Technology can play a huge role in determining whether or not to extend credit to a given company. The most innovative systems in the industry are tapping into data sources that weren't available previously, yet provide critical insight into the creditworthiness of a given business entity. Federal data, shipping volumes, and even social media feeds; combined with feeds from QuickBooks and systems like PayPal and help us get a deeper picture to quickly make the determination between good and bad risks. The ideal is to provide a 5-minute paperless decision, and our technology's role is to rapidly crunch the data points in a way that goes beyond the stringency of a paper application."
eProdigy has been providing alternative finance products to businesses since 2010. Noted for its speedy and technologically advanced approval and delivery processes, the company can help merchants assess the best product for their needs, and get them the capital they need to grow their businesses.
eProdigy services to the alternative finance industry through proprietary online platforms. We work with funders, ISOs, syndicates and brokers to provide comprehensive tools that allow our partners to manage their deals seamlessly. eProdigy is redefining the way small and midsized businesses access working capital with technology that offers merchants a five minute decision and same day funding. Our companies include: Capital Stack, 1Workforce, ACH Capital, eProdigyACH DBA ACHBanking, eProdigy Loans, and Daily Funder.