SALT LAKE CITY, Oct. 23, 2018 /PRNewswire/ -- Today, Nav and Clover, a subsidiary of First Data, formally announced an integrated, multi-year partnership to deliver U.S.-based Clover users access to their free business credit scores, as well as custom-tailored business financing and credit card options.
"This partnership is an industry first, and instrumental to closing the knowledge gap related to business credit and financing," said Levi King, Nav CEO and Co-Founder. "When small business owners have easier access to their data and finance options, they are more likely to succeed, making this a mutually-beneficial partnership for our companies and merchants."
The Federal Reserve Bank and other surveys consistently report around 70 percent of small business loan applicants are denied by their bank. As credit data is a primary way that banks and other financial institutions evaluate business loan applicants, the integration of business credit scores and insights directly into Clover's dashboard enables these merchants to manage this important data.
Empowering Business Owners Through Financing Options & Education
Through this first-of-its-kind enterprise partnership, more than 75,000 Clover customers can now instantly:
- View Experian Intelliscore Plus℠ v2 and Dun & Bradstreet PAYDEX® business credit scores within their POS dashboard, a recently redesigned and centralized information hub providing a complete view of a businesses' activity. Nav's auto provisioning solution instantly provides Clover customers with their credit scores each time they sign into their dashboard.
- Access more than 110 of the best financing and credit card options for every customer, including SBA and long-term loans, lines of credit, invoice financing and medical practice loans. Business owners can easily opt in to be matched to relevant options based on their credit and business data.
- Receive 24/7 business credit monitoring with alerts and comprehensive credit health reports containing inquiry details, derogatory accounts and lesser-known business insights that impact a business' ability to procure financing through a monthly paid subscription.
"Business owners face a veritable plethora of important financial decisions," stated King. "These are not activities that owners have time for or necessarily want to do. Nav is a comprehensive resource for business owners, providing personalized information, advice, and financing options."
Within the next 30 days, the Nav widget on the Clover dashboard will roll out to hundreds of thousands of Clover users in the U.S. representing over $60B in payment volume, giving instant access to free business credit scores.
"As the hub for small businesses, we're excited to partner with Nav and its innovative approach to helping small businesses solve their credit and financing needs," said John Beatty, CEO of Clover. "Nav and Clover share a passion and vision to empower our customers with the tools and expertise they need to compete and grow."
Nav is focused on providing more comprehensive business financial management solutions direct to business owners and via indirect enterprise partnerships. Through this partnership with Clover, additional financial institution collaborations, and other activities, Nav estimates nearly doubling its number of customers within the next six months.
Nav is the leading Business Financial Management app offering free access to personal and business credit reports from major consumer and commercial credit bureaus including Dun & Bradstreet, Experian and TransUnion. The Nav platform also helps small business owners make informed business credit decisions and hosts a robust marketplace with more than 110 business financing products including loans and credit cards. The marketplace uses a unique, lender-neutral approach to help business owners find the best financing options for their needs. Nav's solution is also leveraged by other business service providers to enhance their customer experience. The company has offices in Silicon Valley and Salt Lake City. More information about Nav is available at Nav.com.