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Johny Fernandez: The world is
also changing from technology to

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world currency. Sometimes it's
hard to keep up deBanked headed

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to Long Island, New York to chat
with Velocity CEO, Jay Avigdor.

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Jay Avigdor: My name is Jay
Avigdor. I'm the president and

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CEO here at Velocity Capital
Group and Drag N Drop

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Technologies. And what we do
here is we finance small

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businesses. And as well, we've
created a technology to

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financially transact in multiple
different sectors, not just the

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MCA space.

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Johny Fernandez: Avigdor started
velocity back in 2018. Since

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then, he's incorporated more
modern technology that's

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literally drag and drop, and a
payment mechanism that utilizes

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cryptocurrency.

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Jay Avigdor: The program that
we've created, basically, you

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drag and drop your documents,
and it automatically extracts

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the data off the application and
automatically pulls that data

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for you. And within about 10 to
15 seconds, you have a fully

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processed file, which includes a
data scrape with the online

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website and your social media.
It includes everything from

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again, the background, the court
search, etc.

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Johny Fernandez: Avigdor says
his plan is to integrate the

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program to more than two dozen
companies. One of those

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companies is a title insurance
company, the response was great.

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Jay Avigdor: Yeah the program is
fantastic. He said we want to

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integrate it across the board
across all of our offices, he

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said, we realized that because
we're using this system, we're

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going to be cutting down on 35%
of our overhead and our staff.

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So we just needed to understand
what the savings were between

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what your program is providing,
versus how much we're saving.

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Johny Fernandez: A total savings
of $2 million a month. The new

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software also includes the Oscar
program.

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Jay Avigdor: Oscar also tells us
exactly the performance rate of

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the deals that performed or the
didn't perform. So it gives us

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an insight of the past for you
know, from the from the past

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underwriting to give us insight
now for the current underwriting

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underwriting for the future.

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Johny Fernandez: A part of
making the application process

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easier is making sure getting
paid isn't a hassle. And people

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on both sides of the deal are
good to go.

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Jay Avigdor: On the flip side.
When I thought about that, I

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said, okay, the transactions are
being verified, right? You have

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smart contracts, and all these
things that are verifying the

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actual transaction. But who's
verifying the user? Right? So I

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said, if we can implement our
technology to verify the

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business and to verify the user,
and then integrate that to

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verify the transaction, you
could seamlessly transact from

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the initial, you know, drag and
drop or the initial upload or

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the initial application
automatically into the

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underwriting giving a pre
approval. Then once the approval

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is good to go, you click send
and automatically their wallets

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are connected and to confirm
eventually transactions, either

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send the money or have them send
you money etc.

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Johny Fernandez: Avigdor says
there's also the payment side of

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the transaction, something he
tried to find a solution for.

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His solution for faster
payments, cryptocurrency

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Jay Avigdor: Paying a broker in
cryptocurrency, which we put

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out, you know, with the bank,
it's not rocket science, right?

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But it's something that, you
know, if a commission can get

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paid in 30 seconds from the deal
funding, versus the guy having

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to wait or the broker having to
wait in the ISO as having to

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wait, you know, 24 to 48 hours
to get their commission, right?

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It's an edge, right? Whether
other people and other another

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funders might copy it, that's
fine. But it's not rocket

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science. It's not proprietary,
everyone can do it. It's taking

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the step forward to be not a
pioneer, but just to be the

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person to take the next step in,
you know, moving the thread and

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moving the needle into the the
efficiency of the next level of

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of underwriting, of finance, and
just assisting, you know, other

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industries in assisting them and
their technology as well.

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Johny Fernandez: Avigdor
explained how the crypto payment

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works.

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Jay Avigdor: The way I look at
it is that if you're going to

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get $2,000 in crypto, or $2,000
in cash, right? There's actually

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zero downside to it, because
what it comes down to is that

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you're getting it to your
wallet, and then you take it

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from your wallet, and then you
just cash it out to your bank.

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Right. So if that's really what
you want to do it you can cash

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it out at any point in time. Or
you can keep it in your crypto

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and you could exchange it for
other cryptos and you can play

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with it, etc. It's really up to
you.

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Johny Fernandez: And shared with
me his plans to continue to make

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life easier for industries
across the table.

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Jay Avigdor: Imagine I can go
into a car dealership, this

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where the dream came where it's
all tying together. Imagine I

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can go into a car dealership and
say I like the red one in the

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corner. Yeah. And then within
five minutes, have my background

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my credit everything else run
through my programming and then

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input my wallet information for
my crypto. Sign a smart contract

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or a crypto contract or a
contract of a blockchain that's

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comfortable towards the end user
or towards you know towards the

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dealership and once that's
signed the dealerships gotten

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their pay here's your keys, have
a nice day.

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Johny Fernandez: In Long Island
I'm Johny Fernandez with

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deBanked News.