Deep Search, Merchant Lawsuits, and More

The deal came into underwriting and within minutes alerts popped up. The merchant had been sued by an MCA company in 2018. An auto-decline? Perhaps. Or maybe a closer look into the court records would shed light on whatever happened there to see if the situation is manageable, that is if the records are even easily accessible to begin with and the underwriter doesn’t mind parsing through a docket full of filings.

QuickVett will spare you the trouble and cut right to the chase. That lawsuit? A dispute over $3k that happened at the tail-end of a large $100k deal. The outcome? A satisfied settlement. It’ll all be right there in its report. No manual lookup on the case required. QuickVett, which describes itself as a merchant intelligence platform, scans state and federal court records across the US. If there’s a hit involving an MCA it will use an MCA-specific AI analysis to present relevant details to an MCA underwriter. An immediate default is distinguishable from one that happened after a long lengthy relationship, for example. Maybe a conflict arising after the 7th renewal provides clarity that otherwise wouldn’t be readily obvious. Most underwriters are already familiar with NYSCEF but if the deal is not in the New York State court system, it’s not going to be found. QuickVett says they’ll find it wherever it is.

QuickVett also does creative searches on its own, such that it will discover if the merchant’s DoorDash account or e-commerce site has gone offline, for example, or if employees of the business recently updated their LinkedIn accounts to say that they no longer work there. QuickVett also pays special attention to the corporate structure and job title of the officers. For example, in an impromptu trial afforded to deBanked for test purposes, QuickVett’s deep search system discovered a sworn affidavit filed by a business owner in an old court case and compared what he said to public records and his LinkedIn profile about his role in the business. The result was that everything matched. But if it hadn’t, an underwriter might have to contend with why a business owner swore he had partners in an obscure court case but listed himself as the 100% owner on a funding application and proceed accordingly.

Overall, “QuickVett scans court records, background databases, corporate filings, social media, and the web — delivering a complete merchant intelligence dossier in under 5 minutes,” the company states. Its AI systems custom tailor the findings to an MCA-style underwriting process.