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  • New Bad Merchant Database

    **Looking for Direct Funders Only **

    We have developed a new website/database called www.datamerch.com. This company is designed to help funders determine if a future client of theirs has a bad track record in the alternative loan industry. Our site is broken down into two parts. First, it allows the funder to enter in a merchant’s information if they are a bad account on the funder’s books. This can be defined as a default account, payment adjustment, fraudulent documentation, etc. We are only looking for merchants that you wouldn’t ever want to fund additional working capital to in the future.

    The second part is a searchable database that can pull up records based on federal ID number. This allows you to scrub any future clients against our database to make sure they do not have a negative history will a past competitor. This part can save a funder tens of thousands of dollars. The site is designed to allow you to add notes on an existing record or a newly created one. Each company will have a single admin log in but multiple sub users can be added. This will allow your team to access information in data entry and underwriting searches at the same time. The list of data is only accessible by federal tax ID number. The only way a record would pop up to another funder is if they have that information. There isn’t a master list of merchants that anyone can see. Records are only viewable by having the merchants FEIN. No other funder will know if you have 1 record or 10k records in the database.

    The amount of direct funders in the alternative lending space keeps growing each month but there isn’t a shared space to help each other battle fraud and/or bad accounts. We know some funders are set up with The North American Merchant Cash Association (now SBFA). That network comes with a blacklist of merchants but only limited to those members. Plus, it also charges a $3,000 monthly fee. Our site will be as a free service for a long period of time.

    Please email support@datamerch.com for more information

  • #2
    will lenders really come together to share their defaults like this? It is a novel idea indeed.

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    • #3
      We are up to 4 direct funders sharing information together. We have hundreds (not thousands yet) of records helping their underwriting teams do more research on merchants. Half our records are fraud related and the other half have a negative payment history. Please let me know if you have any questions.

      Scott Williams
      swilliams@datamerch.com

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      • #4
        Originally posted by DataMerch View Post
        We are up to 4 direct funders sharing information together. We have hundreds (not thousands yet) of records helping their underwriting teams do more research on merchants. Half our records are fraud related and the other half have a negative payment history. Please let me know if you have any questions.

        Scott Williams
        swilliams@datamerch.com
        This is very interesting. Who is behind the DataMerch? Or is this something you created on your own?

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        • #5
          Created on our own. We have been an ISO in this space since 2009 and felt the need was there for this product. Please let me know if you have any other questions.

          Scott

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