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**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
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
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