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Alternative lending is a rapidly growing industry seeing record profits every year. The key to success in the industry is making good decisions at a rapid pace. As the industry grows, so too does the number of merchants providing fraudulent records and defaulting on loans. Important information on alternative loans can slip through the cracks of traditional credit reporting tools. DataMerch bridges the gap by providing a community sourced database designed to help lenders avoid bad deals.
Searching DataMerch is very easy. Simply enter a merchant’s FEIN to see if they have been listed by another lender as a troubled account. That’s it! And by using the Salesforce integration provided by CloudMyBiz, the process is even easier, with all the data you need at the click of a button! The search is designed to protect your current files, and can help you make better decisions faster and avoid losing money on bad deals. And don’t worry, your data is secure. Other lenders using the system won’t know if you’ve listed 1 record or 1,000.
All of the data provided by DataMerch comes from trusted lenders in the alternative lending space. The system has been designed to make it easy for you to share details about merchants in the system. As you experience fraudulent or defaulted deals, simply log into the platform, provide basic information, and you’re done. Additionally, when you first sign up, you can provide DataMerch with a list of previous troubled accounts to further grow the database. In under one year, DataMerch has gathered over 4,000 records from nearly 80 funders, and the list is growing every day. The more it grows, the more powerful the resource becomes for the entire alternative lending community.
DataMerch is designed with compliance in mind. The following points from the team at DataMerch outline how they are protecting you from any compliance issues:
•They do not ask for or store personal information on merchants. They do not capture personal name, social security #’s, and/or date of birth.
•The record search is based solely on federal tax ID number
•All information on a merchant record is generally public information - FEIN, Legal Name, DBA, etc.
•Their disclosures on the website draw clear lines that they only deal with commercial entities.
•They have a Terms of Use that every member must agree to when creating their account.
You can’t beat the cost of DataMerch. Now and for the foreseeable future, DataMerch is provided as a free service to the industry, and when they do eventually implement subscription costs, I’m told they intend to keep them well below other providers in the space. In addition, CloudMyBiz has built a powerful and low-cost integration bringing all the power and data from DataMerch into Salesforce.
For more information on DataMerch and their services, please reach out to support@datamerch.com. To discuss integrating DataMerch with Salesforce and other Salesforce implementation and integration services for the alternative lending industry, please reach out to info@cloudmybiz.com.
Searching DataMerch is very easy. Simply enter a merchant’s FEIN to see if they have been listed by another lender as a troubled account. That’s it! And by using the Salesforce integration provided by CloudMyBiz, the process is even easier, with all the data you need at the click of a button! The search is designed to protect your current files, and can help you make better decisions faster and avoid losing money on bad deals. And don’t worry, your data is secure. Other lenders using the system won’t know if you’ve listed 1 record or 1,000.
All of the data provided by DataMerch comes from trusted lenders in the alternative lending space. The system has been designed to make it easy for you to share details about merchants in the system. As you experience fraudulent or defaulted deals, simply log into the platform, provide basic information, and you’re done. Additionally, when you first sign up, you can provide DataMerch with a list of previous troubled accounts to further grow the database. In under one year, DataMerch has gathered over 4,000 records from nearly 80 funders, and the list is growing every day. The more it grows, the more powerful the resource becomes for the entire alternative lending community.
DataMerch is designed with compliance in mind. The following points from the team at DataMerch outline how they are protecting you from any compliance issues:
•They do not ask for or store personal information on merchants. They do not capture personal name, social security #’s, and/or date of birth.
•The record search is based solely on federal tax ID number
•All information on a merchant record is generally public information - FEIN, Legal Name, DBA, etc.
•Their disclosures on the website draw clear lines that they only deal with commercial entities.
•They have a Terms of Use that every member must agree to when creating their account.
You can’t beat the cost of DataMerch. Now and for the foreseeable future, DataMerch is provided as a free service to the industry, and when they do eventually implement subscription costs, I’m told they intend to keep them well below other providers in the space. In addition, CloudMyBiz has built a powerful and low-cost integration bringing all the power and data from DataMerch into Salesforce.
For more information on DataMerch and their services, please reach out to support@datamerch.com. To discuss integrating DataMerch with Salesforce and other Salesforce implementation and integration services for the alternative lending industry, please reach out to info@cloudmybiz.com.
