OnDeck Offers Same Day Funding to Small Business Customers
APR 8, 2019 - 7:35 am
OnDeck will offer to fund and debit customer bank accounts with Same Day ACH transfers, eliminating a decades long pain point for small business owners accustomed to the traditional ACH transfer process, which can take multiple days and lacks certainty on when the transactions will hit bank accounts.
Same Day ACH transfers from OnDeck provide qualified OnDeck Term Loan and Line of Credit customers with funds up to the National Automated Clearing House Association (NACHA) cap of $25,000 by 5:00 pm local time on the same business day the customer books or makes a draw on their line of credit if loan is booked or draw is completed by 10:30 am on a business day.
Qualified customers are also debited via the same day ACH service, providing them additional predictability in transaction clearing times and offering better clarity around day-to-day cash flow management.
“Today’s announcement marks an important step forward in how small businesses access capital online and subsequently deploy those funds on behalf of their business,” said Shaleen Prakash, vice-president of Product Management, OnDeck. “Same Day ACH transfers are a game changing option for small businesses because they provide access to needed capital by the end of the business day and offer better visibility and certainty into the timing of the transactions clearing in their bank account, which in turn leads to better cash management.”
“At OnDeck we take pride in leveraging the best technologies that exist in the ecosystem to provide a superior experience to our customers,” said Noah Breslow, OnDeck CEO. “We were the first online small business lender in North America to offer instant funding using the Visa debit network. And, with our Same Day ACH service, we have demonstrated again our commitment to relentlessly innovating on behalf of small businesses to provide our customers with faster service.”
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