$ 2.5 B
in OnDeck small business loans in 2018²
of customers surveyed found “Instant Funding” useful³
Launched “Instant Funding”
A leading lender with a common challenge
By giving them real-time¹ access and a better understanding of Visa Direct, we are unlocking the additional opportunities that arise over the weekend, at night or over a holiday.
Sam Verrill, OnDeck Director of Product Management
Challenge: Customers want faster access to credit line withdrawals
OnDeck asked more than 700 current clients to rate several potential new features and services according to the impact they’d have on their businesses. The results were clear: faster access to credit line withdrawals from their line of credit won handily. On a scale of 1 to 5, with 5 being most useful, 86% of customers surveyed ranked “Instant Funding” as a 4 or 5.³
Solution: OnDeck launches their Instant Funding feature
OnDeck took its customer feedback to heart. The lender teamed up with payment provider Ingo Money to launch an Instant Funding offering, supported by Visa Direct, making OnDeck one of the first online small business lenders in North America to do so. Through Instant Funding, OnDeck is able to send credit line withdrawals straight to customers’ business bank accounts using the debit cards already in their wallets. With Instant Funding, OnDeck’s small business customers don’t need to worry about cutoff times for processing and don’t have to wait over the weekend before funds post to their account.
With Visa Direct, OnDeck is able to deliver funds faster¹ to the loan recipient’s Visa debit card. Business owners now have better access to their lines of credit, allowing them to react to opportunities right away, no matter when they happen. OnDeck heard from one very excited small business owner who could now quickly tap her line of credit to take advantage of an inventory discount at a trade show. Compared to a competitor’s line of credit offering she sometimes used, she now prefers OnDeck’s Instant Funding’s speed and convenience.
Result: Strong engagement from happy customers
OnDeck found that customers who registered for Instant Funding were drawing on their line of credit more frequently, a good sign for both lender and client. One customer made a point to reach out to OnDeck’s product management team, excited about the impact Instant Funding had on his business, and offered a virtual high-five for the service.
OnDeck has always set itself apart by understanding – and reacting to – its customers’ needs. Through its Instant Funding offering, supported by Visa Direct, OnDeck is leading the way in online lending payment innovation by getting financing to small business customers in real time.¹