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.