Press Release June 5, 2014
New York, NY “ CAN Capital, Inc., the market share leader in alternative small business finance, announced today the availability of CAN Connect as part of the company’s growing suite of integrated technology offerings. CAN Capital has made significant investments in these offerings, which include Mobile Funder and CAN Capital’s proprietary end-to-end (E2E) digital platform, and collectively serve to automate and optimize the funding sign-up and servicing processes for both the partners and merchants. These investments have resulted in over 350% year-over-year growth in digital transactions.
CAN Connect is a full suite of Application Program Interfaces (APIs) that enables third-party providers, such as payment processors and providers of point of sale (POS) systems and cloud accounting software, to offer their small business customers access to working capital based on available merchant data. With CAN Connect, partners in the merchant services industry will be able to offer access to capital directly to their customers through their own existing platforms.
Web-based small business service providers have unique insight into the behavior of their customers, and there has been growing pressure in the merchant services industry to offer additional services to remain competitive, said Daniel DeMeo, Chief Executive Officer, CAN Capital. By providing a suite of standardized APIs to which online partners can connect easily, CAN Connect presents a plug and play business development opportunity that we expect will significantly increase the velocity with which CAN Capital signs up new partners and provides their merchants with access to capital. It’s an enormous value-add for both the partner and the merchant, and it can be quickly and easily integrated with nearly any existing web-based platform.
Partners and merchants using CAN Connect will benefit from CAN Capital’s advanced instant quote and application process, which can be seamlessly integrated into the partners’ existing software applications. Through CAN Connect, merchants will be able to receive a CAN Instant Quote based solely on data provided by the partner. Once the merchant elects to proceed, they are taken through a simple online application process and can obtain access to working capital without ever leaving the partner’s platform. Alternatively, partners can leverage CAN Capital’s online application interface and pass merchants through a co-branded site.
CAN Capital will roll out CAN Connect to both new and existing partners in the coming months. The company has already partnered with several merchant service providers in the beta phase. Fundera, an online marketplace that connects small business owners with the best funding providers for their businesses, will soon begin leveraging CAN Connect to provide access to funding through CAN Capital. With CAN Connect, Fundera will be able to generate a CAN Instant Quote for potential candidates prior to these customers completing a full application.
Our mission at Fundera is to help small business owners get the working capital they need at the best possible terms so that they can focus on growing their businesses, and this very much aligns with the capabilities of CAN Connect, said Jared Hecht, Co-Founder and Chief Executive Officer, Fundera. With the CAN Instant Quote feature, the process of ensuring that we are always providing small business owners with the best funding options is that much easier.
CAN Instant Quote (CAN IQ “ Provides provisional working capital options using the customer data that web-based merchant service providers already collect. The CAN Instant Quote (CAN IQ) feature enables CAN Capital and its partners to determine the funding amount and type of financial product for which a merchant may be eligible, with no action required from the merchant.
Pre-Qualification “ This is the entry point for the merchant, which provides additional self-reported or verifiable financial data for official pre-qualification.
Full Submission “ Enables the merchant to move from pre-qualification to completed application, providing clear instructions and real-time status updates along the way. The merchant is able to complete the entire submission process without leaving the third party provider’s platform.
Program/Application Status “ Provides partners with reporting on closed leads as well as detailed information about all merchant applications in process.
Intelligent Application Engine “ Links the merchant’s pre-populated application into an application and qualification workflow, which can be used by partners to collect additional customer data.
For more information on CAN Connect please visit www.cancapital.com/canconnect.
CAN Capital, Inc., established in 1998, is the pioneer and market share leader in alternative small business finance, having provided access to $4 billion in capital for tens of thousands of small businesses in a wide range of locations and different business types.
As a technology-powered financial services provider, CAN Capital uses innovative and proprietary risk models combined with daily performance data to evaluate business performance and facilitate access to capital for entrepreneurs in a fast and efficient way. Its business evaluation model allows it to help small businesses qualify for more money than they could obtain elsewhere.
CAN Capital makes capital available to businesses through its subsidiaries: Merchant Cash Advances by CAN Capital Merchant Services, Inc., and business loans through CAN Capital Asset Servicing, Inc. (CCAS). All business loans obtained through CCAS are made by WebBank, a Utah-chartered Industrial Bank, member FDIC.
Cristina Martinez, Josette Robinson
(212) 279-3115 x215; x212