Through the partnership, Now Prepay’s customers will receive access to the OnDeck platform, which provides quick term loans and line of credits to small businesses. OnDeck said retail merchants will be able to access capital they require to fund core growth initiatives.
“We’re always looking for ways to increase the value of the business services we provide to our customers,” says George DeMarchi, president Payment Source. “With our Now Prepay division, we’re looking to give our retail merchants the edge they need to continue to succeed and grow their business. With over 10 years of industry experience, we’re certain that OnDeck will fill a need our customers have and we’re excited to be facilitating this relationship.”
Gary Fearnall, country manager at OnDeck Canada, said this partnership will allow both OnDeck Canada and Payment Source to fulfill retail companies’ funding needs in a shorter period of time.
“Small businesses have different needs, often requiring smaller amounts of money on-demand to fund critical growth inputs like hiring, technology and inventory,” said Fearnall. “We are excited to partner with Payment Source to expand the accessibility of capital to small business owners to enable them to continue to grow.”
In February, OnDeck partnered with Toronto-based Wave to streamline and automate the lending process within Wave’s platform, which provides entrepreneurs with accounting, payroll, and invoice software to run their small businesses. In April, OnDeck partnered with Montreal-based Lightspeed to allow Lightpseed’s network of retailers and restaurant owners to access OnDeck loans.
StartUp HERE Toronto is a publishing partner of Betakit and this article was originally published on their site.