Capital Access Network is cutting the time it takes for ISOs to secure small business capital for merchant clients by digitizing traditional channels with CAN Mobile Funder.
"CAN Mobile Funder is striking that balance between what are traditional channels of distribution and our way of digitizing, creating Web access within the traditional channels of distribution," says Dan DeMeo, CEO at CAN.
Mobile Funder was announced during FinovateFall in New York City.
Mobile Funder simplifies and compresses small business financing, helping sales agents close deals faster, DeMeo says.
In fact, Sales agents can complete an application within 20 minutes, without leaving the merchants business site, he notes.
Before the Mobile Funder, it took on average of 10 days because agents and merchants provided information over the phone or faxed pictures of documents, says DeMeo.
A client filled out a prequalification application on paper which he or the agent then faxed to be processed.
The salesperson received an answer in 24 hours and then made a follow-up appointment to present the results and get a signed contract.
If the client wanted modifications, the agent had to resubmit the request and start the process over.
Now the salesperson can take a tablet to the merchant site and close the deal right there on the spot, says DeMeo.
"Im not very tech-savvy, but Ive become comfortable using a laptop and tablet in the field," says Jan Rovelli, an independent sales agent in New York. "I can see how CAN Mobile Funder will make it easier for me to close sales. Ill be able to show customers a personalized scenario built just for them in 20 minutes."
The Mobile Funder offers a flexible payment product or merchant cash advance and a loan product. The tool has a locator feature enabling agents to search merchants based on their zip codes and then auto-fill the clients applications. Also the tool enables online authorization with electronic signature.
Mobile Funder will be available in the fourth quarter of 2013 to CANs network of banks and ISOs.