eProdigy Launches 3rd Party Processing Gateway, ACHBanking, Providing Payments Rails and Next Day Funds Availability To Alternative Lenders

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New York, NY — March 31, 2015

eProdigy Launches 3rd Party Processing Gateway, ACHBanking, Providing Payments Rails and Next Day Funds Availability To Alternative Lenders

Serving the Broader Alternative Finance Industry, New Payments Platform Answers a Key Industry Need

New York, NY and San Francisco, CA — eProdigy, a fintech holding company and alternative lender, announced the launch of its own Processing Gateway, ACHBanking which the company will make available to other merchant funders, as well as ISOs (Independent Service Organizations).This platform will give merchants and ISOs an easy to split platform to process ACH payments and eChecks.

Notes eProdigy CEO David Rubin, “ACHBanking fills a gaping hole in the alternative finance industry. Most processors and banks don’t understand how our business works, and are simply not equipped to manage multiple transactions or provide next day availability of funds. It can take up to a week for funds to clear, even while the processor has assumed the risk of insufficient funds. We’re the first in the industry to provide such a gateway to other funders, and we think this will help bring down the cost and risk inherent to each transaction.”

Integration of ACHBanking into 1Workforce

ACHBanking will allow real time settlements and next day availability of funds to qualified applicants, and will be integrated into eProdigy’s proprietary 1Workforce platform. ACHBanking will be offered industry wide to ISOs, as well as funders regardless of whether they use 1Workforce.

Adds Paul Miller of CapAssist, an early ACHBanking adopter, “With the ACH processing options currently available, a funder doesn’t know if a transaction is good for several days later. ACHBanking has a clear understanding of the needs of the alternative finance community, and meets them to a tee. When you’re trying to ensure next day settlement, you don’t want to learn a week later that some of those transactions were returned.”

About eProdigy

eProdigy provides a suite of services to the alternative finance industry through its proprietary online platforms. We work with funders, ISOs, syndicates and brokers to provide a comprehensive servicing tool that allows our partners to manage their deals seamlessly. eProdigy is redefining the way small and midsized businesses access working capital with technology that offers merchants a five minute decision and same day funding. Our companies include: Capital Stack, 1Workforce, ACH Capital, eProdigyACH DBA ACHBanking, eProdigy Loans, and DailyFunder.
For more information, please visit http://www.e-prodigy.com.

 

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David Rubin, CEO of Fintech Alternative Financer eProdigy to Attend 4 Industry Conferences in April: ETA, Lendit, Payments 2015 and Southeast Acquirers Association

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New York, NY — March 30, 2015

David Rubin, CEO of Fintech Alternative Financer eProdigy to Attend 4 Industry Conferences in April: ETA, Lendit, Payments 2015 and Southeast Acquirers Association

New York, NY — David Rubin, CEO of eProdigy, a fintech holding company in the alternative finance industry, is attending four industry conferences in the upcoming month:The ETA Conference – Transact 15 from March 31-April 2 in San Francisco

Mr. Rubin will be available to journalists to discuss key developments and issues currently affecting the industry, including avoiding underwriting pitfalls when machine decisions play an increasingly large role in the lending process, improving the alternative lending processing rails for more timely settlements, and for the industry as a whole, how to run a sustainable merchant cash advance business in an environment where there is an expectation of geometric growth.

TRANSACT 15 brings together all the players in the payments industry – technology, venture capital and payments providers. The event serves as an incubator for innovation and deal making, where capital invests in what’s next, growing companies build influence, global media builds brand awareness, and startups find launch success.

LendIt USA is the world’s largest annual gathering of the online lending community. The 2015 conference will host an expected 1,500 attendees with every major platform represented.

PAYMENTS 2015 will bring together thousands of stakeholders in the payments value chain, from business end-users to fintech services organizations, those who are driving and those who are adopting innovative payments solutions and practices, to share information about the most pressing industry issues and to set the future agenda.

The Southeast Acquirers’ Association (SEAA) annual seminar will focus on education about the industry and providing up-to-date information on current issues that concern agents in the electronic payments industry.

To arrange an interview with David Rubin, please contact:

Meir Kahtan Public Relations, LLC
+1 212.575.8188
mkahtan@rcn.com

About eProdigy

eProdigy provides a suite of services to the alternative finance industry through proprietary online platforms. We work with funders, ISOs, syndicates and brokers to provide comprehensive servicing tools that allow our partners to manage their deals seamlessly. eProdigy is redefining the way small and midsized businesses access working capital with technology that offers merchants a five minute decision and same day funding. Our companies include: Capital Stack, 1Workforce, ACH Capital, eProdigyACH DBA ACHBanking, eProdigy Loans, and DailyFunder.

For more information, please visit http://www.e-prodigy.com.

Continue reading “David Rubin, CEO of Fintech Alternative Financer eProdigy to Attend 4 Industry Conferences in April: ETA, Lendit, Payments 2015 and Southeast Acquirers Association”

eProdigy Brings in Tim Derstein to Head Up Business Development

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New York, NY – March 23, 2015

eProdigy Brings in Tim Derstein to Head Up Business Development

New York, NY — eProdigy, a fintech holding company with several subsidiaries in the alternative finance space, has brought Tim Derstein on board to head up the firm’s Business Development initiatives. In that role, Mr. Derstein, who joins eProdigy from Next Wave Funding, will oversee the optimization and expansion of eProdigy’s affiliate program and product offerings.

Mr. Derstein brings several years of financial services and business development experience to eProdigy, as well as knowledge of implementing best practices for working with ISOs (Independent Service Organizations) and other affiliates. Observes eProdigy CEO, David Rubin, “Tim is a stellar addition to our team. He seamlessly combines the methodical with the personable. I’m confident that he’ll raise service levels with our current partners, and then rapidly expand to a new universe of partners. He also brings to eProdigy a wide knowledge of product types. Working closely with our partners tailoring individual products to different needs, he will provide much insight and guidance on how we can expand our own offerings.”

Notes Tim Derstein, “The two biggest draws to eProdigy were first, its vision for the role technology plays in expediting advances in a risk-sensitive way; and secondly, that I’ll have the berth to create a new department from the ground up. Partner relationships are critical to scaling, so once we get those relationships right, we can get our scaling right, too. By helping make our partners successful, they will increasingly think of us, first.” Regarding the industry more broadly, he adds, “There is still a huge lack of awareness of the merchant cash advance product among businesses. Many companies that wouldn’t qualify for an SBA, do qualify for our products, so I believe there’s a huge latent and untapped market out there. If that market can use cash advances in a way that is wisely managed, then all the players in the equation – merchant, ISO and provider will gain.”

About Tim Derstein

Tim Derstein joins eProdigy from Next Wave Funding, where he served as the manager of the ISO Relations Department. Tim will serve as eProdigy’s Business Development Manager and will work to grow the company’s ISO business by adding a wide array of products and services to eProdigy’s current offerings. A graduate of Chestnut Hill College, he brings several years of financial services and business development experience to eProdigy.

About eProdigy Financial

eProdigy provides a suite of services to the alternative finance industry through proprietary online platforms. We work with funders, ISOs, syndicates and brokers to provide a comprehensive servicing tool that allows our partners to manage their deals seamlessly. eProdigy is redefining the way small and midsized businesses access working capital with technology that offers merchants a five minute decision and same day funding. Our companies include: Capital Stack, 1Workforce, ACH Capital, eProdigyACH DBA ACHBanking, eProdigy Loans, and Daily Funder.
For more information, please visit http://www.e-prodigy.com.

Continue reading “eProdigy Brings in Tim Derstein to Head Up Business Development”

Get Your Business Ready For Spring

As winter finally draws to a close, this is the perfect time of year to reflect on your business and get ready for the warmer weather. A few steps taken now can reap big benefits for your business for the rest of the year. Here are some tips to help you get your business moving as the seasons change:

Close Out Winter Inventory

Retailers in particular have had a rough winter. Severe storms in the northeast and mid west, coupled with extreme cold, kept many shoppers out of stores-leaving large amounts of inventory that still needs to be sold. Offering discounts on what remains can help you free up space and recoup some of your costs.

Update Your Contact Lists

This spring, make it a priority to organize and separate your customers and vendors into updated groups. For your customers – make sure you include information on how often they shop with you and what they’re buying. For your vendors – include response times and how often you need to work with them.

Once your contacts are organized, you can follow up with them and use the information you gather to determine who you will continue to work with, and what contacts to discard.

Update Your Website and Social Media Accounts

Spring is the perfect time to take stock of your online presence and make some positive changes across the board. If you don’t have the time to do it yourself, appoint a staff member to manage your social media accounts and create relevant posts. Remember that more and more customers are engaging with businesses on social media, so the more accessible you are, the better.

Update your website copy to reflect the current status of your business. Changes to pricing or policies, different hours, and new products are all things to keep regularly updated.

Spring Forward…Into The Cloud

Many small businesses are taking advantage of technology and going paperless – moving important files and documents into the cloud. Moving your files gives you the benefit of having everything you need in one place for future reference, and the generous sizes of cloud storage available ensure that you will have the space you need for all of your documents. This is particularly important as we move into tax season, and will streamline the process for you and your accountant.

As always, if you’re a small business owner that needs working capital to cover the expense of your spring updates, eProdigy can get you the funding you need to improve.

How will you clear the clutter this spring?

Alternative Finance Provider eProdigy Appoints Stephen Brown Chief Financial Officer

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March 17, 2015 08:00 ET

Alternative Finance Provider eProdigy Appoints Stephen Brown Chief Financial Officer

NEW YORK, NY–(Marketwired – Mar 17, 2015) – eProdigy, the fintech holding company of several subsidiaries in the alternative lending market, has named Stephen Brown as Chief Financial Officer. Mr. Brown brings several decades of experience and a track record of successfully creating growth for start-up companies in the financial and technology arena. Prior to this appointment, Mr. Brown had been serving as the company’s acting CFO.

Before joining eProdigy, one of Mr. Brown’s recent positions was CFO/Treasurer of IDT Corp, where he had worked for 15 years. By the time he left IDT, the company had an annual revenue stream of $2 billion, operating with a range of $200 and $900 million cash on its balance sheet. He also served on its Board of Directors and played an active role in the company’s Initial Public Offering. While serving as IDT’s CFO, he helped found IDT Entertainment. He served as Chairman and CEO of the subsidiary, raised over $200 million, and was actively involved in its successful sale to Liberty Media for over $450 million.

Notes eProdigy CEO, David Rubin, “We are thrilled to have someone of Steve’s caliber on board. At eProdigy, he has already helped us build a solid foundation and a secure business that closely manages its risks, and is now ready to be scaled. Now that we have the opportunity to deepen our relationship with him by bringing him on board, and we look forward to eProdigy benefitting from his vision, deep connections within the finance community, and a firm hand that will guide us though the next stages of our company’s growth.”

Mr. Brown had taken countless tech and financial start-ups through successive development stages, whether through strategic mergers, making acquisitions, raising private financing or through IPOs. He has helped companies raise money, identify growth and acquisition opportunities, create shareholder value and go public. While his everyday tasks will encompass overseeing day-to-day financial functions and further developing financial discipline and controls, his strategic role will be more about determining the next steps for eProdigy, whether to introduce new partners, raise money, either debt, equity or IPO, or create relationships with investment banks specialized in the alternative lending industry.

Notes Mr. Brown, “The alternative finance industry is a relatively new one, with a considerable growth path ahead of it, if managed right. In recognition of this, there has recently been a great deal of financial activity for companies in this space. As the industry comes of age, the key challenge eProdigy will have to manage is how to create a glide path that at once allows it a commensurate share of the industry’s overall growth, while balancing the risks that are inherent in the space.”

About eProdigy

eProdigy provides a suite of services to the alternative finance industry through a proprietary online platform. We work with funders, ISOs, syndicates and brokers to provide a comprehensive servicing tool that allows our partners to manage their deals seamlessly. eProdigy is redefining the way small and midsized businesses access working capital with technology that offers merchants a five minute decision and same day funding. Our companies include: Capital Stack, 1Workforce, ACH Capital, eProdigyACH DBA ACHBanking, eProdigy Loans, and Daily Funder.
For more information, please visit http://www.e-prodigy.com.

 

Download PressRelease.pdf