eProdigy Integrates Square and Stripe Into Its 1Workforce Direct Funding Platform

NEW YORK, Sept. 17, 2015 — eProdigy, a FinTech holding company serving the alternative lending space, is pleased to announce that it has integrated Square and Stripe, two rapidly expanding processors, into its lending platform.
By April of 2015, eProdigy had completed the integration of Quickbooks, PayPal and Authorize.net. With the addition of Square and Stripe, eProdigy gains two valuable new data feeds that aggregate merchant account information into its system in order to rapidly assess whether to underwrite a merchant cash advance based on the applicant’s propensity to repay.

This targeted use of specific Big Data sets helps funders decide with unprecedented speed and accuracy whether a merchant advance is an appropriate financing tool for the applicant. A company’s transactions processed by either Square or Stripe, indicate the volume, frequency and dollar level of incoming payments. This in turn informs the funding decision algorithm. Given the massive migration of small merchants in all categories to Square and Stripe, eProdigy’s aggregation of their information broadens the number of data sets that can be used for underwriting decisioning.

About eProdigy

eProdigy is a FinTech holding company serving the alternative finance industry by providing products, services and a lending platform through its subsidiary companies: Capital Stack, ACHCapital, ACHBanking, eProdigy Loans, and 1Workforce. In addition to providing small businesses with cash advances and originating loans, the company makes its technology enabled financial and servicing platforms available to ISOs and other funders. Capital Stack is also the co-founder and 50% owner of DailyFunder, an online forum and publication that covers the alternative finance industry.

eProdigy CEO David Rubin notes, “Short term advances call for systems that are as dynamic as the businesses they are funding. These data sources rapidly provide a highly granular image of the applicant’s business cash flows, and they allow us to move quickly to a decision, whether “yes” or “no.” And as we broaden our ability to analyze different data sets, this in turn enables us to throw our net out to a wider range of businesses. Our ideal is a 5-minute paperless decision, and our technology’s role is to crunch more data points in an instant, than a daunting and protracted paper application ever could.”

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