Daily News: August 2, 2017

OnDeck Partners With Payment Source in Canada

Online small business lender OnDeck has launched a partnership with Payment Source, the largest retail distribution network for prepaid products in Canada. Payment Source’s Now Prepay customers will now have access to the OnDeck online small business lending platform.

Payment Source operates the Now Prepay brand and provides prepaid mobile top ups, gift cards and financial products and services to more than 15,000 retailers throughout Canada.

“We’re always looking for ways to increase the value of the business services we provide to our customers,” said George DeMarchi, president, Payment Source. “With our Now Prepay division, we’re looking to give our retail merchants the edge they need to succeed. We’re certain that OnDeck will fill a need our customers have and we’re excited to be facilitating this relationship.”

The strategic partnership between OnDeck Canada and Payment Source is a major step forward for Canadian businesses, especially those retail companies looking to fund immediate needs in a short 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 Gary Fearnall, country manager, OnDeck Canada. “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.”

OnDeck’s advanced lending technology and staunch dedication to customer service has enabled it to deliver more than $6 billion dollars in capital to over 70,000 businesses across the U.S, Canada and Australia.”

“OnDeck focuses on providing lending solutions to small businesses to help them grow their business,” said Grace Caputo, general manager, Payment Source. “Their familiarity with small businesses and their speed to market makes them an ideal partner for us.”