The Harmony Of Humans And Machines To Mitigate Risk
Small business financial service providers are beginning to realize the value in linking their business customers to lending services. PayPal launched its Working Capital unit in 2013, for example, while QuickBooks took to partnering with other lenders to fill in its small business financing gaps.
One of the latest to do so is small business payments processing firm JetPay. The company revealed earlier this month that it struck a partnership with small business lending platform Credibly to offer its SME customers access to loans.
According to Credibly Cofounder and Chief Revenue Officer Ryan Rosett, this trend is part of FinServ players’ recognition that they need to meet the holistic needs of small businesses.
“The last thing a credit card processor would want,” Rosett recently told PYMNTS, “is that somebody leaves their platform because they don’t offer a service,” like small business financing.