Ingo Powers Instant SMB Loan Payouts For Kabbage
Maybe think of it as instant Kabbage, pun intended – you know, the green stuff, as it’s known: money.
Speed may be the zeitgeist of today, a competitive advantage for businesses of all stripes and sizes. In commerce, we’ve seen accelerating speeds of information, of product launches, of new iterations of offerings to keep pace with consumer demand.
And yet none of that happens if money cannot grease the proverbial wheels. And so … in a world of instant everything, why not instant disbursements of loan proceeds that keep SMBs humming?
In an announcement Monday, Ingo Money and Kabbage said they will work together to bring real-time disbursement of commercial loan proceeds to SMBs’ corporate accounts.
Kabbage will leverage Ingo’s “push payments in a box” solution to push loan proceeds to any SMB debit card or wallet account.
Ingo has said that its Ingo Push offering is able to reach more than 4.5 billion accounts spanning credit and debit cards, online wallets such as PayPal and physical cash-out locations.
The setting is ripe for fast funds distribution, the two firms told PYMNTS. A recent Visa survey found that 70 percent of small business owners have debit cards – and of those who do not, 87 percent said they would want to get a card in order to receive real-time transfers. The movement for push-to-card activity is gaining interest and awareness, as spotlighted in a recent interview with Cecilia Frew, Visa’s head of push payments, conducted by PYMNTS’ Karen Webster.
In an interview with PYMNTS to discuss the partnership, Kathryn Petralia, president at Kabbage, stated that “at our heart really we are a payments company, since we’re constantly moving money to and from our customers as they use our service.”
She said the partnership adds an additional option for Kabbage customers, as they can choose among extant funding methods across ACH, PayPal or access to funds at the point of sale with Kabbage debit cards.
“We’ve known for a long time, ever since our first customer came onto our platform and took money via PayPal” that business owners want access to funds as soon as they can get them, Petralia noted.
“This makes it a little more transparent,” she said of the newest offering.
The companies plan on a summer launch, she said.
Read the full article on PYMNTS.com here.