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The Green Sheet Online Edition

August 27, 2018 • Issue 18:08:02

New Products

Seamless, automated, one-click business funding

Product: Fundomate Integration
Company: IRIS CRM

Brooklyn, N.Y.-based IRIS CRM, a merchant services customer relationship management provider, collaborated with Fundomate, an alternative lender and fintech company, to create a one-click business funding platform. Launched in August 2018 following a successful beta trial, the platform provides merchants access to working capital while removing friction from the lending process, the companies stated.

Sam Schapiro, CEO and founder of Fundomate, said the automated platform, available to IRIS CRM and Fundomate channel partners, replaces tedious application processes while giving merchants more choice in funding products. “Over the last year we invested into our technology tremendously in order to bridge the gap between our partners’ merchants and the business capital that they need in order to grow their businesses,” he stated.

“We are excited and proud of the benefits that integrating with Fundomate will bring to our mutual clients,” added Jason Weinberger, senior vice president of sales and marketing at IRIS CRM. “An automated funding platform is a gap that we identified in the industry and the ability to offer ISOs a way for their merchants to receive funding offers without leaving IRIS CRM will be a gamechanger for our clients.”

Recurring revenue streams

Fundomate and IRIS CRM are processor-neutral companies that do not compete with payment acquirers and processors for merchant accounts, company representatives stated. ISOs that use the Fundomate and IRIS CRM integration will earn commissions on every funded deal, they added. ISOs can help merchants grow and scale their businesses by enabling them to access up to $500,000 in working capital, Weinberger noted. Because Fundomate lenders are paid through automated clearing house (ACH) only, ISOs receive continuous revenue streams throughout each lending cycle, without changing processors or applying for split funding, he said. The platform’s self-service model enables merchants to apply for funding within IRIS CRM. Applications are automatically tracked through each step of the process. ISOs can begin using these features by enrolling with Fundomate on IRIS CRM, Weinberger said.

Value-added features, reporting

A Fundomate Integration knowledge base on IRIS CRM provides relevant information and a step-by-step guide for enabling and configuring Fundomate on websites. Following are additional platform features Weinberger described:

  • Easy set-up process: Participating ISOs can set up the Fundomate integration in a few minutes directly on the IRIS CRM website.
  • Self-service model: The Fundomate Integration facilitates automated deal submissions. This enables merchants and agents to apply for Fundomate funding inside IRIS CRM. 
  • Fast approvals and commissions: Approved merchants can receive funds in as little as 24 hours. Commissions are paid when merchants are funded.
  • Flexible payback options: Merchants can choose their own weekly or daily payback schedules. Funds are collected via ACH.
  • Referral options: ISOs that are not familiar with funding processes can submit leads to Fundomate, where fully trained cash advance specialists will do the selling and follow up.
  • New lead sources: The Fundomate integration enables ISOs to capitalize on leads that formerly would not have been available.
  • Real-time reporting: Functions needed to launch an application and track its progress are built into the IRIS CRM system.
  • Live tracking: Merchants and ISOs receive live tracking of offers, deals and updates.

Partners, resellers welcome

The Fundomate Integration is the newest addition to an expanding line of services in IRIS CRM’s white-label merchant services platform. The company’s growing roster of ISOs, agents and sponsor banks use IRIS CRM to manage their sales pipelines, residual streams and merchant onboarding processes, Weinberger stated.

Fundomate has concentrated its efforts on providing merchant-facing companies with innovative technology and unprecedented service to expedite approvals and make business financing more efficient. The company specializes in select verticals, including merchant service providers and POS and CRM companies.

The companies look forward to welcoming ISO partners and their customers to the simplicity and enhanced efficiencies of the Fundomate Integration. end of article

Website: www.iriscrm.com Contact: jason@iriscrm.com

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