NEW YORK, NY--(Marketwired - June 06, 2013) - Pearl Capital leads the direct lending industry in ISO agent satisfaction, specializing in ACH bank only merchant cash advance. Our revenue based finance solutions are the perfect alternative to traditional cash flow loans.
The past two years have seen Pearl Capital mature at a rapid rate, doubling the average amount of funding per month in just one year. At Pearl Capital, almost every consecutive month has set a new financing record thanks to the dedication and teamwork of our ISO agent partners, relationship representatives and our stellar underwriters. In 2012, we averaged roughly 4 million dollars in funded deals per month. Many would be satisfied with this, but at Pearl Capital, exponential growth is the standard and not the exception. We kicked off the New Year by funding $5.9 million in deals in the month of January. In April we funded $6.7 million and passed $7.1 million in funding for the month of May.
We have gotten these spectacular numbers on the board thanks to our incredible ISO agent partners. When they decide to partner with Pearl Capital, each ISO agent is assigned a dedicated representative who serves as their direct line to our underwriting department and personally ensures that each of their merchants gets an offer tailored to their unique situation. "We are constantly thinking of how we can improve our service and offer more tools and support to the ISO agents we work with, our goal being to approve and fund new deals as quickly as they can bring them to us," says Elie Friedman, Director of Risk Management. "We have a newsletter in the works as well as secured data tracking tools that ISO agents will access through a site portal which is being developed. The portal is now in beta testing and will roll out next quarter. Our new CTO Adam Greissman is completely rewriting our data tracking interface from the ground up and is going to set a new industry standard with this proprietary software. The end result will be massively increased productivity in our underwriting department and more information available to ISO agents whenever they want to access it." The underwriting department at Pearl Capital makes efficiency and speed their calling card and they have an outstanding track record in terms of vetting merchants, with a default rate of less than 5% and the vast majority of deals maturing into long term relationships with multiple renewals. This is due to their years of experience, our proprietary credit scoring model and static pool analysis. Pearl Capital offers diverse payments products, quick and precise residual payments and the fastest approved merchant cash advances in the industry, putting the power of our professional team at the fingertips of our ISO agent partners.
Given our unique designation as a direct lender and not a traditional bank, we are able to approve funding for merchants that traditional banks and credit unions would pass up because of bad credit or the nature of their business. We don't disqualify merchants based off of bad credit, existing loans, or lack of collateral, and we require no personal guarantees of property to be made. By refusing to fund merchants with bad credit in high risk industries, banks deny funding to those who need it most, and Pearl Capital in conjunction with the truly marvelous ISO agents who work with us is providing a lifeline for these businesses. ISO agents who have tried their best to get a funding deal for their clients and still have come up with nothing will find the answer to their most difficult funding problems with Pearl Capital. Esther Anatian, an ISO agent relationships manager at Pearl Capital, sums up the prevailing attitude, saying, "Here at Pearl Capital we work hard to ensure that our relationships with ISO agents are held to a standard that is the highest in the industry. We provide a service for the ISO agents we work with by getting their clients funding faster than our competition despite the fact that they might not get approved anywhere else. By dedicating ourselves to providing the best ISO support we increase efficiency, so they can focus on funding more deals with less hassle. This becomes a win-win situation for everyone, where Pearl funds more deals and our ISO reps can increase their profits."
Pearl Capital is in the process of expanding our workforce to better suit the needs of the 150 ISO agents and counting who have chosen to partner with us. We have completed a major renovation and now have 30 new desks ready to be filled by experienced ISO agent relationship representatives and underwriters. Asked to comment on Pearl Captial's spectacular rate of growth, CEO Abe Zeines said, "We've been growing as fast as we predicted, but we're not going to slow down now that we've passed these milestones. On the contrary, we are ready to show what we're made of and hit even higher benchmarks. Everybody in the office has been incredibly professional and the ISO's who've been working with us have been continuously impressed by how well our reps communicate with our underwriters. People are coming to us and being surprised by how efficient we are in comparison to companies they've worked with in the past. It's great to hear, but for us it's just the beginning. We're about to really change the game." This is coming from one of the lead innovators who recognized the potential of ACH payments as a way to collect payment on merchant cash advance programs. Pearl Capital welcomes ISO agents to experience the professionalism and top tier communications of our team and be a part of the story of our success.
About Pearl Capital
Pearl Capital upholds a corporate culture of excellence and accountability that has allowed it to flourish in the past few years, with ISO agent satisfaction being the driving force behind our success. Pearl Capital provides merchant cash advance solutions for ISO agents and merchants as a direct lender, filling in the cracks in the lending industry that many small business owners slip through. Our service is unique by virtue of our acceptance of bad credit and high risk applicants, as well as our swift approval and funding process. The professionalism and know-how of our ISO agent relationship managers and underwriting department allows us to get funding to each qualified applicant, even if other lending institutions have turned them away. We also excel in clarity of communication between our relationship managers, underwriting department and ISO agent partners. By partnering with Pearl Capital, ISO agents become part of an efficient team that focuses on high turnaround and crystal clear communication, allowing them to focus on building and maintain their relationships with their merchants.
Press with further questions or seeking quotes can contact media relations liaison Andrew Greissman - 347 899 4190.
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