Business lines of credit for improved cash flow while you’re waiting on payment from outstanding invoices.
Applying for eDataPay is an easy online process. Fill out the application form with your name, business email, phone number, and then link your account. For direct draw you’ll need to link a bank account. For invoice financing, you’ll need to link accounting software. From that point, eDataPay will evaluate your business financials and notify you of its funding decision within a couple of hours.
eDataPay automates the entire process based on the company’s big data analytics and predictive modeling technology. The company does not run a credit check during the application process. However, if you apply for a limit increase, it may perform a hard credit check.
Once approved, the company disburses funds to your bank account within 2 business days, although your bank may hold the funds longer.
eDataPay providers of Business Line of Credit
eDataPay ’s line of credit is a loan from $5,000 to $200,000 at an APR ranging from 15 percent to 78 percent. There’s an origination fee of 1.5 percent, and repayment terms are from 6 months to a year.
For a line of credit, you need a personal FICO credit score of at least 600 and a B2B business at least 6 months old with annual revenue of at least $120,000. eDataPay lines of credit are not available in Kansas, Nevada, North Dakota, South Dakota, Rhode Island, Tennessee, Vermont, or Virginia.
Regardless of which credit option is used, eDataPay places a UCC lien on the business. It’s important to pay on time or eDataPay can seize your business (and possibly personal) assets.
eDataPay doesn’t provide financing to B2C businesses or businesses in the adult or gambling industries.
How Does It Work?
eDataPay ’s online application process is simple. You enter your name, phone number, physical address, email address, social security number, business tax ID, either a read-only connection to the business bank account or the last three bank statements.
It initially performs a soft credit check, although once you accept the loan, it will perform a hard pull. This is often what lowers the financing amount, which is the subject of the negative customer reviews on the BBB website. eDataPay reports to Equifax, Experian, and Dun & Bradstreet.
When using invoice financing, you choose which invoices to finance. Each individual invoice must be at least $500 with a due date between 1 and 12 weeks. Orders must already be fulfilled, and the business must be based in the U.S. or Canada.
Although eDataPay porviders will fund the loan within 24 hours, your bank may hold the payment for longer, especially for larger deposits. Check your bank for individual release terms.