eFinance, eScout Ally For MarketPlace
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Online financial B2Bs eFinance and eScout announced an alliance Thursday (Nov 9) to offer real-time, online leasing services to small and midsize businesses for their MarketPlace on the eScout network.
Palo Alto-based eFinance is an ASP that automates online credit decisions and online financing of e-commerce transactions. Missouri-based eScout is a web-based e-commerce and e-business network for independent businesses and banks.
With the alliance in play, eFinance is expected to share its Transaction Finance System (TFS) between members on the eScout MarketPlace as well as allowing eScout's regional and local bank members to offer online lending products to their business customers.
"Participating banks will experience improved risk management and fraud mitigation capabilities," says eFinance founder, Reid Rutherford. "Bank customers will benefit from access to real-time financing solutions on the web at the point-of-sale."
The partnership progresses in three stages, beginning immediately with the start of a point-of-sale leasing solution on the eScout MarketPlace. The first phase also includes the delivery of eFinance's technology to eScout's regional bank members.
The second phase allows eScout's community bank members to offer online leasing to their business customers. The third phase lets eScout community bank members to offer other online lending products.
eScout network's bank membership is about 1,219 (more than 12 percent of the nation's banks) and 5,403 independent businesses, with more than 100 new members joining each week, according to eScout sources.