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Welcome back to foxnews.com live I'm Robert -- from the Fox Business Network -- -- stock market rally on Wall Street but.
Our focus here -- in 92 point advance for the Dow more.
On entrepreneur doors and we're gonna bring in the founder and CEO of cabbage his name is Robert -- line and Robert -- so much for joining us.
You're using social media.
To help launch manure is.
Get their hands on some cabbage or some cash thanks Robert for having us yeah yeah we are give us a quick I -- -- get on the background here of cabbage.
Sure what we do -- provide working capital on -- merchants the millions of folks to sell replaced like eBay and Amazon.
Vessels operate their own independent online stores.
So they come in they qualify for cash and what we let them do is -- their FaceBook and Twitter accounts to their profile we believe that.
Companies that are active.
I'm on FaceBook and Twitter and keep in touch with the customers are probably running better businesses and deserve more cash and are old are lower restaurants.
So wouldn't give them more cash.
So basically you're being you're getting paid to be more social but in a strategic way and in one of our earlier -- was talking about that.
Living your Brandon in providing consistent CNN interacting with the customer and this -- You're saying that is literally gonna pay dividends for them.
Absolutely it's gonna get them more cash 2000 fact what we found -- people who -- Twitter or FaceBook to their profile cabbage.
Pay -- back at a greater rate than folks who don't.
So we see almost 20% less delinquency.
With customers to leverage FaceBook and Twitter than those who do not.
Is that what a -- -- program work with cavity by and small business and I want to -- access loans from the cabbage.
What how does the fee structure work.
Fee structure works -- basically come and you qualify for gasoline they give you a line for 101000 dollars.
When you take cash out -- you may say I I only need 2000 dollars right now.
You can -- that money back in a month you may take six months to -- back the fees will range anywhere from 2%.
To 18% of the amount that we've advance to you.
Depending on how long you keep it out on and a bunch of other factors now what what sort of range of -- have you been making thus far sort of the low end -- -- high end.
Our minds ever run anywhere from 500 to 40000 and pretty regular basis we put out as much as a 100000.
To several customers.
And only takes seven minutes he can land on our site through through the whole process and that cash your account within seven minutes.
-- and what kind of collateral are you asking for in general.
Nothing now we don't ask for anything we now now now we're trying to be different than the traditional bank that's out there and ask.
For business owner today's that they put up his or her house.
Or basically be indebted to -- and headed to the financial services organization forever.
We believe that they should take that cash turn it into inventory turn it into more employees.
Better systems market their products and then pay us back when it makes sense for them it typically act.
How many customers are you helping on a monthly basis.
Huge number so right now we we launched a little over a year ago -- in earnest we have more than 30000 accounts.
Comment on a given given month we have more than 5000 that comment 5000 brand new accounts that are generated each month.
And that's going up every month and so we'll put out millions and millions of dollars here in June alone.
Now -- you -- from -- a number of data sources here including the likes of eBay and PayPal.
Talk to slow a bit more about how the technology -- beneath the platform works city year to literally keeping tabs on nine your clients.
We are so what we wanna do is these are folks who -- primarily selling online Citi sell on eBay -- they sell on Amazon or -- -- they operated store and all they need to do is come in.
They actually give us authorization access their account we -- -- data from that account.
We analyze that on a real time basis and we make a decision as to how much cash we're gonna give them.
The -- rates and other terms of that transaction and deliver the cash immediately make who aren't at all -- to -- this past.
And let's see I'm in you you're calling and interestingly enough I was social climbing out with what with a K I guess and a -- -- -- well right.
Absolutely that's the that's the social media -- seek it out all these accounts on and then we say hey if you have -- FaceBook account the other Twitter account.
Would you like to add that in how many fans you have on that we'll actually -- that -- automatically.
From those sources and incorporate into your account and you'll see the cash that's available to you.
Go up automatically so media 5000 dollars available in -- at FaceBook and Twitter all of a sudden you get six or 7000 dollars.
That's now available to you take down right then and using your business and what sort of delinquency and and and write off rates do you have you seen so far and -- -- going to going for about a year now but.
It's been -- remarkable so -- it's it's actually almost too low.
So we've lost you know very little money we've put out.
-- now north of 25 million dollars.
When I would tell you the loss -- it would make people shake their -- it's under 1% right now well.
-- -- great businesses and they really just need to be supported by companies like ours now -- -- -- -- -- if you've been getting finding more from from not private equity venture capital who's coming in with a cash here to back you guys.
Well we have great venture investors.
In our equity so we got -- guys like we run ventures Mohr Davidow ventures and UPS here locally -- all supported us.
Put money in the company we also have deadlines so we go out and we were at the same thing -- small business we're going out.
And we have to raise capital to to -- to our customers and we.
-- really feel that pain for them.
All right Robert front line the founder and CEO of cabbage there's a website right -- thanks much for joining us from our Atlanta bureau.
With and innovative way out for entrepreneurs to perhaps access capital check it out makes a much Robert for joining us forever.
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