Eric Gelb
Armonk, NY (USA)
Role(s):
VP/SVP/Dept Head
XYZ Consumer Credit Co.
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Startup
Location:
Armonk
Industry:
Finance
Year Founded:
2004
Number Employees:
10-50 people
Description:
We offer an alternative payment solution to Visa/MasterCard. Our model is to offer instantaneous credit online to consumers at the shopping cart; merchants will place our icon next to other payment options. Consumers who don’t have a credit card or don’t want to use theirs online will choose us as well as consumers who like our innovative financing programs. These include “90 days same as cash.”
Our main competitor, BillMeLater, has proven the market and handled $1 billion of charge volume in 2007.
Patent. The US PTO granted us a patent on process to verify a consumer's identity(2007). This protects our system of using information that is unique to an individual to bill online. The patent also extends to mobile commerce (m-Commerce), the next wave and we are testing our technology in this area.
Market Size & Scope
The US eCommerce market is estimated at $269 billion for 2007. This includes online sales excluding travel of $175 billion according to Forrester Research and $94 billion of travel purchases, estimated by eMarketer.
Holiday season online purchases increased 19% from $24.57 billion in 2006 to $29.17 in 2007 (November 1 through December 31), according to Internet market research firm comScore, Inc.
This growth is particularly dramatic given Deloitte & Touche’s estimate that total US retail sales increased by 4.5 to 5% from 2006 to 2007.
Trends/Exit. According to Celent, by 2010, at least 25% of online transactions will be paid with alternative payment solutions, thereby illustrating the slowing growth and possible decline of credit cards. We believe that based on this trend a major credit card company or major financial institution could provide an attractive exit path.
Please note that we are in discussion with a number of other financing partners and I have not disclosed our company's name; but will gladly do so to interested parties. Thank you.
C-Level Executive (CEO, CFO, etc.)
Gateway Financial Advisors
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Service Provider
Location:
Armonk
Description:
Write business plans and other documents to help companies market themselves and raise capital, implement M&A deals and JVs. Background includes Wharton School degree, CPA, MBA and 17 years experience with Citibank, JP Morgan and Fortress. We use the business plan writing process to help companies articulate their vision and crystallize their vision/strategy. Often we recommend multiple solutions depending on the client's challenges. We also serve as interim C-executive from time to time.
Services Provided:
- Business Planning