Understanding a company’s growth potential or risk requires taking a look at the full picture of the business – across all of its physical locations and online revenue streams.
To provide this comprehensive view of a small business’s financial health to our customers, we are excited to introduce two new product features:
These new product features were born directly out of our customers’ needs.
In the words of Pieter Van Ispelen, VP of decision science at Divvy: “For our decision-making, it’s critical that we get the full picture of a multi-location business, including online revenue, in one view. These new capabilities will be valuable for our team.”
I’ll illustrate why this is so critical with an example: Let’s say I opened up a coffee shop called Xander’s Coffee, and it experienced such explosive growth with its superior on-tap cold brew and matcha lattes that I was able to quickly open up a second location across town.
The second location was very successful as well, though it cannibalized some sales from the first location, and I decided to apply for a loan to open a third Xander’s Coffee. If the bank looked only at revenue information from the first location, they might be hesitant to lend to me since that location was no longer growing. But if they looked at data across both locations, they would see that the business was indeed quite healthy and a strong candidate for the loan.
Finally, let’s say I started selling tons of Xander’s Coffee branded coffee beans through the company’s website. Someone financing the business would want to know this information too.
In fact, another of our customers used this very example (a coffee shop with three locations) to highlight the value of these features across multiple use cases. They explained that they would want to understand its financial performance aggregated across the three locations to both market and underwrite relevant products to serve their customers – and, specifically, that they would want to offer the shop one business credit card, not three.
For our decision-making, it’s critical that we get the full picture of a multi-location business, including online revenue, in one view. – Pieter Van Ispelen, VP of decision science at Divvy
With our new business hierarchies feature, customers can now see the relationship between a business and all of its individual locations – and an aggregated revenue figure.
The following diagram shows how the fictitious Xander’s Coffee would be represented in the Enigma dataset:
Note in the diagram that the parent business, Enigma ID B123, displays the sum of revenues from all locations and its online channel.
To receive information about a specific location (e.g. E456 in the diagram) or about the entire business (B123), you may continue to submit a business name and address, or person associated with a location of the business. What’s new: now you can query our data with a URL to retrieve comprehensive information about the associated business (B123). Since URLs are unique, we believe they make a very reliable search parameter.
With these features, we are proud to provide even more accessible and actionable insight into the card revenues of 80-90% of U.S. card-accepting businesses.
We are excited for you all to try this out for yourselves! Take a look at our API documentation for the technical details or get in touch to talk about how this data can be useful for your organization.