Online Alarm Quotes gets funding, 2GIG deal

The new dealer program also will buy accounts for renters and those with low credit scores
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Thursday, April 14, 2011

YONKERS, N.Y.—Online Alarm Quotes, a new dealer program based here, recently announced it has added a funding program and closed a deal with 2GIG Technologies to offer its products.

“We have partnered with a major finance firm to create a benefit that is exclusive for our members,” business co-founder Tom Fowler told Security Systems News on March 18.

“We now have an account purchase program for our dealers with no chargebacks and no guarantee,” he said. Also, Fowler said, Online Alarm Quotes stands out because “we purchase accounts for renters, plus we provide funding for D credit scores.”

In addition, Fowler said, Online Alarm Quotes completed “a major deal” with 2GIG.

Lance Dean, co-founder of 2GIG, described Online Alarm Quotes to SSN as a “kind of a dealer program that’s got a little bit of a different twist, kind of almost like a buying co-op group. Once you’re a member of it you get certain advantages … They chose 2GIG to be one of the products they wanted to offer to their dealers, and so I’m happy to work with Tom and his new venture.”

Online Alarm Quotes was in development for several years before its official launch in January, according to Fowler, who also is president and CEO of 24-7 Security, a former Brink’s dealer serving the New York metropolitan area.

Security dealers who become members get qualified leads and can take advantage of benefits such as discounts on equipment, monitoring, leasing and funding while maintaining their own business identities, according to Fowler.

Online Alarm Quotes recently added its funding program, he said. “We brokered with some financial institutions,” he said. He declined to name them or say how much funding the business has access to.

“We don’t want to discuss our sources, but we have residential and commercial funding now,” he said.

Also, he said, Online Alarm Quotes “will take a renter (account), which nobody is doing, nobody … You have to look at renters because … there’s people that rent houses for 20 and 30 years, they’re stable and in this economy, you’re crazy if you don’t look at renters. They’re a great source of income.”

In addition, Fowler said, Online Alarm Quotes will buy accounts where the customers has a credit rating of 550, a D score, which is about 100 points lower than the industry average.

“How many solid citizens had their credit beat up when the economy tanked and through no fault of their own?” Fowler said. “We’ll look at a 550 … and we will actually buy them. It is at a discounted price, but we’ll buy them.”

Online Alarm Quotes also is offering funding for residential service accounts such as CCTV and access control and for commercial fire accounts, Fowler said.