1 00:00:02.700 --> 00:00:05.400 Technology is everywhere and it is changing the small business 2 00:00:05.400 --> 00:00:08.300 finance industry. But if you own a Funding Company 3 00:00:08.300 --> 00:00:11.300 measuring the value of Technology can be 4 00:00:11.300 --> 00:00:14.100 hard. So I'm about to speak to an executive who has 5 00:00:14.100 --> 00:00:17.400 incorporated new technology and it is taking his 6 00:00:17.400 --> 00:00:19.900 business to the next level. Let's go check it out. 7 00:00:21.600 --> 00:00:24.400 Hey you so much for joining us man. My pleasure. So go ahead 8 00:00:24.400 --> 00:00:27.200 and introduce yourself. Who are you and the business that you're 9 00:00:27.200 --> 00:00:30.800 with sure. My name is Adam Schwartz. And with the merchant Marketplace, let's 10 00:00:30.800 --> 00:00:33.300 get started. So what exactly do you guys do? What is your business 11 00:00:33.300 --> 00:00:36.900 do so we're in the merchantation advanced business. We're one 12 00:00:36.900 --> 00:00:39.800 of the Premier fund doesn't need to treat today and it's technology 13 00:00:39.800 --> 00:00:42.200 that we utilize that I feel gives us that real 14 00:00:42.200 --> 00:00:45.200 competitive advantage in the industry for sure. So let's talk 15 00:00:45.200 --> 00:00:48.600 about technology. I mean how important is it to run 16 00:00:48.600 --> 00:00:51.200 a small business a small finance company 17 00:00:51.200 --> 00:00:54.400 and technology so years ago, 18 00:00:54.400 --> 00:00:57.700 maybe it wasn't such an important thing. But today technology runs 19 00:00:57.700 --> 00:01:00.500 everything from being able to get data and information 20 00:01:00.500 --> 00:01:03.300 in seconds being able to look at a bank statement instead 21 00:01:03.300 --> 00:01:06.100 of having to go through 30 minutes and understand what's in the 22 00:01:06.100 --> 00:01:09.400 bank statement to have a piece of software that can read it for you and give you the output. 23 00:01:09.400 --> 00:01:10.900 I mean, it's amazing what you can do today. 24 00:01:11.500 --> 00:01:14.600 So what new technology have you guys Incorporated 25 00:01:14.600 --> 00:01:17.200 to help boost your business? I mean that is 26 00:01:17.200 --> 00:01:20.300 what we really want to know today. Right? So the one thing and 27 00:01:20.300 --> 00:01:23.700 we can go on a lot of different directions here. So we use technology in 28 00:01:23.700 --> 00:01:26.200 a lot of different venues straight across 29 00:01:26.200 --> 00:01:29.600 the funding process and this way we're more efficient in the process of 30 00:01:29.600 --> 00:01:32.200 collecting money and what we do. I also want to talk 31 00:01:32.200 --> 00:01:35.500 more about you know, financially, I mean how much money have 32 00:01:35.500 --> 00:01:39.200 you guys spent on on Tech, you know, 33 00:01:39.200 --> 00:01:42.100 it's hard to quantify but we've done this seven years and it's 34 00:01:42.100 --> 00:01:45.700 in the millions. Is it is it seven or eight digits? I couldn't tell you but it's 35 00:01:45.700 --> 00:01:48.600 significant. So why did you guys decide to go ahead and incorporate 36 00:01:48.600 --> 00:01:49.500 Tech in your business? 37 00:01:50.600 --> 00:01:53.700 Because Tech is not there's 38 00:01:53.700 --> 00:01:56.100 nothing more scalable right to be able to take it 39 00:01:56.100 --> 00:01:59.200 a business from here to here. Then Tech can right. We have 40 00:01:59.200 --> 00:02:02.600 the ability with tech to to see one Merchant 41 00:02:02.600 --> 00:02:05.600 or often a thousand Merchants with within us a 42 00:02:05.600 --> 00:02:08.100 very small span of time, right? So Tech allows to be able 43 00:02:08.100 --> 00:02:11.200 to expand infinitely and it takes up the human error. 44 00:02:12.300 --> 00:02:15.100 So let's talk about the ROI. I 45 00:02:15.100 --> 00:02:18.700 mean, can you measure the ROI just from your technology? And 46 00:02:18.700 --> 00:02:21.300 if so, what kind of numbers are we talking about here? 47 00:02:21.300 --> 00:02:25.800 Right. So Roi is infinite infinitely more 48 00:02:24.800 --> 00:02:27.400 measure I shouldn't say measurable, but 49 00:02:27.400 --> 00:02:30.400 it's significantly more powerful because in what 50 00:02:30.400 --> 00:02:33.400 used to take let's say a half hour to 40 minutes now takes 51 00:02:33.400 --> 00:02:36.600 30 seconds. So in regards to I 52 00:02:36.600 --> 00:02:39.500 mean Financial, I mean how much has this financially helped 53 00:02:39.500 --> 00:02:42.300 you guys get to the next level, you know, is it 54 00:02:42.300 --> 00:02:45.400 relates to the business? This allows us, right? So we start about a 55 00:02:45.400 --> 00:02:47.000 year ago where? 56 00:02:48.100 --> 00:02:52.300 Our growth trajectory at this point we're in 57 00:02:51.300 --> 00:02:54.100 line to do about three to five million dollars, you know 58 00:02:54.100 --> 00:02:57.200 in the next two to three months, right? How long would it 59 00:02:57.200 --> 00:03:00.600 take for a new company whose brand new to the industry to do that? It 60 00:03:00.600 --> 00:03:03.400 takes years it takes years and years to do that. The reason we build 61 00:03:03.400 --> 00:03:06.300 we're able to do that within one year right is because of the technology. 62 00:03:06.300 --> 00:03:09.200 It's technology that allows us to grow at that at that 63 00:03:09.200 --> 00:03:12.500 trajectory, you know people that are watching this that are scared to 64 00:03:12.500 --> 00:03:15.900 incorporate technology or that they don't 65 00:03:15.900 --> 00:03:18.500 have the money to do it. What would you say to that once you 66 00:03:18.500 --> 00:03:21.900 make that change and you start to get comfortable technology. It's life-changing. 67 00:03:21.900 --> 00:03:24.400 You don't real you don't realize initially how 68 00:03:24.400 --> 00:03:27.900 much it can impact not only your business but yourself it 69 00:03:27.900 --> 00:03:30.400 gives me time. Right what you used to take me again, 70 00:03:30.400 --> 00:03:33.200 20 minutes an hour two hours I could do in seconds. 71 00:03:33.200 --> 00:03:36.800 So so time is the most valuable commodity or 72 00:03:36.800 --> 00:03:39.700 asset if you have in life, so if you can use technology to gain 73 00:03:39.700 --> 00:03:39.900 more time, 74 00:03:41.100 --> 00:03:44.300 That that's what's all about if someone's just starting out. How much would you 75 00:03:44.300 --> 00:03:47.600 say they would need just specifically to focus 76 00:03:47.600 --> 00:03:48.300 on technology. 77 00:03:49.200 --> 00:03:52.300 Would say at least if you're funding if you're in the business funding you 78 00:03:52.300 --> 00:03:55.400 need at least half your business should be focused on technology because technology 79 00:03:55.400 --> 00:03:58.200 allows you to get the information that you need to make the best decisions. 80 00:03:59.100 --> 00:04:01.400 If you want to put a number on it, what would be that range? 81 00:04:02.300 --> 00:04:03.500 Dollar Wise, yeah 82 00:04:04.100 --> 00:04:07.600 I mean you can get platforms out there for as cheap as a thousand a 83 00:04:07.600 --> 00:04:10.600 month, right and you could kind of Modge Podge different things into one and 84 00:04:10.600 --> 00:04:13.300 you can spend upwards of 10,000 plus right building your 85 00:04:13.300 --> 00:04:16.200 own technology to make something specific to your workflow. So just 86 00:04:16.200 --> 00:04:19.500 depends on what you want. How do you not get ripped off by using 87 00:04:19.500 --> 00:04:20.200 bad technology? 88 00:04:21.500 --> 00:04:24.800 You have to know who your third party provider is ultimately 89 00:04:24.800 --> 00:04:27.300 right because who else has access to your data, right? That's the 90 00:04:27.300 --> 00:04:30.500 question that everybody has if I'm going to use a third party provider to 91 00:04:30.500 --> 00:04:34.600 either house my data or there's having 92 00:04:34.600 --> 00:04:37.300 access to the information or I'm sending them my information and they're 93 00:04:37.300 --> 00:04:40.100 sending me back a response to what I'm asking 94 00:04:40.100 --> 00:04:43.400 for, then they have access to my information. Right? So I have I have 95 00:04:43.400 --> 00:04:46.500 to do my due diligence to make sure that those third parties them giving 96 00:04:46.500 --> 00:04:49.600 access to my information or that have access to mind that they 97 00:04:49.600 --> 00:04:49.700 are. 98 00:04:50.900 --> 00:04:53.400 Upstanding companies that don't you 99 00:04:53.400 --> 00:04:56.400 know that they're not going to use data for any other purposes. Other 100 00:04:56.400 --> 00:04:58.700 than what you know what my purpose is truly are. 101 00:04:59.400 --> 00:05:01.500 How do you not be cheap in purchasing technology? 102 00:05:03.200 --> 00:05:06.300 It's again another great question. So there's only there's a balance. 103 00:05:06.300 --> 00:05:09.000 There's a trade-off, right? So ultimately you start at that point 104 00:05:09.200 --> 00:05:12.200 and then as you grow and your needs grow, that's when you start investing 105 00:05:12.200 --> 00:05:15.300 more and more into better and better Technologies. And before we wrap up 106 00:05:15.300 --> 00:05:18.900 Adam. Is there anything you want to say to people watching this about technology 107 00:05:18.900 --> 00:05:20.400 and about how it's changed your business? 108 00:05:21.500 --> 00:05:25.800 I mean this so much to say ultimately embrace it 109 00:05:25.800 --> 00:05:28.000 utilize it if it's something that, you know, 110 00:05:28.200 --> 00:05:31.300 if you're dealing with the Martian Marketplace, and you want 111 00:05:31.300 --> 00:05:34.200 technology and something we can help you with. Please reach out, and we'll absolutely give 112 00:05:34.200 --> 00:05:37.400 you access to a lot of the technology that we have to help you guys do 113 00:05:37.400 --> 00:05:40.700 your business. Awesome. Thank you so much. My pleasure. 114 00:05:40.700 --> 00:05:42.900 Thanks so much dig in. I definitely will. Thank you.