1 00:00:00.145 --> 00:00:01.645 My name is Lorenzo Bowman. 2 00:00:02.005 --> 00:00:04.805 I happen to be one of the relationship managers at Credible 3 00:00:05.585 --> 00:00:09.765 and I'm here visiting the Broker Fair 2024 4 00:00:09.835 --> 00:00:10.925 here in New York City. 5 00:00:11.465 --> 00:00:15.645 Hoping really pretty much to find out some of the ISOs 6 00:00:15.645 --> 00:00:16.845 that I talked to on the phone 7 00:00:17.625 --> 00:00:20.845 and really just get a face to face with them 8 00:00:21.105 --> 00:00:23.405 and maybe address any questions they may have. 9 00:00:23.905 --> 00:00:28.125 Um, just chit chat, get them better familiar with credibly, 10 00:00:28.475 --> 00:00:32.525 make them understand how things are with credibly as far as 11 00:00:32.525 --> 00:00:37.285 how, how easy it is to actually get things done as far 12 00:00:37.285 --> 00:00:38.485 as funding deals go. 13 00:00:38.985 --> 00:00:42.485 But pretty much the whole focus is just really just 14 00:00:42.485 --> 00:00:46.525 to come out, meet everyone, say hi, bye, you know, 15 00:00:46.635 --> 00:00:48.205 talk about the industry overall 16 00:00:48.505 --> 00:00:50.965 and get a better understanding of it and what it is. 17 00:00:50.965 --> 00:00:52.925 That makes incredibly so unique 18 00:00:53.305 --> 00:00:57.525 and particularly we've just rolled out our online checkout 19 00:00:57.525 --> 00:00:59.765 process, which is fantastic. 20 00:00:59.985 --> 00:01:02.605 It is a true online checkout where 21 00:01:03.635 --> 00:01:05.625 there is no funding called needed. 22 00:01:06.285 --> 00:01:11.145 On top of that or offer calculator 23 00:01:11.445 --> 00:01:13.305 is rather unique in the industry. 24 00:01:13.695 --> 00:01:16.785 Typically what happens is when you're looking 25 00:01:16.805 --> 00:01:20.225 to get your deal funded, you excuse have 26 00:01:20.225 --> 00:01:21.265 to provide voided check 27 00:01:21.265 --> 00:01:24.505 and driver's license at Credible when we send you the offer. 28 00:01:25.135 --> 00:01:27.865 It's an offer calculator with multiple deals. 29 00:01:28.325 --> 00:01:30.425 As long as the deals are under a hundred thousand, 30 00:01:31.125 --> 00:01:34.905 you can actually send the actual offer out 31 00:01:35.005 --> 00:01:39.105 to your client closing the deal, sliding the calculator 32 00:01:39.105 --> 00:01:43.305 as far as your permission, as far as your old fee, 33 00:01:43.435 --> 00:01:44.865 everything is right there. 34 00:01:45.285 --> 00:01:47.665 So therefore it expedites the whole process 35 00:01:48.365 --> 00:01:52.825 and it makes critically rather unique in itself as to 36 00:01:52.825 --> 00:01:54.745 what we actually do and able to provide. 37 00:01:55.215 --> 00:01:59.105 Coupled with the fact Federal is really a data science 38 00:01:59.105 --> 00:02:03.625 driven company to provide a lot of insight into number one, 39 00:02:03.645 --> 00:02:04.985 how that particular broker 40 00:02:05.245 --> 00:02:08.385 or that ISO shop is doing, where they need to be at 41 00:02:08.765 --> 00:02:10.945 to actually stay compliant with us. 42 00:02:11.685 --> 00:02:15.465 In addition to helping their ISO shop 43 00:02:15.845 --> 00:02:17.665 and their account executives 44 00:02:17.665 --> 00:02:20.265 or funding consultants get more deals funded. 45 00:02:20.605 --> 00:02:23.025 And that's my job is to build that relationship 46 00:02:23.405 --> 00:02:26.025 and help them because we are a first position, 47 00:02:26.625 --> 00:02:29.345 a B paper lender in the industry. 48 00:02:30.885 --> 00:02:32.905 If you had to think about the biggest value 49 00:02:32.905 --> 00:02:35.905 that your company provides, what is the biggest value? 50 00:02:36.485 --> 00:02:39.945 The biggest value I think that we provide is 51 00:02:40.645 --> 00:02:43.905 our availability to our ISO partners 52 00:02:44.135 --> 00:02:46.305 because of the fact that we are always available. 53 00:02:46.925 --> 00:02:49.785 And one of the biggest things that I think 54 00:02:49.975 --> 00:02:51.785 that credibly does very well is 55 00:02:51.785 --> 00:02:52.905 because of the fact that it's a, 56 00:02:53.095 --> 00:02:55.105 it's a data science driven company. 57 00:02:55.925 --> 00:02:59.725 We could pivot when there's a crisis in the industry, so 58 00:02:59.725 --> 00:03:04.125 therefore certain business segments 59 00:03:04.315 --> 00:03:06.405 that may be impacted negative 60 00:03:06.405 --> 00:03:09.405 or positively credibly will adjust to that 61 00:03:09.665 --> 00:03:11.925 to help our ISO partners get deals done 62 00:03:12.225 --> 00:03:16.125 or explain to 'em as to why it is that we've capped 63 00:03:16.125 --> 00:03:18.205 that industry and for what reason. 64 00:03:18.665 --> 00:03:22.125 And it makes it so much better when you have that kind 65 00:03:22.125 --> 00:03:26.125 of knowledge and the availability to actually deploy that 66 00:03:26.545 --> 00:03:28.005 to your ISO partnership. 67 00:03:29.375 --> 00:03:31.265 What do you believe is the current state 68 00:03:31.365 --> 00:03:32.865 of this industry, this 69 00:03:33.065 --> 00:03:34.065 Business right now? I think the 70 00:03:34.065 --> 00:03:35.585 industry is strong overall 71 00:03:36.125 --> 00:03:38.785 and that's one of the biggest things about this industry is 72 00:03:38.785 --> 00:03:41.625 the fact that we are the next step. 73 00:03:41.625 --> 00:03:44.225 When you're talking especially about your AB paper lenders 74 00:03:44.845 --> 00:03:48.785 is the next step after your traditional bank financing. 75 00:03:48.925 --> 00:03:52.305 And where a lot of people make the mistake is that you have 76 00:03:52.305 --> 00:03:56.185 to compete with traditional bank financing. 77 00:03:56.445 --> 00:04:00.225 You don't. Traditional bank financing is one funding source 78 00:04:01.235 --> 00:04:02.365 alternative lending. 79 00:04:02.705 --> 00:04:06.205 It is another source for things like purchasing inventory, 80 00:04:06.205 --> 00:04:08.925 increasing marketing effort, buying additional equipment, 81 00:04:08.925 --> 00:04:11.645 facilitating for a small expansion, hiring new staff. 82 00:04:12.075 --> 00:04:15.405 What you are looking to do as a ISO shop 83 00:04:15.715 --> 00:04:17.565 with your partner is to find out 84 00:04:18.155 --> 00:04:19.765 what are you using the money for. 85 00:04:20.475 --> 00:04:22.285 When you understand that very concept, 86 00:04:22.945 --> 00:04:24.045 it makes it a lot easier 87 00:04:24.045 --> 00:04:26.965 because our product is simply about cost 88 00:04:26.985 --> 00:04:29.605 of capital versus the return on the investment. 89 00:04:29.945 --> 00:04:34.445 So therefore you're not carrying that debt over 3, 5, 7, 90 00:04:34.505 --> 00:04:36.685 or 10 years like a traditional bank loan 91 00:04:36.825 --> 00:04:38.925 and the items in which I mentioned you are looking 92 00:04:38.925 --> 00:04:41.685 to see a return on that in a relatively short period 93 00:04:41.685 --> 00:04:44.925 of time, six months, 18 months timeframe. 94 00:04:45.225 --> 00:04:47.765 So that's what makes this industry so unique 95 00:04:47.765 --> 00:04:50.005 and so pivotal to any business. 96 00:04:50.085 --> 00:04:52.245 I don't care if you're doing a hundred thousand 97 00:04:52.425 --> 00:04:54.445 or 5 million, you can employ 98 00:04:55.065 --> 00:04:57.885 our product into your business model to help it grow 99 00:04:58.325 --> 00:04:59.445 'cause it's short term growth. 100 00:05:00.025 --> 00:05:01.365 That's what this product is all about. 101 00:05:02.825 --> 00:05:04.285 One of my last questions for you. 102 00:05:04.825 --> 00:05:09.685 In this industry, especially in the the finance 103 00:05:10.085 --> 00:05:12.085 industry where, where money is being exchanged, 104 00:05:12.895 --> 00:05:15.125 doing things the right way is important. 105 00:05:15.345 --> 00:05:18.045 How does your company do things the right and correct way? 106 00:05:18.555 --> 00:05:22.445 Well, incredibly, we make sure the fact that all T's 107 00:05:22.665 --> 00:05:24.685 and I's are dotted and the profit. 108 00:05:25.225 --> 00:05:28.165 So therefore we ensure the fact that 109 00:05:28.675 --> 00:05:32.565 that person does qualify for that particular loan, 110 00:05:33.985 --> 00:05:35.445 not to put them in a position to 111 00:05:35.445 --> 00:05:37.205 where it hurts their daily operating margin. 112 00:05:37.705 --> 00:05:40.365 That's the key. What credibly doesn't, 113 00:05:40.685 --> 00:05:44.445 I could actually say some of your more a b paper lenders do. 114 00:05:44.715 --> 00:05:47.245 They're always looking to give them capital, 115 00:05:47.705 --> 00:05:50.165 not just capital just to say they have capital, 116 00:05:50.705 --> 00:05:52.005 but to give them the money 117 00:05:52.105 --> 00:05:55.125 to help grow their business without putting them in a 118 00:05:56.525 --> 00:05:58.725 position to where it hurts the business. 119 00:05:59.025 --> 00:06:01.325 And that's the one thing that Credibly is not going 120 00:06:01.345 --> 00:06:05.085 to ever do is to give someone too much money just 121 00:06:05.085 --> 00:06:08.005 because they're doing say $5 million, 122 00:06:08.305 --> 00:06:11.725 but yet still their bank statements don't show 123 00:06:12.035 --> 00:06:16.205 that they're able to handle say a loan of say, $500,000. 124 00:06:16.785 --> 00:06:18.565 That's what makes us rather unique. 125 00:06:18.665 --> 00:06:22.005 And some of your other a b paper lenders out there, 126 00:06:22.865 --> 00:06:24.965 how is an event like this beneficial 127 00:06:25.065 --> 00:06:26.485 to you and your organizations? 128 00:06:26.825 --> 00:06:28.685 It because it gives us more exposure. 129 00:06:29.185 --> 00:06:30.645 It gives us a better understanding 130 00:06:30.945 --> 00:06:35.365 and gives a feel for people, our ISO partners, as to 131 00:06:35.585 --> 00:06:37.445 how they're thinking, what they're thinking, 132 00:06:37.745 --> 00:06:40.645 and also let them know that we are here to support them. 133 00:06:41.225 --> 00:06:43.205 We wanna be a source of funding 134 00:06:43.905 --> 00:06:47.045 and conversation to help that business. 135 00:06:47.665 --> 00:06:49.365 Or I say that ISO Shop grow 136 00:06:49.625 --> 00:06:53.045 and places like this allow us that should get out and talk. 137 00:06:53.635 --> 00:06:56.645 Your situation that you're providing right now, the platform 138 00:06:56.645 --> 00:06:58.525 that you are providing, it helps us 139 00:06:59.915 --> 00:07:03.605 provide a better understanding as to what it is that 140 00:07:04.345 --> 00:07:07.765 we do here, along with what the other ISOs are doing 141 00:07:08.195 --> 00:07:10.885 that come out here to events like this just 142 00:07:10.985 --> 00:07:12.485 to really get a feeling. 143 00:07:12.835 --> 00:07:15.965 Just say, hello, I'm here, this is what we do 144 00:07:17.105 --> 00:07:18.365 and who are you? 145 00:07:18.865 --> 00:07:22.205 And that's what make situations like this, 146 00:07:22.305 --> 00:07:27.245 or I should say environments like this beneficial 147 00:07:27.385 --> 00:07:28.925 for everybody because it's a, 148 00:07:28.955 --> 00:07:31.565 it's a place you could just come out, say hello, 149 00:07:32.075 --> 00:07:33.085 have something to eat, 150 00:07:33.105 --> 00:07:35.885 and just general conversation that you may not get 151 00:07:35.885 --> 00:07:39.285 to do on a day-to-day basis because you're hustling 152 00:07:39.285 --> 00:07:40.765 and bustling trying to get deals done. 153 00:07:41.095 --> 00:07:42.165 These are very important.