1 00:00:00.105 --> 00:00:02.645 My name is, uh, Simon Ween, a k Shimo 2 00:00:02.645 --> 00:00:03.765 and Son know me by different names. 3 00:00:04.235 --> 00:00:06.085 Most importantly, the one that they know me 4 00:00:06.085 --> 00:00:07.365 by is the one who funds everything. 5 00:00:08.225 --> 00:00:11.485 But, um, what brings me to the event, the bank, 6 00:00:11.715 --> 00:00:12.805 I've been here, this is what my, 7 00:00:12.865 --> 00:00:16.365 my fourth time wife is over there, my fourth time here. 8 00:00:16.655 --> 00:00:19.525 Every time it's better than the rest in the last, um, 9 00:00:20.225 --> 00:00:21.805 The relationships I meet, the amount 10 00:00:21.805 --> 00:00:24.325 of business I've done from the bank, for example, 11 00:00:24.515 --> 00:00:26.245 brokers like a FN Advanced Funds 12 00:00:26.245 --> 00:00:27.645 Network, do a lot of business with them. 13 00:00:28.635 --> 00:00:30.085 They're right there, right? 14 00:00:30.305 --> 00:00:32.525 Uh, it's just, it's, I I 15 00:00:33.085 --> 00:00:35.405 honestly would not be able to Ms. Head the bank to event. 16 00:00:36.125 --> 00:00:37.125 I just wouldn't be able to. 17 00:00:38.025 --> 00:00:40.365 And we, we appreciate you. We appreciate you being here. 18 00:00:40.715 --> 00:00:42.285 Tell us A little bit about your business, 19 00:00:42.355 --> 00:00:43.605 what you guys do, and 20 00:00:43.605 --> 00:00:45.845 what separates you from other businesses that you, so 21 00:00:45.845 --> 00:00:48.525 What we do, what separates us is, I mean, no offense 22 00:00:48.525 --> 00:00:50.045 to anyone else, but you know, 23 00:00:50.245 --> 00:00:51.325 a lot of funders in the industry. 24 00:00:51.365 --> 00:00:54.565 I feel like the most crowded sector is the, the BC 25 00:00:54.625 --> 00:00:55.725 or high risk box. 26 00:00:56.385 --> 00:00:59.765 1, 4, 9, 9, uh, three months, 27 00:01:00.035 --> 00:01:01.605 four months, daily payments. 28 00:01:02.315 --> 00:01:05.325 I've never done a 1, 4, 9, 9 in my life, or 1, 4, 9 even. 29 00:01:06.185 --> 00:01:08.685 My average deals are 40 to 50 weeks. 30 00:01:08.905 --> 00:01:10.045 My bar rates are one through six. 31 00:01:10.045 --> 00:01:11.245 Oh, there are funders in my box. 32 00:01:11.265 --> 00:01:15.205 But I feel like that alone puts me in a, out of, 33 00:01:15.285 --> 00:01:16.885 let's say in, let's say a hundred percent 34 00:01:16.885 --> 00:01:18.965 of the industry moves to need about 20 to 30%. 35 00:01:19.595 --> 00:01:22.165 Another thing we do is we're very strong with early payoffs 36 00:01:22.165 --> 00:01:23.405 and very relationship driven. 37 00:01:23.585 --> 00:01:28.005 No iso reps, underwriters only with our ISOs. 38 00:01:28.005 --> 00:01:30.005 If we trust them, we'll go crazy. 39 00:01:30.175 --> 00:01:32.045 We'll, we'll go outta the box. There's no, there's no, 40 00:01:32.335 --> 00:01:34.965 we're fluid, there's no set exact things that we can't 41 00:01:34.965 --> 00:01:35.965 Break. We'll, we'll break any 42 00:01:35.965 --> 00:01:36.245 rule 43 00:01:36.265 --> 00:01:37.405 For Our relationships. 44 00:01:38.745 --> 00:01:41.725 So one thing about this business is making sure you're doing 45 00:01:41.725 --> 00:01:44.685 things right by the, by the customer, by the law. 46 00:01:44.945 --> 00:01:47.485 And how do you, as an organization, 47 00:01:47.485 --> 00:01:48.845 how do you make sure you're doing things right? 48 00:01:51.265 --> 00:01:54.765 The main thing that I, that I, the reason, I mean, 49 00:01:55.425 --> 00:01:58.805 that's another thing is for the last question as well, is I, 50 00:01:58.925 --> 00:02:00.045 I mean, I sound like every person, 51 00:02:00.145 --> 00:02:03.525 but I am, there's no amount of money you could pay me 52 00:02:04.265 --> 00:02:08.195 to do something that I would feel like would be unethical. 53 00:02:08.495 --> 00:02:12.755 Um, there's no over debiting people who know me, 54 00:02:12.815 --> 00:02:14.115 and a lot of people here know 55 00:02:14.115 --> 00:02:15.195 me, they would always back it up. 56 00:02:16.015 --> 00:02:19.075 Um, the way I operate, the way I run is about most, 57 00:02:19.985 --> 00:02:21.035 with, with ethics. 58 00:02:21.275 --> 00:02:24.275 I, I am careful. I want a relationship with my merchants. 59 00:02:24.355 --> 00:02:27.515 I want renewals. And that's the way I was raised 60 00:02:27.515 --> 00:02:31.075 with my family and just, just the way I am. 61 00:02:31.455 --> 00:02:32.715 I'm, I'm not the, I'm not a hero, 62 00:02:32.935 --> 00:02:34.275 but there's one thing that I, 63 00:02:34.465 --> 00:02:35.835 I've always care about is being honest. 64 00:02:36.655 --> 00:02:38.315 And my part, I have partners as well 65 00:02:39.335 --> 00:02:42.955 who are non MCA guys, serious guys. 66 00:02:43.205 --> 00:02:44.835 Everything is done compliant. 67 00:02:44.855 --> 00:02:47.835 So the most important thing for me is I've always wanted 68 00:02:48.015 --> 00:02:50.915 to differentiate myself as someone people could trust. 69 00:02:51.175 --> 00:02:53.985 Always. What's the state 70 00:02:53.985 --> 00:02:56.105 of the industry right now, from your perspective? 71 00:02:56.105 --> 00:02:57.905 What's it, what's it like for, for those people 72 00:02:57.905 --> 00:02:58.945 who are trying to get into it 73 00:02:59.385 --> 00:03:00.485 or they just want to know 74 00:03:00.485 --> 00:03:01.285 what it's like right now 75 00:03:01.435 --> 00:03:02.725 from your standpoint? What's it like 76 00:03:03.145 --> 00:03:04.145 For a funder? From my perspective 77 00:03:04.145 --> 00:03:06.805 is I really think the high risk box, 78 00:03:06.945 --> 00:03:10.125 the high risk, the, the, the old model of, 79 00:03:10.185 --> 00:03:12.165 of 20 day deals, 10% fees. 80 00:03:12.365 --> 00:03:13.885 I really think it's being phased out. 81 00:03:14.545 --> 00:03:16.845 Um, I don't think it's gonna last. 82 00:03:16.965 --> 00:03:19.245 I think industry's moving more towards longer terms, 83 00:03:19.245 --> 00:03:22.925 lower rates, because a lot of the stuff that people used 84 00:03:22.925 --> 00:03:25.165 to pull in the past is not, not, it's not working anymore. 85 00:03:25.475 --> 00:03:28.965 High fees, psfs, um, stacking 86 00:03:29.995 --> 00:03:31.325 that party's gonna be over soon. 87 00:03:31.345 --> 00:03:34.485 And if you wanna start, I feel like yes, your, 88 00:03:34.715 --> 00:03:36.165 your ceiling is a little lower, 89 00:03:36.225 --> 00:03:37.845 but your chance of getting in legal trouble 90 00:03:37.905 --> 00:03:40.365 and your chance of getting in, of losing all your money 91 00:03:40.915 --> 00:03:42.685 from defaults is, is, 92 00:03:42.705 --> 00:03:44.965 is lower when you focus on doing good business 93 00:03:45.065 --> 00:03:46.925 and a little less yield, 94 00:03:47.385 --> 00:03:50.205 but a lot more safety, I would advise, like, for example, 95 00:03:50.205 --> 00:03:51.885 something if people don't do, especially funders in their 96 00:03:52.285 --> 00:03:54.965 contracts, they just put in the purchase percentage, 97 00:03:55.065 --> 00:03:57.125 25% every time or 20%. 98 00:03:58.235 --> 00:04:00.405 Make sure to do your actual purchase percentages 99 00:04:00.465 --> 00:04:01.805 to the right amount of withhold, 100 00:04:01.835 --> 00:04:02.845 because these are stuff 101 00:04:02.845 --> 00:04:04.005 that's gonna come back to bite you later. 102 00:04:04.335 --> 00:04:06.525 Government is looking for that type of stuff. 103 00:04:06.745 --> 00:04:10.285 And if you run your shop, honestly, you will succeed. 104 00:04:11.705 --> 00:04:14.245 My last question for you is an event like this 105 00:04:14.705 --> 00:04:16.965 for your business, what type of value does it provide? 106 00:04:17.635 --> 00:04:22.085 Mine? Yeah. Well, one of the main tenets of my, uh, core, 107 00:04:22.585 --> 00:04:24.925 uh, the core parts of my, of 108 00:04:24.925 --> 00:04:26.765 what I'm doing is I don't fund the deal if 109 00:04:26.765 --> 00:04:27.845 I don't believe it's gonna help the business. 110 00:04:28.105 --> 00:04:30.725 If I see a guy, a, a customer client, 111 00:04:30.845 --> 00:04:32.845 a merchant is withhold, can afford it, 112 00:04:33.425 --> 00:04:37.605 but I don't see a reason as to why, why it makes sense 113 00:04:37.605 --> 00:04:39.405 for his use of funds, why he is using the money. 114 00:04:39.885 --> 00:04:44.845 I won't do it. And I, I feel the core value is, um, 115 00:04:45.945 --> 00:04:48.205 is just about really help helping them. 116 00:04:48.225 --> 00:04:49.805 Now, I don't think an MCA works for everyone, 117 00:04:49.805 --> 00:04:51.005 but there are real opportunities. 118 00:04:51.165 --> 00:04:52.365 I have somebody who needed to expand. 119 00:04:52.365 --> 00:04:53.365 He's opening a new location. 120 00:04:53.865 --> 00:04:56.805 You got a great deal on, on rent or for the, 121 00:04:56.865 --> 00:04:58.125 and a great deal on equipment. 122 00:04:58.875 --> 00:05:00.845 That person fit was very good fit 123 00:05:00.845 --> 00:05:02.125 for the rate we gave him was a second 124 00:05:02.365 --> 00:05:03.445 position, very low rate. 125 00:05:03.545 --> 00:05:05.485 It made sense. But if I can tell 126 00:05:05.485 --> 00:05:07.725 that someone's just taking money to pay off the next one 127 00:05:07.725 --> 00:05:11.245 or it's not gonna do well from the long run, I, 128 00:05:11.345 --> 00:05:12.525 I'm not interested in funding it. 129 00:05:13.445 --> 00:05:16.285 I just wanna say that, um, I've been around for a long time. 130 00:05:16.525 --> 00:05:20.365 A lot of people know me. I, I, I feel like, see they agreed, 131 00:05:20.365 --> 00:05:22.685 the, the, the God, God intervened, 132 00:05:22.755 --> 00:05:24.165 made noise to show how he agrees. 133 00:05:24.945 --> 00:05:27.725 Um, people know me. I have a very good reputation. 134 00:05:28.465 --> 00:05:30.085 Um, it's something that I've worked hard on 135 00:05:30.185 --> 00:05:33.445 and I'm gonna be, we're gonna be around for a long time. 136 00:05:33.455 --> 00:05:35.525 We're well back then. I love, I wanna work 137 00:05:35.525 --> 00:05:36.765 with brokers who I can trust. 138 00:05:37.365 --> 00:05:39.885 I know I can trust them. There's not too many psfs. 139 00:05:39.885 --> 00:05:41.725 And if they wanna do it, it's case by case basis. 140 00:05:41.725 --> 00:05:44.045 We can talk about it or stacking. 141 00:05:44.645 --> 00:05:45.805 I know that we have a good performance 142 00:05:45.805 --> 00:05:46.845 rate and we're helping people. 143 00:05:48.025 --> 00:05:50.525 Um, I, I think we're the best out there 144 00:05:50.865 --> 00:05:53.565 and we're gonna give everyone the best experience possible. 145 00:05:53.565 --> 00:05:54.565 We're gonna make sure everyone's happy. 146 00:05:54.715 --> 00:05:58.405 Relationships are all I care about, all I want. 147 00:05:59.225 --> 00:06:01.325 The only thing, a lot of times when I'm with my wife, 148 00:06:01.325 --> 00:06:02.765 she says, Shimon, can we talk? 149 00:06:03.205 --> 00:06:05.005 I say, honey, I'm crazy about you. 150 00:06:05.085 --> 00:06:06.885 I have to talk to you, but I'm too busy focusing on 151 00:06:06.885 --> 00:06:08.045 my ISO relationships right now. 152 00:06:08.065 --> 00:06:09.805 We have to focus on our, on our relationship. 153 00:06:10.145 --> 00:06:11.125 And she understands. And 154 00:06:11.125 --> 00:06:12.165 that's the relationships I want to have. 155 00:06:12.545 --> 00:06:14.085 And the ISIS who work with me know that.