00:02.100 --> 00:04.650 Sean Murray: Okay, welcome back. It's Sean Murray here again at 00:04.650 --> 00:07.710 deBanked TV at the SCAA show. I'm here today with Andrew 00:07.710 --> 00:11.070 Altschuler from GRP Funding. Andrew, thanks for being here. 00:11.100 --> 00:13.290 Andrew Altschuler: Oh, it's my pleasure. You know, it's it's a 00:13.290 --> 00:16.740 great honor to be on the deBanked live. And thanks for 00:16.740 --> 00:17.880 bringing your people down in 00:17.880 --> 00:18.210 Sean Murray: Sure. 00:18.330 --> 00:20.430 Andrew Altschuler: Yeah it's a great, great time a great show. 00:20.640 --> 00:22.410 Sean Murray: So you're part of SCAA? 00:22.410 --> 00:22.950 Andrew Altschuler: Yes. 00:23.310 --> 00:25.170 Sean Murray: And you're part of the funding industry. 00:25.170 --> 00:25.620 Andrew Altschuler: Correct. 00:25.650 --> 00:27.120 Sean Murray: So what's your background in the funny 00:27.120 --> 00:28.560 industry? You've been in it for a while, right? 00:28.590 --> 00:30.120 Andrew Altschuler: Correct. So I started in the merchant 00:30.120 --> 00:35.280 processing industry in 2002. And then late 2008, we were 00:35.280 --> 00:39.660 introduced to a gentleman named Jim D'Alessandro at Advance Me, 00:39.690 --> 00:42.870 and my colleague and I David Folden at the time, we said, 00:42.900 --> 00:47.640 wow, so we can get the merchant account and the merchant cash 00:47.640 --> 00:50.400 advance with all of this commission at the same time, and 00:50.400 --> 00:53.850 we said let's do both. So that's kind of how the company evolved. 00:54.000 --> 00:57.030 And that's how we got into the merchant cash advance business. 00:57.060 --> 00:58.920 But I've always had a love for the merchant processing 00:58.920 --> 01:02.280 business. And hence why I've stayed close to it and work as 01:02.340 --> 01:05.610 on the advisory committee with the Southeast Acquirers. So I 01:05.610 --> 01:07.890 love both industries, my bread and butter is you know the 01:07.890 --> 01:10.560 merchant cash advance, and that's my, you know, my core 01:10.560 --> 01:13.020 competency, but I've always loved the merchant processing 01:13.020 --> 01:15.990 business. So and I love to help them out and come down and you 01:15.990 --> 01:18.930 know, just just network and be part of this this space. 01:18.960 --> 01:20.130 Sean Murray: Did you say 2002? 01:20.580 --> 01:22.110 Andrew Altschuler: 2002, we started with a merchant 01:22.110 --> 01:27.900 processing business. And then in 2000, I want to say like 2005, 01:27.930 --> 01:30.990 2006, Advance Me was the gold standard in the space. And as 01:31.020 --> 01:33.450 Jim D'Alessandro, as I mentioned, you know, introduced 01:33.450 --> 01:36.780 us to it, and at the time, you well remember from your 01:36.810 --> 01:39.330 background, the only way you could take a merchant cash 01:39.330 --> 01:42.030 advance was you had to switch your merchant processing and 01:42.030 --> 01:45.330 split the batch. And the company at the time that we worked with 01:45.360 --> 01:48.360 was Cornerstone. And they were splitting the batch. So we got 01:48.360 --> 01:52.500 introduced to Advance Me and we said, wow, we can get this cash 01:52.500 --> 01:54.810 advance for a really nice commission, and we get the 01:54.810 --> 01:58.710 merchant account as a byproduct. You know, the lights went off, 01:58.710 --> 02:03.120 and we excuse me, the light bulb went off, rather, and we were 02:03.120 --> 02:03.540 all in. 02:03.960 --> 02:06.030 Wow, you've really seen the progression? 02:06.060 --> 02:06.270 Yes. 02:06.270 --> 02:08.160 Sean Murray: From like the very beginning, you started literally 02:08.160 --> 02:11.520 in the payment side and watched the funding part, get added on 02:11.520 --> 02:12.090 top of it. 02:12.090 --> 02:12.480 Andrew Altschuler: Correct. 02:12.480 --> 02:14.370 Sean Murray: And then evolve and now, do you feel like it ever 02:14.370 --> 02:16.860 split away from each other or are they still like, 02:16.860 --> 02:17.970 interconnected, in your opinion? 02:18.000 --> 02:20.220 Andrew Altschuler: They have split away, as we know now, 02:20.940 --> 02:26.070 probably like in the late 2008, 2010 timeline. Some really smart 02:26.070 --> 02:28.650 people in the space said we don't need to just base it on 02:28.650 --> 02:31.740 only their merchant processing volume, we can base it on their 02:31.770 --> 02:34.530 overall gross volume. So it wasn't necessarily just having 02:34.530 --> 02:38.370 to split the batch, we give the loan based on their gross sales, 02:38.400 --> 02:41.910 right? And we take an ACH of a fixed amount out of their 02:41.910 --> 02:45.690 account each night, and boom. And from that moment on, the 02:45.690 --> 02:49.140 industry just went gangbusters. It was probably 10x. In the 02:49.140 --> 02:51.720 numbers. It's probably even way more. 02:51.750 --> 02:52.050 Sean Murray: Yeah. 02:52.050 --> 02:53.310 Andrew Altschuler: Because now you had all these businesses 02:53.310 --> 02:56.430 that didn't even take credit cards that you can lend to. And 02:56.430 --> 02:58.800 that's when you know the light bulb went off with David and I 02:58.800 --> 03:02.310 again and said, okay, now now we can go all in, we kind of just 03:02.310 --> 03:04.830 put the merchant processing business on the side and said, 03:04.830 --> 03:07.620 let's go all in with merchant cash advance. 03:07.650 --> 03:08.130 Sean Murray: Sure. 03:08.250 --> 03:08.730 Andrew Altschuler: Yeah. 03:09.030 --> 03:10.830 Sean Murray: When did you come to GRP? When did you start 03:10.830 --> 03:11.100 there? 03:11.430 --> 03:13.560 Andrew Altschuler: So GRP, again, we were with we had 03:13.560 --> 03:16.890 Capify, a merchant for many, many years. We're international, 03:17.460 --> 03:23.190 in the UK and Australia. And then late 2016, 17, we sold that 03:23.190 --> 03:27.930 US business to Capitas. And then a few years went by and I got 03:27.930 --> 03:30.510 recruited by GRP Funding. They've been in the business 03:30.510 --> 03:33.510 just as long as us out of Springfield, Massachusetts, and 03:33.510 --> 03:36.450 I started with them in late 19. And I said, come on, guys, let's 03:36.450 --> 03:41.160 go get it in the a minus b plus space. So I've been with them 03:41.160 --> 03:44.820 since late 2019, which is kind of a unique time. 03:44.850 --> 03:45.060 Sean Murray: Yeah. 03:45.060 --> 03:46.290 Andrew Altschuler: Cause we started getting our bearings 03:46.290 --> 03:50.310 together. And then boom, boom, the world fell apart in March of 03:50.310 --> 03:53.880 2020. And we, you know, we were real cautious, and we took some 03:53.880 --> 03:57.930 breaks in funding, but now that it seems to be, you know, kind 03:57.930 --> 04:01.020 of dissipating, we're just going like gangbusters again. 04:01.260 --> 04:06.390 Sean Murray: Okay, so, so GRP most people are familiar if 04:06.390 --> 04:08.160 they've been into the business for a long time. 04:08.160 --> 04:09.690 Andrew Altschuler: Yes, they are name brand. 04:09.720 --> 04:11.520 Sean Murray: They are name brand. Yeah, I've known them 04:11.520 --> 04:14.670 since they started pretty much they're like a stalwart of the 04:14.670 --> 04:15.030 industry. 04:15.030 --> 04:15.810 Andrew Altschuler: Yes. Right. 04:15.840 --> 04:18.540 Sean Murray: And if I understand it correctly, you guys are ISO 04:18.540 --> 04:19.530 only broker only. 04:19.530 --> 04:19.709 Andrew Altschuler: Correct. 04:19.709 --> 04:20.759 Sean Murray: Is that right, okay. 04:20.940 --> 04:22.620 Andrew Altschuler: At this point, we don't have our own 04:22.620 --> 04:26.040 direct in house sales group, which a lot of the ISOs like, 04:26.070 --> 04:29.100 right cause you're not competing against yourself. Right. A deal 04:29.100 --> 04:32.280 comes in as an ISO you send it in to us. Yeah from time to 04:32.280 --> 04:34.770 time, you may be competing with another ISO, but you know you're 04:34.770 --> 04:37.050 not competing with somebody sitting in our office in 04:37.050 --> 04:40.530 Springfield, Mass, who may see that deal that an ISO is 04:40.530 --> 04:44.850 competing on, it's just your deal as the ISO and we're gonna 04:44.850 --> 04:48.720 put out an offer fast. And our operations department is quick 04:48.720 --> 04:52.470 and smooth. And that's the model. It's pretty cool. 04:52.560 --> 04:54.570 Sean Murray: Yeah. What have ISOs has been telling you? I 04:54.570 --> 04:56.730 mean, you started you said late 2019. 04:56.760 --> 04:57.060 Andrew Altschuler: Right. 04:57.090 --> 04:58.800 Sean Murray: Right. So you come on board. 04:59.820 --> 05:02.610 Andrew Altschuler: March March. What was it March 17? March 18. 05:03.120 --> 05:03.930 Right the whole world. 05:04.380 --> 05:06.660 Sean Murray: Whole world ended so were you in communication 05:06.660 --> 05:08.220 with like, ISOs during that time? 05:08.250 --> 05:10.800 Andrew Altschuler: Yeah, a lot ISOs. And you know this well, 05:10.860 --> 05:13.290 you know, that a lot ISOs started doing different things, 05:13.290 --> 05:15.810 right. A lot of them are getting into the PPP business, they were 05:15.930 --> 05:20.910 starting to sell the well, I'm sorry, they were selling the PPE 05:20.910 --> 05:21.780 business. Right, right. 05:21.780 --> 05:23.070 Sean Murray: Yeah. They were selling the mask. 05:23.070 --> 05:24.300 Andrew Altschuler: And I don't want to sell the . I don't want 05:24.300 --> 05:27.690 to screw up my PP, PPE, personal protective equipment, they were 05:27.690 --> 05:30.330 selling masks, and then a lot of them started getting into the 05:30.330 --> 05:33.270 PPP business and selling the government, you know, the 05:33.270 --> 05:35.580 bailout stuff. So a lot of those guys were doing that for a 05:35.580 --> 05:38.430 while. And I spoke to somebody recently at the show here, and 05:38.430 --> 05:41.430 they said, the PPP stuff, kept the lights on, right, it kept 05:41.430 --> 05:43.680 the lights on, but they weren't gonna make a lot of money 05:43.680 --> 05:46.770 because the commission's that they made on that stuff was low. 05:46.830 --> 05:48.990 So there's a bunch of those guys were doing that for a while. And 05:48.990 --> 05:51.360 they some guys were still funding and they kind of just, 05:51.390 --> 05:54.840 you know, stayed alive. And now it's just going like gangbusters 05:54.840 --> 05:56.460 because the app. 05:57.000 --> 05:58.080 Sean Murray: Like what does like, what does that mean? Like 05:58.080 --> 05:59.550 what's gangbusters now? 05:59.730 --> 06:02.160 Andrew Altschuler: Okay, gangbusters is our applications 06:02.160 --> 06:05.820 have doubled. You know, so far this year, our funding is 06:05.820 --> 06:07.500 doubled, you know, and even. 06:07.500 --> 06:10.170 Sean Murray: Funding doubled since the pandemic period or? 06:10.530 --> 06:14.040 Andrew Altschuler: The funding doubled really, since, that's a 06:14.040 --> 06:16.200 good, that's a good question on the timeline. So the funding 06:16.200 --> 06:19.620 really doubled as this year started, you know, it's just 06:19.620 --> 06:22.530 been getting higher and higher every month, as you know, like 06:22.530 --> 06:25.890 Texas loosens their guidelines, right. And Mississippi looses 06:25.890 --> 06:27.930 their guidelines. And Florida has always been a little looser. 06:27.930 --> 06:28.920 So some of those states. 06:28.950 --> 06:30.720 Sean Murray: If you can't, you can't tell it's pretty. 06:31.620 --> 06:33.660 Andrew Altschuler: It's pretty loose down here we get to do 06:33.660 --> 06:35.880 some of this stuff. Which is cool. 06:35.910 --> 06:36.240 Sean Murray: Yeah. 06:36.540 --> 06:38.220 Andrew Altschuler: Right. So those states started to come 06:38.220 --> 06:41.160 back. And it's been losing this year, I think, really, in this 06:41.160 --> 06:44.310 year, it's loosening. So when I say gangbusters, we're able to 06:44.340 --> 06:46.140 we get that many more applications that many more 06:46.140 --> 06:48.780 offers that that many made that much more funding. 06:48.780 --> 06:49.050 Sean Murray: Yeah. 06:49.080 --> 06:50.790 Andrew Altschuler: So it seems to become and some of it was the 06:50.790 --> 06:53.880 essential businesses at first. And now it's getting to be you 06:53.880 --> 06:57.270 know, everybody and the PPP money is running out, a lot of 06:57.270 --> 07:00.570 these guys there's no more applications. My contacts at TD 07:00.570 --> 07:03.420 Bank specifically said there's no more funding going out. So 07:03.420 --> 07:06.510 now all these business owners, they're like, well, all the free 07:06.510 --> 07:09.300 money is gone. And like the plating money, a lot of it now 07:09.300 --> 07:12.060 like, okay, I need real money to out from my location to do my 07:12.060 --> 07:15.150 parking lot. Whatever they're trying to do with the money they 07:15.150 --> 07:18.180 gotta. They need the money to really sink back into their 07:18.180 --> 07:21.540 business, not just to stay alive, or have fun with now they 07:21.540 --> 07:22.560 gotta get serious. 07:22.590 --> 07:24.480 Sean Murray: Yeah. So I mean, what do you think happens now 07:24.480 --> 07:26.970 you say you've doubled or, you know, it's progressing upward? 07:27.000 --> 07:27.360 Andrew Altschuler: Yeah. 07:27.540 --> 07:31.650 Sean Murray: Are you envisioning that it's going to come back up 07:31.650 --> 07:35.970 to possibly come back up? But do you think it could surpass where 07:35.970 --> 07:39.150 it was like 2019? Like, is it gonna be like a people were 07:39.150 --> 07:42.390 talking about recovery right now. And I think some people are 07:42.390 --> 07:45.030 wondering, does that mean like, do we go back to the numbers we 07:45.030 --> 07:48.180 had before? Or are there possibilities for it to go even 07:48.180 --> 07:49.290 higher than it was before? 07:49.320 --> 07:51.780 Andrew Altschuler: I think it goes back to the numbers from 07:51.780 --> 07:54.450 before at a minimum, but I think it's gonna go even higher, 07:54.750 --> 07:59.010 because the traditional banks are still tightening up, you 07:59.010 --> 08:01.470 know, they're, they still have to protect themselves, cause the 08:01.470 --> 08:04.440 fallout from their business, they still don't know, right, a 08:04.440 --> 08:07.620 lot of it is still up in the air, right? The lending that a 08:07.620 --> 08:10.320 lot of the traditional banks did, they're still nervous about 08:10.320 --> 08:12.870 they don't know, because they're, they have so many 08:12.870 --> 08:16.170 tentacles in different products, right? With mortgages and 08:16.170 --> 08:18.900 commercial mortgages and residential mortgages. Right. So 08:18.930 --> 08:21.150 I referenced TD before, they don't know what's gonna happen 08:21.150 --> 08:22.500 to their mortgage department, they don't know what's gonna 08:22.500 --> 08:24.570 happen to their commercial lending department, they have to 08:24.570 --> 08:28.350 be careful. So they're actually hiring their standards for 08:29.460 --> 08:32.490 typical regular commercial loans to businesses. So a lot of those 08:32.490 --> 08:35.370 merchants are dropping, you know, a little bit down the 08:35.370 --> 08:38.340 waterfall to guys like us. So I think that'll continue to 08:38.370 --> 08:41.790 happen. Because in our space, we can jump back in because we know 08:41.790 --> 08:44.910 what we're looking for TD or a bank, traditional bank may not 08:44.910 --> 08:47.610 jump in so fast, because they're still in a wait and see mode. 08:47.760 --> 08:50.280 They want to see how everything is else is going to shake out 08:50.460 --> 08:52.560 because they don't want to be pregnant with all of these other 08:53.010 --> 08:55.980 loans that may go bad on them. So I think that's the long way 08:55.980 --> 08:58.680 around the answer to the question, but I think that guys 08:58.740 --> 09:02.310 are gonna take our money because they have to re outfit they have 09:02.310 --> 09:05.730 to reinvent themselves, these businesses to you know to get 09:05.730 --> 09:06.720 back out there and compete. 09:06.750 --> 09:08.670 Sean Murray: So you say you know what you're looking for? Well, 09:08.700 --> 09:11.490 what what kind of paper cause everyone's tried to put it out 09:11.490 --> 09:14.460 like letter grade, is it A paper, is it B paper, is it C 09:14.460 --> 09:17.670 paper, what type of deals does GRP look for? 09:17.700 --> 09:20.040 Andrew Altschuler: We I always like to categorize it as A minus 09:20.040 --> 09:23.430 B plus stuff. So we like to see a guy in business for a year, 09:23.490 --> 09:26.400 you know, as long as he's north of 500 and credit, you know, a 09:26.400 --> 09:28.650 lot of people shake their heads said wow, that's that seems like 09:28.650 --> 09:33.870 it's lower grade, but north of 500 in business for a year. Not 09:33.870 --> 09:38.940 terribly poor bank statements with a lot of NSF, NSFs and, and 09:38.940 --> 09:41.940 negatives and things like that. But that kind of stuff. That is 09:41.940 --> 09:43.980 what we're typically what we're looking for. So I would 09:43.980 --> 09:46.710 categorize it as anybody's watching and understand like A 09:46.710 --> 09:50.130 minus B plus, now we're gonna go out probably 12 months, you 09:50.130 --> 09:52.620 know, things like that, and we'll get some low buy rates in 09:52.620 --> 09:56.580 the 120, or the 125, and we're getting aggressive also what 09:56.580 --> 09:59.220 we're doing is we're also working with our ISOs if he says 09:59.220 --> 10:03.150 I need this buy rate we'll adjust because we want to get 10:03.150 --> 10:05.550 that relationship in and we want to really help them we have some 10:05.550 --> 10:08.970 flexibility with our master lender. So that's I think that's 10:08.970 --> 10:11.670 the space that we're in, you know, the 12 month A minus B 10:11.670 --> 10:12.450 plus stuff. 10:12.570 --> 10:14.400 Sean Murray: Are these daily payments, weekly payments, like? 10:14.430 --> 10:15.090 Andrew Altschuler: We have both. 10:15.120 --> 10:15.540 Sean Murray: Okay. 10:15.570 --> 10:17.880 Andrew Altschuler: We have both we'll assess, you know, on the 10:17.880 --> 10:20.520 underwriting process. And we'll put the offer out, let's say, 10:20.520 --> 10:22.530 okay, you qualify for a daily or a weekly. 10:22.680 --> 10:22.980 Sean Murray: Okay. 10:22.980 --> 10:24.480 Andrew Altschuler: Right, because a lot of merchants. 10:24.690 --> 10:26.850 Sean Murray: Is this is like an under this like an automated 10:26.850 --> 10:29.100 thing, or you guys do manual underwriting? Is there like a, 10:29.100 --> 10:30.960 is there like a computer in the back that's doing all the 10:30.960 --> 10:31.350 decision? 10:31.350 --> 10:33.690 Andrew Altschuler: Well, we do put it through the computer. 10:33.690 --> 10:33.810 Sean Murray: Yeah. 10:33.810 --> 10:35.220 Andrew Altschuler: And we'll scrape the bank statements, and 10:35.220 --> 10:37.290 they'll put out a letter grade on it. So that'll kind of 10:37.290 --> 10:40.200 dictate, you know, how long will go out, it'll dictate the buy 10:40.200 --> 10:44.280 rate, it'll dictate a weekly or a daily payment. And then, you 10:44.280 --> 10:46.950 know, the underwriters do eyeball and take a look. And 10:46.950 --> 10:49.440 then the offer goes out, right? And then if somebody calls, and 10:49.440 --> 10:52.140 needs an exception, We'll reevaluate it again and say, 10:52.140 --> 10:55.770 okay, hey, we put out for 10 months, we can go to 12, or we 10:55.770 --> 10:59.220 put out a 12 month and a one to two buy rate, okay, maybe we 10:59.220 --> 11:02.520 need to bring it down to a one to one or a 120. So we can 11:02.520 --> 11:06.180 adjust it. And that's the beauty of GRP funding is we're not so 11:06.180 --> 11:09.600 massive, and it's not like this huge ship that you have to get 11:09.600 --> 11:13.260 you know to make a change in any of our policies. It's not such a 11:13.260 --> 11:16.740 massive move. Like we can huddle up, we get together the whole 11:16.740 --> 11:19.710 team every Tuesday and Friday, and we chat about what's going 11:19.710 --> 11:24.180 on, or we can move quick, you know, on our policies, as well 11:24.180 --> 11:28.830 as on specific deals, right? It's not like, we have to go to 11:28.830 --> 11:32.340 the CLO and then we got to go to the underwriting group. And we 11:32.340 --> 11:34.740 have to, you know, talk to so many people to make a change, 11:34.770 --> 11:35.700 it's on the fly. 11:35.730 --> 11:36.090 Sean Murray: Sure. 11:36.120 --> 11:37.620 Andrew Altschuler: And our Director of Operations looks at 11:37.620 --> 11:40.680 a deal and says, okay, it's four here, I can do it, you know, he 11:40.680 --> 11:43.650 can make exceptions. We want to try to keep it within our box. 11:43.950 --> 11:46.320 But we all know, at some point you may have to hop out of the 11:46.320 --> 11:50.520 box. But we're small enough, but experienced enough that we're 11:50.520 --> 11:50.940 nimble. 11:51.150 --> 11:53.970 Sean Murray: What about splits? You mentioned ACH, do you do 11:53.970 --> 11:54.810 splits, still? 11:54.840 --> 11:58.860 Andrew Altschuler: We still do splits. We still do splits. 11:58.860 --> 12:00.030 Sean Murray: Does anyone use that term anymore? 12:00.720 --> 12:03.690 Andrew Altschuler: Like old guys, like, it's not a split, 12:03.690 --> 12:03.870 like. 12:04.050 --> 12:05.460 Sean Murray: Yeah. 12:05.580 --> 12:07.410 Andrew Altschuler: We still do them from time to time, because 12:07.410 --> 12:10.470 there are merchants that want to use that but so infrequently, 12:10.740 --> 12:11.070 that. 12:11.100 --> 12:13.440 Sean Murray: Who's initiating that, is that something that the 12:13.530 --> 12:16.620 that the broker is, I mean, how did that even come about? 12:17.010 --> 12:18.690 Andrew Altschuler: It's usually there's an experienced broker 12:18.690 --> 12:21.360 who's been around understands the split. And it's usually 12:21.360 --> 12:23.790 based on the on the cash flow, right? If it's on the bank 12:23.790 --> 12:26.250 statement, and if the cash and if they're like, on the line 12:26.250 --> 12:29.550 with the credit or the score, or their they have like the online 12:29.550 --> 12:32.430 with their NSFs or their negatives in the bank statement, 12:32.430 --> 12:35.370 we could say, okay, let's use a split, because that'll make us 12:35.370 --> 12:38.400 feel a little bit more comfortable with the collection. 12:38.430 --> 12:41.460 So we'll offer somebody a split. And we do do them from time to 12:41.460 --> 12:44.880 time. That's not really our bread and butter. Because even 12:44.880 --> 12:47.790 operationally, it's a little harder to engage that, because 12:47.790 --> 12:49.920 you gotta go to the processor, you gotta get them to sign off 12:49.920 --> 12:52.320 on it, you gotta, you gotta wait a couple of days to see the 12:52.320 --> 12:55.140 split. But to answer your question, we still do them from 12:55.140 --> 12:59.190 time to time in the right spot. But we try not to where we don't 12:59.790 --> 13:00.150 need to. 13:00.450 --> 13:02.310 Sean Murray: Right, because I guess it could add to just 13:02.310 --> 13:04.800 another layer, time layer component to it. 13:05.580 --> 13:07.290 Andrew Altschuler: Right, we bring in another vendor, because 13:07.290 --> 13:08.460 we're not a merchant processor. 13:08.490 --> 13:08.730 Sean Murray: Right. 13:08.730 --> 13:10.050 Andrew Altschuler: So we gotta bring somebody else into the 13:10.050 --> 13:13.620 equation. And they have to, like, initiate it for us. So we 13:13.620 --> 13:15.360 try because you know, the business, it's got to be done 13:15.360 --> 13:18.660 fast. Otherwise, you can get run over by somebody else. So we'll 13:18.660 --> 13:19.110 do them. 13:19.650 --> 13:22.140 Sean Murray: Yeah. Are you hearing about any companies in 13:22.140 --> 13:25.080 there that might have like a, like a, get funded button in 13:25.080 --> 13:26.220 like their point of sale? 13:26.460 --> 13:27.690 Andrew Altschuler: But as we're talking about, it's funny, 13:27.690 --> 13:29.820 because I had dinner with a gentleman last night, he's a 13:29.820 --> 13:32.880 pretty big ISO, and he wants to get into that space. He says, we 13:32.880 --> 13:35.880 have all this data. And we want to push the button and get the 13:35.880 --> 13:38.160 offer out. I said it's a great idea. Because companies like 13:38.160 --> 13:40.650 Square are doing that all day long, right? Push the button and 13:40.650 --> 13:43.800 the money comes. I said, you can push the button and get some 13:43.800 --> 13:47.040 offers out as a general idea. But you know, we still have to 13:47.040 --> 13:50.130 set up like a customer service or a sales group, because it's 13:50.130 --> 13:52.830 money. So people do want to call in from time to time. But I 13:52.830 --> 13:56.550 think that's the future, right. For groups like us, I think 13:56.550 --> 13:59.970 it'll it'll get more commonplace. I think it'll get 13:59.970 --> 14:03.180 out there. But you know groups are working on it. I think I 14:03.180 --> 14:05.640 think it is the future. You know, I think some other 14:05.640 --> 14:08.310 companies have like a shopping cart checkout and things like 14:08.310 --> 14:11.310 that. So guys are doing it. But we're treading lightly on that. 14:11.310 --> 14:14.370 At first, we want to kind of see what's some of these other guys 14:14.370 --> 14:17.910 do. But to answer your question. I think it's I think it's a 14:17.910 --> 14:19.650 valid way to do it. 14:19.770 --> 14:22.230 Sean Murray: Yeah, for sure. I mean, I think it's a competitive 14:22.230 --> 14:22.740 advantage. 14:22.740 --> 14:23.040 Andrew Altschuler: Yeah. 14:23.070 --> 14:24.540 Sean Murray: You know what I mean, like the fact that a 14:24.540 --> 14:27.180 merchant can just press the button and you don't have to 14:27.270 --> 14:29.490 cold call. You don't have to send them mail. They're just you 14:29.490 --> 14:32.940 know, they're initiating that ample offer. I want to ask you 14:32.940 --> 14:36.480 just one other question about salaries requires. What do you 14:36.480 --> 14:38.670 think about you know, the turnout in the event so far? 14:38.700 --> 14:42.570 Andrew Altschuler: I am blown away. I was like, last night, I 14:42.600 --> 14:45.240 actually missed the opening reception because I was so wiped 14:45.240 --> 14:48.030 out. I started eight in the morning, and you saw we we're 14:48.030 --> 14:50.010 setting up setting up and running around running around 14:50.010 --> 14:50.250 running. 14:50.250 --> 14:50.640 Sean Murray: Yeah. 14:50.880 --> 14:52.440 Andrew Altschuler: I was so wiped out. I had to go upstairs 14:52.440 --> 14:54.810 and close my eyes for a few minutes. For a few minutes. I 14:54.810 --> 14:57.180 didn't miss the whole thing. But I had to like take a break. 14:57.180 --> 14:57.420 Sean Murray: Yeah. 14:57.450 --> 14:59.190 Andrew Altschuler: Because the turnout I think the number is 14:59.190 --> 15:03.150 like 700 or something like that, and I think, and we were very 15:03.150 --> 15:06.390 much we're on the calls every week, we were like, are we gonna 15:06.390 --> 15:08.250 be able to do it? Are we not gonna be able to do it and I'll 15:08.250 --> 15:10.620 give credit to John McCormack. And some of the other guys, they 15:10.620 --> 15:13.320 said, we're gonna do it, we're gonna go forward. And I said, 15:13.320 --> 15:16.440 okay, you know, it's Florida, and people are just pent up and 15:16.440 --> 15:17.130 they want to come. 15:17.160 --> 15:17.520 Sean Murray: Yeah. 15:17.520 --> 15:19.290 Andrew Altschuler: And we're gonna do it. So the turnout has 15:19.290 --> 15:22.230 just been dynamite. And you know, these shows, it's similar 15:22.230 --> 15:23.430 to deBanked. It's like an old family. 15:23.460 --> 15:23.790 Sean Murray: Yeah. 15:23.790 --> 15:26.220 Andrew Altschuler: See, you know, Greg walking by, hey, bud, 15:28.020 --> 15:30.060 I see people walking by and I go friend. 15:30.090 --> 15:30.690 Sean Murray: You planned that too. 15:31.260 --> 15:34.530 Andrew Altschuler: So Greg, just walked by at 1034. 15:34.560 --> 15:34.800 Sean Murray: Yeah. 15:35.070 --> 15:36.480 Andrew Altschuler: Right. So it's like old family and you see 15:36.480 --> 15:38.010 these people, you know, I'm forever especially being in the 15:38.010 --> 15:41.340 business since 2002. So that's the cool aspect of it. And 15:41.340 --> 15:43.980 people just pent up in their homes, wherever they are. You 15:43.980 --> 15:48.180 know, I'll get on a plane from New Jersey and come to Fort 15:48.180 --> 15:48.930 Myers, Florida. 15:48.960 --> 15:49.200 Sean Murray: Yeah. 15:49.200 --> 15:51.720 Andrew Altschuler: Not unlike yourself, right. Let's go to 15:51.840 --> 15:53.850 Newark, and let's go to Florida. Okay, I'll do that. 15:53.850 --> 15:55.500 Sean Murray: Yeah, that's, that's the spirit. I got into 15:55.500 --> 15:59.400 it. And I assumed everyone was gonna be wearing that too. 15:59.430 --> 15:59.820 Andrew Altschuler: Right. 15:59.820 --> 16:01.830 Sean Murray: Yeah, I might have been a little too proactive. 16:02.430 --> 16:03.780 Yeah, and we're getting into Florida. 16:04.290 --> 16:06.000 Andrew Altschuler: Right. But they gave me a shirt. So I said, 16:06.000 --> 16:07.770 Wow, this shirt you know looks pretty good. 16:07.920 --> 16:09.240 Sean Murray: They gave you that one? 16:09.240 --> 16:09.990 Andrew Altschuler: Cause everybody, if you noticed 16:09.990 --> 16:13.470 everybody on the committee wears their shirt and the name tag 16:13.470 --> 16:15.540 with my name spelled wrong, but like, that's okay. 16:17.190 --> 16:19.140 Sean Murray: Yeah, don't ignore the name tag. 16:19.860 --> 16:21.030 Andrew Altschuler: Just just look at Andrew. 16:21.690 --> 16:22.410 Sean Murray: Okay, that's good. 16:22.410 --> 16:23.760 Andrew Altschuler: Yeah. So back to your question. People are 16:23.760 --> 16:26.250 just so excited to come down and see see each other and then 16:26.250 --> 16:29.070 like, that's the beauty of the Southeast Acquirers, because you 16:29.070 --> 16:31.920 know, the shows, right? You have like, dude, the ETA is the big 16:31.920 --> 16:35.010 standard, and then you have Money. 2020. But it's, you know, 16:35.010 --> 16:38.580 there's this huge, massive shows with like, like, 10s of 1000s of 16:38.580 --> 16:41.160 people. But here, it's 700 people, you know each other. So 16:41.160 --> 16:42.360 it's a lot more intimate. 16:42.390 --> 16:42.720 Sean Murray: Yeah. 16:42.750 --> 16:44.040 Andrew Altschuler: So that's what's cool about it. 16:44.370 --> 16:45.960 Sean Murray: Do you think we'll have more funders come to these 16:45.960 --> 16:47.100 shows in the future? 16:47.100 --> 16:48.870 Andrew Altschuler: Yeah, I think they'll start coming back. 16:48.900 --> 16:52.200 Because there are a handful that are here and myself. I come, you 16:52.200 --> 16:54.840 know, with the SCA. But obviously, part of GRP I think 16:54.840 --> 16:57.570 guys will start getting into it, and crossing over. Right? That's 16:57.570 --> 16:59.760 what we've been talking about for a while, right, is we're 16:59.760 --> 17:01.650 gonna have crossover, you guys wanted to come down and 17:01.650 --> 17:04.680 represent merchant cash advance with the media? And they said, 17:04.680 --> 17:07.260 okay, well, we have deBanked, I'll send some of my colleagues 17:07.260 --> 17:08.340 from the Southeast Acquirers. 17:08.339 --> 17:08.639 Sean Murray: Yeah. 17:08.670 --> 17:10.350 Andrew Altschuler: And start representing merchant 17:10.350 --> 17:12.900 processing, again, because I think there's just so many 17:13.290 --> 17:16.080 really interconnected ways for those businesses. And we talked 17:16.080 --> 17:18.180 about that right at the beginning, right, is that they 17:18.180 --> 17:19.230 kind of like are cousins. 17:19.260 --> 17:19.620 Sean Murray: Yeah. 17:19.680 --> 17:21.120 Andrew Altschuler: And maybe they'll start getting back 17:21.120 --> 17:24.360 together, because I just think, you know, all the cash advance 17:24.360 --> 17:26.580 ISOs need to start looking at merchant processing again, 17:26.910 --> 17:29.790 because it's such a great business. It really truly is. 17:30.300 --> 17:32.700 Sean Murray: I agree. Well, Andrew, thank you very much for 17:32.700 --> 17:33.810 being here. Appreciate your time. 17:33.810 --> 17:34.470 Andrew Altschuler: My pleasure. Yeah. 17:34.500 --> 17:36.600 Sean Murray: You know, we were talking earlier, I was talking 17:36.600 --> 17:40.020 earlier with Johny about how the handshakes are. It used to be 17:40.020 --> 17:42.690 more like hey how's it going, but now everyone's so desperate 17:42.690 --> 17:43.770 for that human connection. 17:43.770 --> 17:44.070 Andrew Altschuler: Right. 17:44.100 --> 17:44.850 Sean Murray: And it's a lot more like. 17:44.850 --> 17:46.140 Andrew Altschuler: So we're gonna get a big hug, right. 17:46.200 --> 17:46.830 Sean Murray: We're gonna do a big. 17:47.370 --> 17:48.420 Andrew Altschuler: A big hug for with the closing. 17:48.420 --> 17:48.750 Sean Murray: Yeah. 17:48.750 --> 17:50.520 Andrew Altschuler: One more thing I want to say before you 17:50.520 --> 17:53.400 and I know each other for so many years, we worked across the 17:53.400 --> 17:55.830 street, right? When you started over at MCC and I was in 17:56.100 --> 17:57.630 Amerimerchant on Park Avenue South. 17:57.630 --> 17:57.900 Sean Murray: Yeah. 17:57.960 --> 18:00.120 Andrew Altschuler: At 32nd street. You know, you weren't 18:00.120 --> 18:02.610 long after 2008, was that? 18:02.730 --> 18:04.410 Sean Murray: As soon as the funding part started in the 18:04.410 --> 18:06.900 industry, but you know, I started it was payments and MCA 18:06.900 --> 18:08.370 at the same time. I did a lot of payments. 18:08.580 --> 18:09.930 Andrew Altschuler: Was right with Stephen and he was they 18:09.930 --> 18:12.810 were they were first with Synergy and right when. 18:12.990 --> 18:14.700 Sean Murray: I was working out of their office, the Synergy 18:14.700 --> 18:15.420 office in Queens. 18:15.450 --> 18:15.780 Andrew Altschuler: Okay. 18:15.780 --> 18:16.650 Sean Murray: That's when I started also. 18:16.650 --> 18:18.270 Andrew Altschuler: Yeah, we were sending merchant processing 18:18.270 --> 18:21.360 deals to Synergy. Cause synergy was splitting the batch. So we 18:21.360 --> 18:22.800 know that each other a long time brother. 18:22.950 --> 18:23.730 Sean Murray: Good times. 18:23.730 --> 18:24.540 Andrew Altschuler: So we're ready for it. 18:25.020 --> 18:26.670 Sean Murray: Okay, this is the official the official. 18:28.110 --> 18:28.920 Andrew Altschuler: I'll give you a little kiss too. 18:29.190 --> 18:30.240 Sean Murray: Okay, yeah. 18:30.570 --> 18:31.140 Andrew Altschuler: Make sure you get that. 18:31.140 --> 18:32.940 Sean Murray: Yeah, anything can happen on deBanked TV 18:32.940 --> 18:33.900 apparently, yeah.