1 00:00:08.635 --> 00:00:10.325 Well, I am super excited today 2 00:00:10.325 --> 00:00:13.005 to be here in South Florida at the Biddy Advance 3 00:00:13.005 --> 00:00:14.245 Headquarters with Craig. 4 00:00:14.615 --> 00:00:16.765 Craig. Uh, we, we've been on here before. 5 00:00:16.815 --> 00:00:17.885 We've chatted before. 6 00:00:18.025 --> 00:00:19.925 So for those that don't know you go ahead 7 00:00:19.925 --> 00:00:22.525 and introduce yourself, your title and the company 8 00:00:22.625 --> 00:00:24.125 and what the company does. Yeah. 9 00:00:24.125 --> 00:00:25.725 Well, first of all, thank you for having me. 10 00:00:26.305 --> 00:00:27.965 Uh, my name's Craig Hecker. 11 00:00:28.185 --> 00:00:30.365 Our company is Biddy Advance, 12 00:00:31.345 --> 00:00:36.045 and I bought the company in February of 2020. 13 00:00:36.945 --> 00:00:40.445 And, uh, we provide working capital solutions 14 00:00:40.465 --> 00:00:42.285 to small businesses all over the country. 15 00:00:42.515 --> 00:00:43.725 Talk really quick about like the 16 00:00:43.885 --> 00:00:45.005 specific products you guys offer. 17 00:00:45.005 --> 00:00:46.165 Different small businesses. 18 00:00:46.385 --> 00:00:48.765 So we offer a revenue based finance product 19 00:00:49.095 --> 00:00:52.605 where we're buying their future sales at a discount, 20 00:00:53.105 --> 00:00:58.085 and we fund as low as $2,000 per merchant in 21 00:00:58.085 --> 00:00:59.325 as high as 500,000. 22 00:00:59.335 --> 00:01:00.685 We're funding the whole gamut, 23 00:01:00.905 --> 00:01:04.645 but what we find is that every, every particular 24 00:01:05.285 --> 00:01:09.365 business has a different margin threshold, you know, of, of, 25 00:01:09.505 --> 00:01:11.005 in terms of their profitability. 26 00:01:11.385 --> 00:01:14.245 So since 2020, let's talk a little bit about like what, 27 00:01:14.265 --> 00:01:17.645 how you've seen this business evolve, uh, 28 00:01:17.645 --> 00:01:19.125 whether it's like the MCA space, 29 00:01:19.125 --> 00:01:20.685 the alternative finance space, uh, 30 00:01:20.685 --> 00:01:22.005 and especially here in south Florida. 31 00:01:22.955 --> 00:01:25.525 Yeah, so it's been interesting since Covid, you know, 32 00:01:25.525 --> 00:01:28.565 COVID has changed a a lot, obviously, as we all, 33 00:01:28.565 --> 00:01:31.605 as we all know in terms of, you know, remote working 34 00:01:31.785 --> 00:01:35.205 and the ability for, for, you know, companies to employ 35 00:01:35.865 --> 00:01:37.205 people to work remotely. 36 00:01:37.515 --> 00:01:40.565 I've seen an influx of newer companies, uh, 37 00:01:40.965 --> 00:01:44.205 companies in our space, funders, brokers that have kind 38 00:01:44.205 --> 00:01:47.405 of flocked to South Florida post Covid just 39 00:01:47.405 --> 00:01:50.565 because Florida, you know, had more conservative views, 40 00:01:50.945 --> 00:01:52.445 you know, opening up sooner 41 00:01:53.015 --> 00:01:56.805 after Covid, it was maybe a more friendly place to, 42 00:01:56.945 --> 00:02:00.005 to do business, and I think that's sustained since then. 43 00:02:00.385 --> 00:02:02.965 Uh, so I see, you know, still a, a number of 44 00:02:03.845 --> 00:02:05.005 merchant cash advance companies, 45 00:02:05.005 --> 00:02:07.325 revenue based finance companies that are still 46 00:02:07.955 --> 00:02:09.725 located in, in South Florida. 47 00:02:10.065 --> 00:02:11.605 So what would you say is the biggest difference? 48 00:02:11.645 --> 00:02:13.565 I mean, when you're working with a company to, 49 00:02:13.585 --> 00:02:14.645 to provide your services, 50 00:02:14.795 --> 00:02:16.845 what would you say is the one thing 51 00:02:16.845 --> 00:02:18.605 that is evolving constantly? 52 00:02:19.705 --> 00:02:21.405 So I think the, the one thing 53 00:02:21.405 --> 00:02:25.005 that's evolving constantly is continuing to get better 54 00:02:25.355 --> 00:02:26.965 with the, with the technology. 55 00:02:27.545 --> 00:02:31.605 Um, and, and creating a better user experience 56 00:02:31.905 --> 00:02:35.045 for both our merchants and our sales partners. 57 00:02:35.425 --> 00:02:39.605 So, you know, we've worked really hard since early 2020, 58 00:02:40.065 --> 00:02:42.285 you know, constantly refining 59 00:02:42.305 --> 00:02:45.285 and upgrading our sales partner portal, for example, 60 00:02:45.915 --> 00:02:49.245 improving service levels, you know, improving 61 00:02:49.425 --> 00:02:53.125 and adding additional product offerings that meet the needs 62 00:02:53.125 --> 00:02:56.045 of our partners, you know, constantly changing 63 00:02:56.145 --> 00:02:58.765 and adapting so that we're, you know, better able 64 00:02:58.765 --> 00:03:02.405 to service our partners in a, in a streamlined way. 65 00:03:02.945 --> 00:03:05.885 So how has this industry changed since you bought Biddy 66 00:03:05.915 --> 00:03:07.285 Advance back in 2020? 67 00:03:08.265 --> 00:03:11.725 So, I think clearly, you know, the last year, year 68 00:03:11.725 --> 00:03:15.965 and a half for our merchant client has been trickier. 69 00:03:16.345 --> 00:03:19.965 Um, you know, the inflationary pressures 70 00:03:19.985 --> 00:03:22.565 and inflation is, has been real for, 71 00:03:22.585 --> 00:03:24.605 for our small businesses that we serve. 72 00:03:25.025 --> 00:03:28.845 Um, you know, we've definitely seen, you know, quite a bit 73 00:03:28.845 --> 00:03:31.845 of margin suppression across the board, you know, 74 00:03:31.845 --> 00:03:34.685 which translates into, you know, us having to 75 00:03:35.895 --> 00:03:40.045 right rightsize the advances that we're making, you know, 76 00:03:40.045 --> 00:03:41.845 making sure that we're, you know, 77 00:03:41.845 --> 00:03:43.805 really understanding their revenue 78 00:03:44.465 --> 00:03:45.765 in the underwriting phase. 79 00:03:46.105 --> 00:03:48.685 So I think, I think that's one of the biggest things 80 00:03:48.685 --> 00:03:50.605 that's changed is, you know, our 81 00:03:51.525 --> 00:03:54.925 merchant customer is dealing with, you know, 82 00:03:54.925 --> 00:03:58.245 higher expenses, you know, maybe stagnant to lower revenue. 83 00:03:58.945 --> 00:04:01.205 Um, so it's been a little bit more 84 00:04:01.205 --> 00:04:03.725 of a challenging environment for, for them. 85 00:04:04.145 --> 00:04:06.485 So have you guys taken different steps now 86 00:04:06.485 --> 00:04:09.085 that like when you're gonna offer your product to someone, 87 00:04:09.085 --> 00:04:12.285 have you changed, uh, like the underwriting process 88 00:04:12.385 --> 00:04:13.445 or anything of that nature? 89 00:04:14.385 --> 00:04:15.765 So we're constantly evolving. 90 00:04:15.945 --> 00:04:19.845 The nice part about our business is these are short duration 91 00:04:20.285 --> 00:04:21.485 products, okay. 92 00:04:21.615 --> 00:04:24.445 Where, you know, the, the longest, you know, 93 00:04:24.725 --> 00:04:26.165 duration we go out is 12 months. 94 00:04:26.465 --> 00:04:30.685 So we're able to acquire so much data on a, 95 00:04:30.745 --> 00:04:33.485 on a monthly vintage, on a portfolio so quickly 96 00:04:33.755 --> 00:04:38.125 that we're able to, you know, using our, our, our data, 97 00:04:38.375 --> 00:04:39.645 we're able to make changes 98 00:04:40.225 --> 00:04:45.205 to our credit decisioning algorithms in real time based on 99 00:04:45.205 --> 00:04:46.245 what the data's telling us. 100 00:04:46.665 --> 00:04:49.845 So it's, it's, it's constantly evolving and it's, 101 00:04:49.845 --> 00:04:53.765 and it's a constant rotation of, you know, if we go back to 102 00:04:54.305 --> 00:04:58.805 2021, it was very heavy, you know, post covid for example, 103 00:04:58.865 --> 00:05:00.525 it was, it was very heavy transportation 104 00:05:00.985 --> 00:05:03.805 and now, you know, in even into 2022. 105 00:05:04.265 --> 00:05:08.205 But then we all saw that transportation struggled as an in, 106 00:05:08.205 --> 00:05:09.885 as an industry overall. 107 00:05:10.185 --> 00:05:12.285 So we're able to look at the data 108 00:05:12.285 --> 00:05:14.125 because we get it, we get it back 109 00:05:14.225 --> 00:05:15.965 so quickly based on the performance 110 00:05:15.965 --> 00:05:17.205 of the underlying assets, 111 00:05:17.545 --> 00:05:19.325 and then we're able to make adjustments 112 00:05:19.665 --> 00:05:21.365 and pare down, for example, 113 00:05:21.865 --> 00:05:24.365 how we wanna risk-based price transportation, for example, 114 00:05:24.585 --> 00:05:28.645 or change guidelines for transportation in general. 115 00:05:28.825 --> 00:05:32.685 So it's, it's, it's a very dynamic business that, you know, 116 00:05:32.685 --> 00:05:36.285 the data allows us to rotate, you know, 117 00:05:36.385 --> 00:05:38.445 rotate industries if you will, you know, 118 00:05:38.455 --> 00:05:40.125 constantly, you know, over time. 119 00:05:40.545 --> 00:05:42.325 So for 2024 120 00:05:42.325 --> 00:05:45.445 and for 2023, what is the data that you've collected? 121 00:05:45.445 --> 00:05:46.925 What is it showing about your clients? 122 00:05:47.425 --> 00:05:50.645 So we're showing very healthy, 123 00:05:51.965 --> 00:05:53.245 a very healthy merchant base. 124 00:05:53.585 --> 00:05:58.085 Um, you know, we've clearly seen the Declan declination 125 00:05:58.085 --> 00:05:59.565 rates, you know, escalate. 126 00:05:59.865 --> 00:06:02.525 Um, meaning our approval rate has, 127 00:06:02.745 --> 00:06:04.485 has declined, said differently. 128 00:06:04.655 --> 00:06:07.805 We're, we're clearly more selective with the files 129 00:06:07.835 --> 00:06:09.405 that we're approving. 130 00:06:09.675 --> 00:06:13.365 Okay. So we're, you know, constantly evolving and pruning 131 00:06:13.365 --> 00:06:16.325 and changing, you know, the, the criteria, you know, 132 00:06:16.325 --> 00:06:20.285 what's the maximum withhold we're willing to, to, 133 00:06:20.345 --> 00:06:22.565 to give the merchant towards their gross revenue 134 00:06:23.065 --> 00:06:27.965 or, you know, with our bank aggregation sources, you know, 135 00:06:27.965 --> 00:06:29.245 we're able to sort the data. 136 00:06:29.255 --> 00:06:33.205 We're able to, you know, exclude certain revenue 137 00:06:33.515 --> 00:06:38.245 that maybe in previous months or years we would've included. 138 00:06:38.615 --> 00:06:40.925 We're able to say, you know what, that's not real revenue. 139 00:06:41.655 --> 00:06:43.365 We're not gonna give them credit for it. 140 00:06:43.505 --> 00:06:47.485 So we're able to size the deals better. Okay. 141 00:06:47.665 --> 00:06:50.245 So that it's, it puts them in a position 142 00:06:50.345 --> 00:06:51.845 to be more successful in terms 143 00:06:51.845 --> 00:06:54.205 of the repayment puts us in a position 144 00:06:54.305 --> 00:06:56.885 to be more successful in terms of hitting our 145 00:06:57.595 --> 00:06:59.805 hurdles in terms of where we need to collect to. 146 00:07:00.105 --> 00:07:01.765 So those are the types of adjustments 147 00:07:01.765 --> 00:07:02.965 that I'm speaking about. 148 00:07:03.305 --> 00:07:06.405 For someone that's new into this industry that needs money 149 00:07:06.405 --> 00:07:08.365 that, you know, is trying to maneuver how 150 00:07:08.365 --> 00:07:10.565 to get into the MCA space, 151 00:07:10.835 --> 00:07:12.005 what advice would you have for them? 152 00:07:12.675 --> 00:07:15.685 Kind of keep your belt tight, um, you know, 153 00:07:15.745 --> 00:07:17.445 be very aware of your expenses. 154 00:07:17.985 --> 00:07:21.165 You know, it's, it's a lot trickier right now to, 155 00:07:21.545 --> 00:07:25.165 to navigate in, in, in an inflationary environment when, 156 00:07:25.425 --> 00:07:29.325 you know, your, you SSG A is going up, your cost 157 00:07:29.325 --> 00:07:31.285 of goods is going up, you know, 158 00:07:31.285 --> 00:07:32.845 you're spending more money on payroll. 159 00:07:33.505 --> 00:07:37.765 So I think, I think it's, it's a time for merchants 160 00:07:37.765 --> 00:07:39.965 to be prudent in terms of how they're, 161 00:07:40.105 --> 00:07:41.765 how they're running their business, right? 162 00:07:41.915 --> 00:07:44.285 It's not, it's not a, a free for all 163 00:07:44.285 --> 00:07:46.485 where they can just kind of run wild. 164 00:07:46.515 --> 00:07:49.725 They, they have to be super disciplined in terms of, 165 00:07:49.945 --> 00:07:52.965 you know, how they're managing their operation so 166 00:07:52.965 --> 00:07:56.525 that they can still yield the profitability that they're, 167 00:07:56.555 --> 00:07:57.725 that they're looking to achieve. 168 00:07:58.385 --> 00:08:00.045 And for those small businesses 169 00:08:00.045 --> 00:08:01.165 that are running into trouble 170 00:08:01.305 --> 00:08:04.245 and that, you know, are not organized, 171 00:08:04.305 --> 00:08:08.845 and they're, they're in a, in a weird situation, uh, 172 00:08:09.155 --> 00:08:10.325 what would you tell those guys? 173 00:08:12.445 --> 00:08:16.765 I, I would tell them that, you know, you just have to kind 174 00:08:16.765 --> 00:08:19.325 of rightsize the business to, you know, what you're, 175 00:08:19.555 --> 00:08:22.845 what you're able to handle, you know, based on staffing. 176 00:08:23.225 --> 00:08:26.125 You know, everything's, everything's constantly evolving 177 00:08:26.225 --> 00:08:27.765 and becoming a little bit trickier. 178 00:08:27.945 --> 00:08:30.165 You know, certain industries maybe are having 179 00:08:30.685 --> 00:08:33.125 a more difficult time hiring, for example. 180 00:08:33.225 --> 00:08:35.925 Or maybe they're hiring people that just don't have, 181 00:08:36.495 --> 00:08:39.805 don't have the experience that, you know, folks 182 00:08:40.035 --> 00:08:42.285 that they used to hire back a few years ago. 183 00:08:42.465 --> 00:08:47.085 So I think it's a, it's a time for the small business owner 184 00:08:47.585 --> 00:08:51.925 to probably have to work harder, put more of their own time, 185 00:08:51.925 --> 00:08:53.685 energy, and effort into their business. 186 00:08:53.875 --> 00:08:56.645 They're obviously a big part of their small business, so, 187 00:08:56.945 --> 00:09:00.565 you know, they can, they can clearly help compress a lot 188 00:09:00.565 --> 00:09:02.925 of their costs by working harder 189 00:09:03.105 --> 00:09:04.725 or, you know, logging more hours. 190 00:09:04.945 --> 00:09:06.005 And maybe they don't need 191 00:09:06.005 --> 00:09:08.765 as many staff members if they're willing 192 00:09:08.765 --> 00:09:12.085 to contribute a little bit more than they, you know, 193 00:09:12.855 --> 00:09:14.965 might have contributed in previous years 194 00:09:15.235 --> 00:09:16.925 Overall for 2024. 195 00:09:17.085 --> 00:09:19.285 I mean, with the companies that you work with, 196 00:09:19.355 --> 00:09:20.805 what, what are your predictions? 197 00:09:22.025 --> 00:09:25.005 So I think it's, you know, it's a, it's a time 198 00:09:25.145 --> 00:09:26.725 to stay conservative. 199 00:09:27.225 --> 00:09:30.125 Um, right now, I, I feel that, you know, 200 00:09:30.685 --> 00:09:32.005 I don't have a crystal ball. 201 00:09:32.085 --> 00:09:34.525 I don't, I don't think anyone has a crystal ball. 202 00:09:34.865 --> 00:09:37.325 You know, are we going to go into a, a, 203 00:09:37.745 --> 00:09:38.845 you know, a recession? 204 00:09:38.945 --> 00:09:40.205 Are we going to soft land? 205 00:09:40.265 --> 00:09:42.925 Are we gonna have some, some bumpy landing? 206 00:09:43.405 --> 00:09:44.605 I, I think it's gonna be, 207 00:09:44.905 --> 00:09:46.165 you know, it's gonna be one of those. 208 00:09:46.505 --> 00:09:51.285 So I think this is a time in our space, in, in my opinion, 209 00:09:51.865 --> 00:09:54.205 to, you know, really stick to your knitting 210 00:09:54.545 --> 00:09:56.765 and, you know, stick to the products 211 00:09:56.985 --> 00:09:59.485 and the product offerings that you have data on, 212 00:09:59.865 --> 00:10:03.405 and that the data can guide you and be your compass and, 213 00:10:03.505 --> 00:10:06.085 and, you know, navigate you through this period 214 00:10:06.085 --> 00:10:08.605 of time in terms of providing working capital 215 00:10:08.745 --> 00:10:10.925 to these small businesses, you need 216 00:10:10.925 --> 00:10:15.325 to really rely on historical data to, you know, 217 00:10:15.545 --> 00:10:17.405 to help you predict the future. 218 00:10:17.645 --> 00:10:19.845 I think it's a time to be conservative 219 00:10:20.185 --> 00:10:23.125 and kind of stay flat in terms of your, your volume, 220 00:10:23.705 --> 00:10:27.845 you know, get incrementally better every day in terms of, 221 00:10:28.145 --> 00:10:30.045 you know, the things you can control as a, 222 00:10:30.045 --> 00:10:31.445 as a, as a funding company. 223 00:10:31.585 --> 00:10:34.605 The, the service levels, the user experience 224 00:10:34.605 --> 00:10:36.325 that you're providing to the merchants 225 00:10:36.785 --> 00:10:39.885 and, you know, to, to the sales partners that are, are, 226 00:10:40.025 --> 00:10:42.445 are sourcing the deals, um, you know, 227 00:10:42.655 --> 00:10:44.045 collection activities, right? 228 00:10:44.605 --> 00:10:48.125 Customer service, the customer service aspect of that. 229 00:10:48.425 --> 00:10:50.365 You know, making sure that you're taking a, 230 00:10:50.485 --> 00:10:52.605 a very friendly approach with the customers. 231 00:10:52.905 --> 00:10:56.045 You know, you're sensitive to their, you know, circumstances 232 00:10:56.155 --> 00:10:58.525 that they're dealing with, and the, you know, the ebbs 233 00:10:58.525 --> 00:11:00.485 and flows and the bumps in the road so 234 00:11:00.485 --> 00:11:04.085 that you can keep them on track, keep them paying, you know, 235 00:11:04.105 --> 00:11:06.205 get to the ultimate goal for them 236 00:11:06.345 --> 00:11:09.245 and for us, which is, you know, to complete the advance 237 00:11:09.385 --> 00:11:11.725 and, you know, to move on with their business 238 00:11:11.785 --> 00:11:13.125 and continue to have success. 239 00:11:13.785 --> 00:11:15.365 So for someone that's looking 240 00:11:15.545 --> 00:11:18.085 or that's interested in working with you for 2024, 241 00:11:18.085 --> 00:11:19.685 what's the best piece of advice? My 242 00:11:19.685 --> 00:11:23.045 Best piece of advice would be to take 243 00:11:23.045 --> 00:11:24.605 what you need, right? 244 00:11:24.775 --> 00:11:27.885 Don't, don't take more capital than, 245 00:11:28.275 --> 00:11:29.605 than you have a use for. 246 00:11:29.865 --> 00:11:32.805 So I think that use of proceeds is, is very big. 247 00:11:33.185 --> 00:11:36.805 You know, if I'm running a small business, I'm going 248 00:11:36.805 --> 00:11:40.245 to be super sensitive right now in 2024 to 249 00:11:41.065 --> 00:11:44.205 how much capital I actually need in order to 250 00:11:44.885 --> 00:11:46.245 function my business, right? 251 00:11:46.325 --> 00:11:48.525 I don't think it's healthy to take more. 252 00:11:48.635 --> 00:11:51.245 Just because somebody's willing to give it 253 00:11:51.245 --> 00:11:54.565 to you doesn't mean that you should necessarily take it, 254 00:11:54.565 --> 00:11:57.445 because that requires you to, to pay it back 255 00:11:57.585 --> 00:12:00.365 and you know, it, it, it eats into your margins 256 00:12:00.365 --> 00:12:01.845 as you're, as you're paying it back. 257 00:12:02.145 --> 00:12:06.605 So I would say, you know, kind of right-size your operation 258 00:12:06.665 --> 00:12:08.765 and, you know, of course take working capital 259 00:12:09.475 --> 00:12:13.045 when you need it to expand your business, kind 260 00:12:13.045 --> 00:12:15.205 of keep your head above water, make payroll, 261 00:12:15.825 --> 00:12:17.445 all the different uses of capital 262 00:12:17.555 --> 00:12:19.725 that you're gonna have as a small business. 263 00:12:20.065 --> 00:12:23.565 But, but don't take more than, than what you need. 264 00:12:23.705 --> 00:12:24.805 Be be thoughtful 265 00:12:24.805 --> 00:12:26.965 and mindful about, about, you know, kind of 266 00:12:27.225 --> 00:12:30.165 how much capital you're, you're taking for your business. 267 00:12:30.665 --> 00:12:31.685 And then for the other person, 268 00:12:31.865 --> 00:12:33.525 you said, 'cause you said merchant, 269 00:12:33.745 --> 00:12:35.165 So for the, for the sales partners. 270 00:12:35.275 --> 00:12:38.685 Yeah. So advice that I would give to the sales partners is, 271 00:12:39.185 --> 00:12:40.565 you know, pick the right funders. 272 00:12:41.445 --> 00:12:44.885 I, I know it's important to, to all brokers to have 273 00:12:45.485 --> 00:12:48.205 multiple funders because they need optionality, right? 274 00:12:48.275 --> 00:12:51.205 Like they're spending a lot of money on lead generation 275 00:12:52.005 --> 00:12:54.525 sourcing the, the full application, 276 00:12:54.905 --> 00:12:56.085 you know, from the merchant. 277 00:12:56.105 --> 00:12:58.405 And they need to make sure that they have enough options. 278 00:12:58.925 --> 00:13:01.005 A funder, they need to have their B 279 00:13:01.025 --> 00:13:02.965 and C funders, they need to have kind 280 00:13:02.965 --> 00:13:04.485 of the higher risk bucket. 281 00:13:04.945 --> 00:13:09.565 Um, so I understand that, that ISOs need this waterfall of, 282 00:13:09.825 --> 00:13:11.085 you know, multiple funders. 283 00:13:11.465 --> 00:13:13.725 But I would advise ISOs 284 00:13:13.725 --> 00:13:16.885 and sales partners to really hone in on kind 285 00:13:16.885 --> 00:13:20.245 of the best in breed funders that are consistent, 286 00:13:20.555 --> 00:13:23.925 that have good platforms, that are reliable, that 287 00:13:24.465 --> 00:13:26.885 pay them contemporaneously with funding, 288 00:13:27.275 --> 00:13:28.525 funding the merchant. 289 00:13:28.825 --> 00:13:31.045 You know, I think reliability is very important, 290 00:13:31.105 --> 00:13:33.085 and I think building goodwill 291 00:13:33.085 --> 00:13:36.685 with the funders will help the brokers achieve more 292 00:13:37.105 --> 00:13:38.565 and achieve more of their goals. 293 00:13:39.265 --> 00:13:40.685 So for 2024, I mean, 294 00:13:40.835 --> 00:13:43.805 what is 2024 gonna hold for Biddy Advance? 295 00:13:44.725 --> 00:13:47.525 So for, for Biddy advance it, you know, we're, 296 00:13:47.525 --> 00:13:48.645 we're doing much of the same. 297 00:13:48.775 --> 00:13:52.485 We're, you know, continuing to improve constantly with, 298 00:13:52.515 --> 00:13:56.565 with technology, we're continuing to constantly improve 299 00:13:56.595 --> 00:13:58.325 with our scoring models. 300 00:13:58.545 --> 00:14:01.085 You know, we have, we have so much data, you know, I, 301 00:14:01.085 --> 00:14:04.165 I've had Biddy Advance since beginning of 2020, so, 302 00:14:04.465 --> 00:14:06.965 you know, we have so many merchants that we funded, 303 00:14:07.425 --> 00:14:11.885 you know, in, in four years, that, you know, we're able to 304 00:14:12.695 --> 00:14:15.765 constantly change our, our credit decisioning model, 305 00:14:15.895 --> 00:14:18.725 which is a positive, which means, you know, we're, 306 00:14:18.775 --> 00:14:21.885 we're able to look at the data in real time 307 00:14:22.305 --> 00:14:25.045 and, you know, choose more good, you know, 308 00:14:25.265 --> 00:14:28.925 and choose less bad, which to the sales partners 309 00:14:28.925 --> 00:14:30.605 and to the merchants is, is healthy 310 00:14:30.605 --> 00:14:33.805 because it means, you know, we should be able to fund more 311 00:14:33.805 --> 00:14:37.245 of their opportunities because we understand the risk. So 312 00:14:37.665 --> 00:14:42.245 To wrap it up, what are your predictions for the MCA space 313 00:14:42.245 --> 00:14:43.765 and for the alternative finance space? 314 00:14:44.605 --> 00:14:47.325 I, I'm bullish on alternative finance, 315 00:14:47.375 --> 00:14:49.885 space revenue-based finance space, you know, 316 00:14:50.085 --> 00:14:52.445 A-K-A-M-C-A space, whatever you wanna call it. 317 00:14:52.625 --> 00:14:55.205 I'm, I'm very optimistic. 318 00:14:55.565 --> 00:14:58.925 I think that the disclosure laws are really healthy, um, 319 00:14:59.515 --> 00:15:01.205 very, very optimistic. 320 00:15:01.625 --> 00:15:03.725 Um, last year was a big year for us 321 00:15:04.035 --> 00:15:07.645 with California disclosures, Virginia disclosures, 322 00:15:07.755 --> 00:15:11.605 Utah disclosures, you know, January we launched, um, Georgia 323 00:15:11.705 --> 00:15:15.205 and Florida more to come in 2024. 324 00:15:15.345 --> 00:15:17.245 So I think disclosure laws are great. 325 00:15:17.605 --> 00:15:20.725 I think disclosure laws require the funders to be, 326 00:15:20.945 --> 00:15:22.325 you know, super compliant. 327 00:15:22.345 --> 00:15:24.525 And it's kind of, you know, the first opportunity 328 00:15:24.525 --> 00:15:27.365 that we've had in, in years since I've been in the business 329 00:15:27.365 --> 00:15:32.125 since 2008, to really separate yourself, you know, and, 330 00:15:32.145 --> 00:15:35.365 and separate kind of the, the good actors from, you know, 331 00:15:35.365 --> 00:15:37.845 the, not the not so good actors or, or, 332 00:15:37.905 --> 00:15:40.485 or said differently the companies that have the, 333 00:15:40.545 --> 00:15:43.045 the resources and the, the technology resources 334 00:15:43.045 --> 00:15:47.205 to implement these disclosure laws quickly and efficiently 335 00:15:47.265 --> 00:15:48.445 and, and not miss a beat. 336 00:15:48.705 --> 00:15:50.245 So I think, you know, I'm, 337 00:15:50.245 --> 00:15:51.845 I'm very optimistic about the state 338 00:15:51.845 --> 00:15:53.045 of the state of the industry. 339 00:15:53.405 --> 00:15:55.965 I think we just need to kind of, you know, 340 00:15:56.155 --> 00:15:57.765 take it one day, one day at a time. 341 00:15:57.865 --> 00:16:01.445 And, and this is probably not the year to go crazy. 342 00:16:01.605 --> 00:16:05.525 I think it's a year to just kind, you know, maintain, 343 00:16:05.985 --> 00:16:07.885 you know, stick to what you're good at, stick 344 00:16:07.885 --> 00:16:11.565 to your knitting, service your customers and, and, you know, 345 00:16:11.665 --> 00:16:12.925 and have a successful year. 346 00:16:14.175 --> 00:16:15.645 Craig, thanks so much. Okay. 347 00:16:15.645 --> 00:16:17.965 I appreciate you chatting with us and giving us Absolutely. 348 00:16:18.105 --> 00:16:21.085 Advice and just, uh, how to maneuver this, this industry. So 349 00:16:21.445 --> 00:16:22.445 Absolutely. Appreciate it. 350 00:16:22.445 --> 00:16:23.605 Yep. Appreciate you having me.