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Transcript
We’ve been around in the industry for about 30 years, started really small with mom and pop food and beverage establishments and then we’ve expanded to take on large enterprises and we handle all of their catering, food and beverage events from the back end. We first started working on the integrated payment side. People could take in payments, they liked it, but we were trying to see the real value in it from our side as well. And we talked about how do we really turn this into the next level for us and take our company from a couple million dollars to millions or even billions. And that’s when we learned about the Payrix side, and it has completely changed our business. It’s now our core infrastructure. Two to three times our revenue cycle has been generated from building payments into our system. It’s been a game changer. It’s allowed us to expand as a company. It’s allowed us to launch new divisions. It just flows. Customers just come on and we’re literally just watching our numbers continue to grow month over month. I mean, it’s the biggest game changer that I think we’ve ever done. And it’s super exciting. I think when it comes to getting started in the payment space, the first thing is you have to figure out the application of the program that you’re putting together. So, you need to look at the pricing structure, how you’re signing on new customers, and really look at that onboarding flow. We partnered with Worldpay to get an understanding of how could we make this process even simpler and how can we build it just straight into that day one onboarding. It’s literally the first thing you do when you’re signing up for the application. You get put up on the Worldpay platform and so we have them processing the first day that they have access to the application. You have to make it just seem like it’s part of what you do. We struggled when it was an upsell, but when you build it in and make it part of your onboarding, all that goes away and it just seems natural. And I think the last piece to that, that really comes into play is think about your pricing model. A customer that comes on to Caterease, we’re maybe looking at about $1,200 in profit over the course of a year. But with the payments infrastructure, we’re looking at 30x that revenue from the exact same customer. And so, we’ve said let’s lower our pricing, let’s make this easier to get into because now they’re benefiting and we’re benefiting for something that’s not even costing them anything. And so, this is all tied together. They’re not seeing any additional cost and they’re now getting our application for free. So, it’s a win–win across the board. The past few years have been such a changing landscape for our company. We started talking about Embedded Finance and embedded capital. So, we’re looking at the ability to add bank accounts down the road. We’re looking into the ability to offer lending with essentially almost no additional work. It just happens right inside their application. They can go in and say, “yes, I would love to have that lending option.” And it’s coming out of their payment processing. They’re not having to track down and pay another vendor. It’s all just right inside. I’m really excited to see how that continues to evolve, and I think it’s going to be groundbreaking.
