Improve your shopping experience with flexible payments through BridgerPay & humm

28 Jun 2022

Ran Cohen: Hello everyone hope you can hear me well and see me as well. And welcome to another webinar and another event from Bridger pay where we share from our experience in Bridger pay. We'll start talking about Buy now pay later and the offering of Humm. Meanwhile if you have any questions on Buy now pay later or anything regarding payments we'll be happy to answer you so just ask us through the chat and we'd be happy to show yeah.  

PJ Byrne: We're in here. Thank you. My pleasure. Hey, how are you?

Ran Cohen: Good, you? Okay, so. So let's get started. So thank you for being with us, PJ. We're connected with Humm for quite some time now and working with you with the with merchants already but it's great to have you here and hear from you more about the product and the offering and the type of merchants and their businesses that use the product and also, I don't know, if everyone knows, by now pay later A to Z and I think it's a good place for you to give us a good, rundown on the subject. What is it? What do you think?

PJ Byrne: Sure, yeah, look, I guess, by now pay later has been in the spotlight and over the last couple of years in particular. Some for the right reasons, some for the wrong reasons, I guess my own opinion on Buy now pay later is it's a very, very useful product offering when it's used in the right industries, by the right people. What I mean for that, by that is here at home, we concentrate on longer term, higher ticket purchases. So that can be anything from, home improvements, to dental procedures, to buying a bicycle to, splitting the payments on education and everything else in between where we differ than other buy now pay later is a lot of the players in the small ticket space, tend to concentrate on one product offering. So it can be anything from, this split your payments from three payments out as far, a payments, which would be weekly. For us. We also have a product that works there. But we concentrate on the longer term higher amounts. And the reason for that is in the smaller ticket space, it's very, very hard to get your business to profitability and for us, we've been at this for over 40 years now. And yeah, look, we've learned a lot along the way. And the message from us is very, very clear. We give customers the ability to choose how they want to pay when they want to pay for what they want to pay for, if that makes sense.

Ran Cohen: Yeah, totally, it's the wide adoption of different verticals for these, mechanism is, amazing to see and you can see it both in high tickets and, but also in the medium transactions and that comes down as well. Also in shops, even in actual, in the actual store, and the actual shops that people start to demand the product there. So you see the adoption, and like you say it's all a matter of risk management, I'm guessing.

PJ Byrne: Yeah, risk is the key. At the moment, the industry across the world, not just in Ireland or the UK is seeing a lot of bad debt, obviously a number of things get you to that stage, which would be in all the pandemics probably the easiest one, at the moment, we're seeing, obviously a high growth in inflation but the key one really is knowing your customer. And so, the easiest way to get yourself into bad debt is to keep applying for more and more finance, when you're already struggling to what you already have to pay back what you already have. So for us here at home again, we pride ourselves in putting the customer first. So if you pride yourself on putting the customer first the key things to do is you need to make sure that your customer can afford what it is they're looking to spread the cost on and more importantly then that the service ability is there and they're not going to put themselves under pressure to maybe get next week shopping, or whatever else it might be put fuel in the car to get the work.

Ran Cohen: And you said that basically you're giving the ability to spread the installments for how many weeks?

PJ Byrne: So we do everything from five fortnight's out as far as 72 months, and everything else in between. The key for us is to give the customer choice. So if you think about it, we all get paid differently. So you can get paid weekly, you can get paid fortnightly, you can obviously get paid monthly. And depending on when you get paid is really important because if you are, if you need to set up a repayment, normally the best time to do so is the day after you get paid and not like the last day before you get paid because obviously we all know when it comes to that stage, things are getting tighter and you're looking forward to payday. So, again, the secret for us there is giving the customer choice, everything we do is give the customer choice.

Ran Cohen: Great. Okay, let's talk more about the mechanism and how it actually works, both from the consumer and maybe from the merchant side.

PJ Byrne: Yeah, sure, everything again, you know, we've two customers, so the customer, our first customer is actually our retailer, or partners. And then our second customer is the end user who actually makes the purchase with one of our partners. So for us, given how busy everyone is, it's key to simplify. Absolutely everything we do from an onboarding process for a potential partner. So obviously, partnering with yourselves makes that a lot easier and a lot faster for us. Because it's one integration with you, where you give us the opportunity to obviously, do a seamless roll out to anyone that's using your platform. So for us, that's key to success, because, timing is everything and then simplifying, as much as you can obviously make sense to to the retail partner because they want to know that, obviously, it's done right, they want to know that someone's gonna stand over it. And if there's any questions, if something does go wrong, which very, very seldom does, there's more than one person to go to and say, Listen, I'm having a problem here, can you help me, and we're both on hand to, jump on those issues, if and when they happen, and to rectify them and get everything right again, when you think about it's not much different than the actual end user, which is the buyer who's making the purchase. We also say to a potential partner, you tell us what your customer needs because you know, your customer better than we do. For example, we don't say to any one partner that here's our product offering, you should use this and only this, we go and we sit down and we listen to the needs of a potential partner. So, there's different product margins, across the different verticals and some people can afford to pay higher MSF, which is a merchant service facility fee, which basically means the more that the retail partner pays, the less the customer pays the whole way up to 0% APR. And again, everything in between. So the message I would give here today is we're not a one size fits all, we're a company that listens, that is open to building products to help any business out there and simplify how we do that along the way. And a key part of that is obviously partnering with yourselves.

Ran Cohen: Right. So the the offering of the Buy Now pay later is tailored to the merchants to the type of clients products costs. Great. Exactly. And from the merchant side can you speak about like, what's the process of does easy as easy agnostic to the settlements is the settlements are getting to him directly on the, like any other processing?

PJ Byrne: Yeah, that's a really good question, because it's a very important one. And everyone wants to know how they're gonna get paid straightaway. So for us, we send payments straightaway on every transaction. And it depends on who you bank with. So for example, we would bank with HSBC. If you bank with HSBC, you get paid same day. If you bank with another bank, it can be take between three and five working days. That's not us we're sending payments straightaway. It will depend on your bank, how quick they accept payment and get that into your account. But for I guess, ease of allocation, we send a Remittance Slip to a dedicated email address but we also give each retail partner, their own unique portal, where you can log in in real time and you have a dashboard and it will show you all the transactions that have taken place. And there's also a drop down to go in and look at your remittances. And you can obviously send them digitally or you can print them, whatever makes it more easy, I guess, for your finance team to allocate those payments.

Ran Cohen: So the merchant gets paid normally, like any payment provider and you're charging the user on the installments according to whatever setup he made for himself.

PJ Byrne: Correct.

Ran Cohen: And how is the onboarding process for a new business with you guys?

PJ Byrne: Another great question and to be honest, it's as quick as the potential retail partner was or wants it to be. So for example, if you want to partner with Humm right now, you will go on to our website, you can see work with Humm, you go in there, you fill out a number of fields, it's about five fields. There's background checks taken place in the background. And literally everything is automated from there where the system is doing the checks and we make a decision in real time. And then we send you the options, we have some generic options, where you can sign up straightaway, as in IE, the product offering you want to have for your customers but if you need as a spoke offering, you can literally tick the box someone gets someone in contact with you ASAP. And we can discuss other opportunities and product offerings that you may need. We're talking minutes rather than hours or days or weeks, where we move as fast as you move.

Ran Cohen: That's Progress. That's I think that's what businesses are looking for today. They are looking for this flexibility, to be able to do things on their own. They are tired, from all support teams, and they're really want the independence today. We see that in Bridger from our side, we've made our entire product self onboarding. We've added new guys as well into that product. So people that are using Humm today can self onboard himself into Bridger connect their Humm account and start processing with us and you. So I think that this automations and making people more independent is a key is a key element in in scaling.

PJ Byrne: Yeah, absolutely. And not just saying because I'm on a moment, but you made all that so seamless for us, which is important because obviously, we're trying to make things as seamless as possible for all our customers. But when we get to work with someone like yourselves and you can make it so seamless for us to do business with more people. Well, that's exactly the types of partnerships that we look for. Because without great partnerships, you can't do great things. And to do great things, you need to simplify and be able to do them super-fast, particularly in this space. Everything in the payment space right now is it's judged on time. And the faster you do it, the better you're seeing. But it's also important to note that as fast as you do things, it's also as equally important that you do and compliantly. And you protect the customer at all times. And that's something that we pride ourselves here about doing.

Ran Cohen: Yeah, and I'm guessing it's also connected to the reach that you need to get to and the amount of countries that you are offering the service in which is also growing. No?

PJ Byrne: Yeah, great point. So for us, again, it's all about scale. So we currently offer our services in Ireland, UK, Canada, Australia, and New Zealand. And we're always looking at new markets as we go because look, there's no secret obviously, when you have a great product, you have a great system, the easier you can make it to roll out to more people, the more markets you can get to in a timely fashion. And again, everything has to be simplified because you need to be able to offer as close to as possible the same products across all the different markets to keep that consistency, which is also very important.

Ran Cohen: And for you guys to open a new vertical, it's a big thing to cook to be able to connect all the through all the different schemes in the regions and so it's not just another country or layer, I'm guessing.

PJ Byrne: Yeah, look, again, working with yourselves makes that really easy. So for example, we don't say no to any particular vertical. We're open to look at everything if it's a fit for our brand, or because our brand is everything and we're very passionate about our brand. If it works for that we were open to new opportunities. But I guess the key to that is we could identify a new vertical today. And within minutes genuinely using a partnership like yourself, we could be live and we could be transacting. So we can move just as quick if not quicker than the actual potential partner themselves.

Ran Cohen: That's, that's correct. Totally. And yeah I think it's all start and end with the fact that people can do it fast and understand the product and get, the full scope, and also the product from user experience. And I've seen it many times it's a beautiful product. Maybe next one, we should see it more have another event, will you show it a little bit but it's a beautiful product with a lot of different capabilities, like you said. If we speak about benefits for merchants and businesses that are using your services. What can you tell our merchants or businesses that are using video today and want to connect you guys? Let's give them a small recap.

PJ Byrne: Sure, yes. And look, why we stand out are different than the rest, it goes back to, we don't have that one size fits all mentality. So we have the ability to work with a business that needs anything from one pound out as far as 30,000 pounds. We have the ability, like I said previously to set up repayments from weekly fortnightly monthly. And then we can offer terms out as far as 72 months, our products can be interest free, they can be interest bearing, they can be 0% APR, again, if we can think of it, we can build it. And sometimes because we have so many great product offerings already built, we don't think or we don't spot an area that needs a different products so if someone, that's either watching now or is watching this later, feel they need a product that I haven't mentioned, we'd be very open to having a conversation to see what we can do to help in that situation. But yeah, again, on from just having a perfect and great suite of products, we give the best customer service that's available in the market, we're not a company that just comes in, promises you everything leaves a brochure, on the front your desk or puts a banner on your website, we are here 24/7 to give support to make sure the partnerships works. If you're not seeing transactions coming in daily from us something isn't right. And we need to sit down and work out what that is because we know people want to split their payments. In this world today. It's a simple I've seen an article just today where nine out of 10 shoppers on a website will leave your site, if you don't have a way to split a payment. That itself speaks volumes.

Ran Cohen: It says it's unbelievable because there are so many websites that are still not offering buy now pay later. And I think that's because they're a bit, people are afraid for from the unknown. And then you and they look at it as a new way of paying, which in the end. That's it's not a new way of paying but that's much more, personalized way of paying. And that's all there it is. I think a lot of businesses things, how do their does their payment provider today need to support them in the Buy Now pay later and they sometimes confused between the services. So maybe you can do some older in that.

PJ Byrne: Yeah, look, the key thing in the partnership here is, making sure you're doing right by the customer at all times. I know I've said that a number of times at this stage now. But the key is working with someone that will put the customer first and you shouldn't see a buy now pay later provider or a finance provider, as someone who potentially could take a customer you already have and convert them to splitting their payment going forward. You should see it as them bringing to the table new customers and a lot of customers so again, going back a little bit. That article that I read this morning where it showed, nine out of 10, online shoppers will drop all your basket. If they figure out you don't have a way to split that payment, while you're missing nine potential customers each time, in my opinion, and look, just shown our transparency here as well. Not everyone gets approved to split their payments because again, being a brand that does the right thing by the customer, if we see that someone is in financial hardship, we obviously don't approve them for further finance. We basically just say, look, we can't offer you anything right now. But feel free to come back in six months, it's important to get that out there. Because you should always make sure no matter who you partner with, whether it's home or anyone and that there is never an approval rate of 100%. Because if there is something not right and that means your customer isn't at the forefront of the process. And yeah, embrace, splitting your payments, embrace, adding finance to your shopping cart or in store. Because at the end of the day, if you don't give it a crack, you'll never know and there's a great possibility that your main competitor has it. And again, will more than likely get those nine customers that we've talked about that drop off your or out of your shopping cart. So yeah, give it a go. Look, I always say this when I'm talking to potential partners, if it doesn't work out, if you don't like it, you can always switch it off. But don't be thinking in a year's time two years’ time or five years’ time. I wonder what it would have happened if I had to give that a shot at the time I should have given it a shot. But yeah, definitely should give it a go.

Ran Cohen: Yeah, this. I think that from our part, when we speak with merchants and with our clients. Most of them are still not connected to buy now pay later. Most of them are concerned and have many questions in terms of how the money flow is and what will change from that existing world. So there is there is an education part that needs still to be done on many different websites and businesses but in the end, like you said, if you're not offering the right mix of methods, the client would go to somewhere else. And that place might have it. And yeah. So first of all, from the guys that are watching us now if you have any questions, we're happy to answer you on our chat. And if we just speak about the Humm, Bridger integration and the offering that I think that we have today to the merchants, it's like you mentioned many times, I think in this event as well. We've made it very simple, very seamless, very easy for businesses to that wants to have Humm in their website and are already working with Bridger or need to integrate with Humm, could easily do it with us or through us and operate and open that payment method in the checkout. Our integration is seamless within the checkout, he doesn't go anywhere and he doesn't redirect and I think that's a great way to experience payments and complete them. And I think also from us as a payment operation platform we are looking constantly for those good solid the payment provider’s methods with cutting edge API to be able to connect and work with so in the end, our clients would have their offering much wider with Bridger. So how long will it take care, how long does it take basically to integrate through Bridger with Humm? And I think it's a matter of, of if you have Humm account. And then you can easily embed it in your Bridger and integrating Bridger in your website is through our plugins or two lines of code. So that's closing that part of integration. Anything from your side PJ?

PJ Byrne: Look same, as I keep saying throughout this. As fast as the potential partner can move our system is fully digital. So it's literally moving along with the potential partners they're filling in the different fields. Once you get accepted, we send basically a Partner Pack to say which offering would you like to choose and as quick as you pick which product you'd like to offer a product for that matter, again, we can get the system, automates the contract get it back to you to Form stack. And the minute you sign your central credentials and your account manager will be in contact with you same day or next day, depending on what time of the evening it is.

Ran Cohen: So it's seamless. That's, I think, what the merchants are looking for that and in terms of businesses, are you accepting businesses from around the world?

PJ Byrne: Yes. So as I say, we're currently operating in the markets of I've already called out. But yeah, there's a business in a different country that is selling into any of the markets that we're currently in. Absolutely. We can sit down and have a chat how that best works. It is a small bit trickier, depending on where bank accounts are, etc. But yeah, we can definitely.

Ran Cohen: So the settlements needs to still be with banks that are accepted?

PJ Byrne: Yeah.

Ran Cohen: Yeah, for sure. Okay, sounds reasonable. And does the, what happened when the user for example, is not paying you guys?

PJ Byrne: Yeah. So again, we're looking on that one. Our outlook on that is very, very simple. We pride ourselves on our underwriting ability. And if someone gets to the stage where they can't pay or won't pay because there's two differences and the ones that can pay, we work with them. And we put them on payment plans, etc. But if it gets to the stage, where they've just gotten themselves into financial hardship, unfortunately, for us, we have to write that off, which is the right thing to do, because it's important to do the right thing. And yeah, we're not a company that sends out the man in the van knocking doors to get our money back. That's not what we're about here. Again, that's not the right thing to do, in my opinion. So yeah, look, if a customer is just pay and we've worked every avenue possible to help them. We just right off that.

Ran Cohen: And can you do more about how do you make this credit? Because it's not like in the US where you have these credit lines and you can, go through the credit lines or what are you doing when you don't have credit data on the user and you still need to give him that installment?

PJ Byrne: Yeah, so we're very lucky, particularly in the UK that we do have a number of private bureaus, we have a number of different tools that we can use that are all API driven. So again, that helps us to make a really good fast decision. And so yeah, look, a credit score is obviously very, very important in all markets. And for us, obviously, if someone isn't paying or doesn't pay, we have to report that. That's our obligation and to stay compliant, we must do so and will do so. So yeah, look, we're very lucky in the UK in particular, that there is so many different private bureaus and different API driven tools that help us with that side of things. And I guess, a really important point to call out though, is, we're always at the other end of the phone. We have live chat, we have many different avenues, where if a customer is in financial difficulty, we're happy to help we get it, its part of life. As I say, we've made the decision to give the finance at the time you made the application. So as far as we're concerned, you're an important customer to us just because you've hit a bad patch in your life, and you can't afford to repay at the moment, but that doesn't mean that we turn your turn our back. And you actually, it's more important for us to show you what we're all about at that stage. And to show you it's not all about you know, the good customer and that we're for everybody. And we look after our customers when and where possible.

Ran Cohen: Yeah. We have a question. Are there any restricted verticals on buy now pay later?

PJ Byrne: Yeah, there will be some I'll give one good example it would be firearms is probably a really good example. Gambling will be another good example, that I'm only speaking from a home perspective and I do and I have seen some providers providing their services in the gambling industry. That wouldn't be something for us here. Again, we're trying to, you, give people the ability to split payments on what they really want and need in their life. And again, just my own opinion, I'm not judging anyone. I think if you had to be spreading your payments on your bets, I don't think you should be betting in the first place because it's probably not going to well for you.

Ran Cohen: Yeah, it's also a matter of how much you actually wanted to spend and how much you are spending in the end and in the end, it's not a product that you will consume, it's betting, and it's gambling. So it's definitely a different approach and I understand you. And also this type of financing is, I'm guessing that the scoring would be much easier to go with products that are maybe more physical or more tangible.

PJ Byrne: The industry is changing. So you will have seen over the last number of months in particular, the amount of attention that the buy now pay later market is receiving from the FCA and from government in general and things are going to change, things gonna change. I've seen a question in there regarding what's the risks. And the greatest risk to a retailer or product provider at the moment is your brand. And I'm not sitting here to try and scare monger anybody but my fear for particular brands would be if your provider isn't doing what we're doing at a minimum, and making sure they're checking for serviceability and affordability. And doing a credit check whether that's soft or hard. That potentially is going to impact your brand down the line. Because the more and more that we keep doing a deep dive into buy now pay later customers, there is a lot of them out there that should never have gotten the finance in the first place. And the reason they got the finance in the first place is because the credit check wasn't done. The serviceability check wasn't done, the affordability check wasn't done. And what happens then is it will go back to well what did you actually buy, when you got the finance that you shouldn't have got? And that's where it has the potential to damage. A lot of brands, even though the brands wouldn't have been involved in the steps to give that customer that was in financial stress for the finance. But unfortunately, that's not the way the world works. The world will work in the way well what did you buy? Well, I bought this from Joe Blogs with money, I couldn't afford to pay it back. And now I'm in even further debt. And if that happens a number of times, it is going to damage a lot of brands.

Ran Cohen: Exactly. But from the other side, I think that the attraction on buy now pay later was so big in the last few years and you saw players coming in that didn't have the technology or knowledge or capabilities. And I think in the end, you say that sometimes an earthquake can make some good. So I think it's not bad that because in the end, the consumers are going to be the one that will lose. And they would have to change different places and do other applications again and again and again. And that's not something we want. We want them to have, this simplicity in payments. But you can see also from investment side how those companies out there are a lot of companies that are invested or IPO and you can see the fact very, very fast. And I think that long term player is the one that will stay because the product is amazing and needed.

PJ Byrne: That the big thing there is and I'm not sitting here trying to tell anyone I know everything for one minute, because we definitely don't put a lot what I can tell you is when you look at the mathematics behind the buy now pay later, which is smaller ticket. And we've seen though in the market, I'm actually glad that you brought this up because the market has finally worked out that a number of these players never ever will get themselves to profitability. And we all know as, educated people are business people, that if you're spending more money than what's coming in, there comes a point in time where you can pay salaries, you can pay the, utility providers. And when it gets bad enough it just ends right so you can see. I'm not going to sit here and name anyone because that would be inappropriate and wrong but you can see the amount of different providers that are exiting different markets. And the reason they're exiting is because they're getting closer until closer to total wipeout. And the reason for that is because their overheads are so high, and the products that they have will never ever get them to profitability. And the second thing that's really important technology is all those providers are not FCA, regulated and worthy to go and get themselves FCA regulated. That would mean even more overheads because you need more FTT.

Ran Cohen: Much more and I think that investors today are much more sophisticated in the end. They know how to ask the right questions and are looking for financial efficiency and, and today to raise money, the valuation won't be as nearly as what you thought and what you planned. And that's a big part of what, making a lot of changes today in the market and strong ones will, I'm guessing will remain. We have a question from Vsauce, about the interest rate hikes and the slowdown in consumer finance and how does this affect the Humm strategy?

PJ Byrne: Sure, again, we're very, very lucky because we've a number of different products across our business. So Humm, I personally don't see ourselves as a buy now pay later provider, I see us as a finance provider who happens to have a product that can work in buy now pay later space, our product is actually an installment plan product. And that we can offer in many different verticals, with many different product offerings. So that can be interest free interest free terms, interest bearing 0% APR, we also have a credit card business. And we also have a really big commercial business in Australia, New Zealand. And luckily for us, when times get tough, like there's pandemic hits. Inflation is going up, interest rates are hiking, we're lucky that we can use other parts of our business to help those that are maybe struggling throughout situations like this. And we've proven this time and time again, as I say, we're around 40 years. We've beaten pandemics, we've beaten inflation, we've beaten interest rates already. And look, we'll beat them again. And the reason we'll beat them is because we're diversified. We're not that company that I mentioned at the very start of this where we have one product offering and everything hinges on the economy and things thing as they are right now. So for us where we're a well oiled wheel with many different cogs. And yes, we're comfortable that not ideal interest rates going up is not ideal for anybody. But we definitely have the war chest available to stay competing, stay winning and come out the other side.

Ran Cohen: It sounds like a very solid plan and to have these type of levels to rely on on those days is great. Do we have any other questions from the people here today with us? And if so, please ask us on the chat or just before we finish and wrap it up PJ, what do you think about the space in the next few years?

PJ Byrne: Yeah, look, it's gonna get interesting. So what we're already seeing, so this won't be anything new to most people, we're seeing a lot of smaller players exiting the different markets and the space, we're seeing the bigger players enter, so your apples of the world coming in. And obviously, from their perspective, it's not about finance, it's about another product offering. So they would see final pay later as a product offering more so than finance. It's interesting, where it ends up is going to be one to watch I guess for us, we're definitely going to stay in those verticals that we know work. And more importantly, that, we can get a route to profitability from and are getting profitability from. But I definitely see more been done in the utilities side of this where there'll be, a combination of many different product service providers coming together. And we'll be able to spread out the cost that are payment for them, which means, it could be anything from getting your home renovated from a Windows perspective from a home heating perspective, from a solar panel perspective. And on that note with concentrating on green energy, there is going to be massive opportunity for a finance provider in all things, solar, all things, car charging or anything that's going to help the world go greener. And that's where I really see finance coming to the fore. And helping people, get what they need to do to play their part in making sure that this world gets into the green space quicker than we could hope for.

Ran Cohen: Yeah. That's great. Also, just one last question from my side, from what you see in the data that you see and that's something that I'm very interested in. Do you think that the ticket size or the card size, with financing options and without is bigger? And what's the data that you see? Like what's the average growth you see on account size with the usage of financing?

PJ Byrne: Yeah, it's a really good question. So obviously, it will depend on the verticals. But for the purpose of this call, it's about an average of 35%. Increase in spend across the different verticals. And that's because it's pretty simple, you can break it down to this because we've all been there. So for example, I'm just going to because I've done it recently, from a Humm, we're going to buy a suite of furniture, you have a budget in your mind and you're like, right, that's all I'm gonna spend. But whilst you're being brought around to look at all the different products in the shop, the salesperson shows you this amazing suite of furniture but it's five grand,

Ran Cohen: Just here by accident.

PJ Byrne: And yeah, look, it's something that is we all know, it's well worth investing in, it's gonna last you a long time, more likely your partner is going to be with you as well. And they're going to have input. In your mind, you're like, No, I'm not shelling out five grand of my own money. But the minute that, the salesperson says, Well, you don't have to shell out all the money today, you can actually split it down, over 36 48, whatever, 60 months, course you're going to do it because nine times out of 10 is going to be interest free. So it just makes sense anyway, because why would you use all your money today, when you can spread out that cost at an interest free rate? And the second one is, we all want to have the best. But sometimes you just can't justify shelling out the money. And yeah, look, I think the pandemic has taught us a lot. And that's life is for living. And you should go treat yourself well. Spend more time with your family, etc. But do it? Do it in in, you know, a smart way. And if you can afford it, do it. And if you can't afford don't do it. That would definitely take but your 35% is growing by the way, are seeing that growing.

Ran Cohen: Yeah. Great. Okay, I think we are good with all the questions. So PJ, thank you very much for being here with us and giving us from your inputs on your product and offering and the company. It's been very interesting to hear and to know more about you guys. Have happy to connect with you and walk with you in Bridger and hope our partnership will continue and become more successful. And thank you very much for joining us.

PJ Byrne: Thanks for having me. And yeah, I look forward to working with you in the team. And thank you very much for everything today it really appreciate it.

Ran Cohen: Great. So guys, if you want to connect Humm, we're happy to get you connected either directly or through Bridger. We'll be happy to do so. Thank you very much. And see you next time. Bye. Bye bye PJ.

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