Transcript
A lot of people say we're in the point of sale business. What business are we really in? It's the payments business. So payments is everything in point of sale. Now if you're not, if that's not part of the talk, then you're not in the game. So it has to be part of it. Worldpay has been an awesome company to deal with.
You know, in the past we were project oriented company and so we would want, you know, our primary revenue to come from hardware, software and service sales. And what business are we getting into—embedded finance. The project was really a low lift for getting embedded finance up and running compared to the other projects that we're working on. And this for us too was fitted in.
We worked with your folks and they kind of encouraged us that this was a smart move. And you know, they provided all the information to help me know this was something we needed to do. And actually I was thrilled because it did seem like a light lift and that's how it how it proved out. Now I'm really excited. It's just one furtherance of our desire to help our customers grow.
So now, you know, we're able to reduce our hardware and software offering a bunch in exchange for the payment card contracts. And so that kind of works together. It helps them, you know, reduce their total cost of ownership with us and then makes it easier for them to, to get activated and get going. Kind of it's really helped us lower the barrier entry.
We help bar owners capture more revenue and double their margins. And if most of them are running at 8 or 10%, it's literally very easy for us in some cases to find 12 to 15% that they're just, it's evaporating because they didn't program the algorithm, if you will, in their POS right. There's a lot of little mistakes that we help them with.
So it's all kind of it's all guess tech and engineering and it's helping them grow that ticket size so that they can increase their profit and their margins, right? So you make all these little mistakes, but they do 10s of thousands of transactions, sometimes a month, and that adds up to huge dollars over the course of the year. And once they get their mind into that game, then everything starts to change and they look at their business a little bit differently.
So I think that was the that's the primary challenge is just the cut over from one business model to a new one. You really have to start changing your business model when you see it ahead before everybody else's are going to get left behind. Our primary focus really it's all about growth. And at the end of the day, that's the one thing we have to have in common with the customer. And if we can have those conversations and they're interested in growth, then we're we zero in is kind of helping them grow their guest check average.
I feel like right now we've been in more alignment with our customers, with our staff and with the organization than ever before. Well, I've been with Worldpay a long time, I think almost two decades now, and I built a lot of relationships with people I care about. This company's got my back.