SPDL .0026?: Spindle entered into a strategic partnership with Newtek NEWT, +1.83% a large, publicly-traded ISO of several payment processors. Mr. Wesser previously had a long professional relationship as one of Newtek's largest customers, and Management believes the Newtek relationship will provide Spindle with multiple advantages, including:
Access to Newtek's marketing materials, which are white-labeled with Spindle branding
Access to sell all of Newtek's products, which comprise a full suite of small to midsize business services, including merchant/payment services, insurance products, business financing, payroll and benefits solutions, web solutions, and technology/technology management solutions
Diversity of processors, as Newtek supports several world-class processors which accept merchants from diverse industries, risk levels, etc., which allows Spindle to find a "home" for each of its leads, which it may not be able to do working with only one processor as an ISO
During the Third Quarter, Management worked with Newtek to acquire and begin the process of white-labeling Newtek's marketing and digital materials. Management expects, in mid to late Fourth Quarter, to be able to launch a full business services website which will reflect the Company's ability to deliver all services Newtek provides, but with Spindle branding. This will allow Spindle to leapfrog development time and expense necessary to build such a suite of services on its own. Management believes this suite of services, along with accompanying marketing materials and web properties, will allow the Company to better approach, sell and close its existing pipeline described below.
Leverage New Pipeline - Management has identified a warm pipeline of new leads that it has segmented into "merchant" and "portfolio" clients:
Merchant clients are merchants with whom Spindle's personnel have close personal and business relationships. As described above, these merchants range from SMBs to very large enterprises which process $1B or more per year. Management is currently in the process of classifying these leads into matching verticals and developing marketing and support materials for each vertical. We began meaningful conversations with several of these leads during the Third Quarter and began collecting intelligence regarding their needs and the timing of potential sales to them. These conversations were drivers of our decision to partner with Newtek and offer a broader suite of services than simply payment processing.
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