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34
Published on
May 27, 2020

034 | Building A Streamline In The Events Business with Stas Chijik, Co-Founder and CEO of Billfold POS

Summary

Stas Chijik is the CEO and co-founder of Billfold POS, a Brooklyn-based cashless payment technology company who revolutionized event-based payment processing, by engineering cashless, RFID bracelets that sync directly with a customer's credit card. Billfolds payment technology helps decrease wait times for customers, while simultaneously increasing the average revenue spent per person at events and venues.

Highlights

  • How does the POS system from ten years ago compare to the ones we have today 
  • The genesis of Billfold POS
  • How Billfold is revolutionizing event-based POS systems
  • Some of the primary issues that popped up in creating the system and how they were resolved
  • Stas talks about the future of the service industry

Mentioned Resources

Episode Sponsors

This episode is sponsored by Juhll. They are a full service digital marketing consultancy that has over 20 years of experience helping your business grow sales online. They've helped most of their clients grow more than 50% year over year by helping them meet their digital marketing goals.

Juhll Digital Agency works with companies who are doing $50 million in top line revenue that have a marketing budget of $2 million. They build your company from the ground up and they also help you in creating a strategy that will work best for your team.

You can email Chris Snyder, President of Juhll Digital Agency, at chris@juhll.com, or contact their team today and find out which of their services will work best for your success story.

Tweetable Quotes

"That's the way that it usually happens at events and venues. You say, 'I'll see I'm gonna go get a water' and then you never see the person again because it just takes so long." - Stas Chijik, Billfold POS

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"So we started looking at solutions and RFID became kind of an obvious answer to our problem, because it's basically putting the payment onto the customer's wrist and connecting the card to it so they could pay with it quickly. " - Stas Chijik, Billfold POS

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"And that's kind of what keeps us separated in this industry of RFID payments is that we continually improve. We don't stop our development." - Stas Chijik, Billfold POS

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Stas Chijik

CEO and co-founder of Billfold POS

Billfold POS is a Brooklyn-based cashless payment technology company who revolutionized event-based payment processing, by engineering cashless, RFID bracelets that sync directly with a customer's credit card.

Episode Transcript

Intro 0:06

Welcome to Snyder's Marketing Showdown and original Juhll Agency production. In this show, you'll discover which elite business executives hold the strongest hand in business marketing and operations. Listen to Epic no holds barred showdowns debating the latest groundbreaking strategies this side of the internet WARNING This show ain't for rookies. So check your ego at the door with your host president of Juhll Agency and founder, operator, investor in Banks.com Chris Snyder.

Chris Snyder 0:43

Hello everyone. Chris Snyder here host of the Snyder showdown president at Juhll .com and founder of banks .com. We usually talk with industry leaders and entrepreneurs about what's working and what's not with their growth programs. We actually decided to pivot a little bit in here how industry Leaders are guiding their teams through this tough time of COVID-19. Of course, we still cover all the growth related items. Just a quick message from our sponsor, Juhll is a full service digital consultancy. And we focus on helping executives solve their toughest digital growth problems while working as an extension of their executive team. We focus on three things we quickly identify the biggest problems impeding growth, we have over 25 years of experience, we've seen a lot of stuff. We propose solutions that give you the best opportunity for success. And then finally, we work to get the we have to work to get it done. So we bring a private marketplace of vetted world class talent to execute the plan. Of course, we manage the whole process from start to finish. To learn more, go to Juhll.com. That's juhl.com or you can email me directly. It's Chris at Juhll .com. Alright, without further ado, I have Stas. He's the CEO and co founder of Billfold POS, a Brooklyn based cashless payment technology company Billfold POS has revolutionized event Based Payment Processing, by engineering cashless, RFID bracelets that sync directly with a customer's credit card. Billfolds payment technology helps decrease wait times for customers, while simultaneously increasing the average revenue spent per person at events and venues. Amazing to say the least. Welcome Stas.

Stas Chijik 2:32

Yes. Thank you so much, Chris.

Chris Snyder 2:34

Absolutely, absolutely. starts to kick this thing off. Why don't you just tell me a little bit about how you got started? Where you from?

Stas Chijik 2:43

Yeah, so I'm originally from Moscow, Russia. But me and my mother moved to the US when I was 12. And, you know, I, that's where I grew up. I grew up in San Francisco area, and then later on, moved to a small town of Mendocino. How However, the small town life got boring rather quickly. And I wanted to seek out a bigger city with a lot more action. So that's how when it was time for me to choose a college, I chose New York.

Chris Snyder 3:12

Got it. Got it? Well, it's I mean, San Francisco is a pretty good city to right. But you know, New York may be much faster. Who knows?

Stas Chijik 3:20

Oh, yeah, for sure. I mean, New York is definitely a lot more dynamic and kind of closer. It's hard for me than San Francisco.

Chris Snyder 3:29

Got it. Got it. So So that's how you got started. What did you What was your degree in college? How'd you Why did you move to the east coast? What did you want to focus on?

Stas Chijik 3:38

Yeah, so I've always been interested in business and I always wanted to be an entrepreneur. And ever since being in middle school, I've been selling things. So you know, when I was looking at, you know, where am I going to study? What am I going to study? You know, I really wanted to be in a place that is the center of it all. So I wanted to be in New York. studying business. And then obviously, that's how I stayed here because I did start a business while I was in college. So

Chris Snyder 4:07

Oh, interesting. Is this. Did you start Billfold in college? Or was it a different business?

Stas Chijik 4:12

No. Yes. So built. That was a college was New York was 10 years ago for me. So that's when I moved here. In college, I opened the bar. So my junior year of college, me and my business partner, Benjamin Roshan, who at the time was actually just my neighbor. We were hanging out one day talking about what we want to do, what we you know, how do we see our you know, work life going, and we kind of agreed on one thing that we want to do something of our own. And that's how we came up with a concept of to go beer. I really, before it was a bar, it was really going to be a shop where people can buy beer to go. And for that reason, we call the place One Stop Beer Shop. So it still operates. But, but it's definitely been changed a bit. You know, we realized quickly that beers to go isn't going to be there forever. And we needed to offer to our customers something you know better and something more long term. So we actually ended up going so just full beverage service as well as full food service as well. So we became kind of a nice little neighborhood spot that offered beers to go, but also as a full bar with food, etc.

Chris Snyder 5:27

Wow. Well, we have something - I love beer. I absolutely love beer. And when I was looking at your website, and I saw this tie in with the bar and the beer and the events, I was like, well, we got to get this guy on. So while you were in college, you started a business. I mean, wasn't it tempting just to go and, you know, work at a bank and be a banker or be a finance guy. What were those opportunities available to you? And you're like, Nah, I'm gonna do this entrepreneur thing and grind it out.

Stas Chijik 5:58

Yeah, I mean, honestly. In most of my class in business management were concentrating in finance. So finance was definitely one of the, I guess most studied subjects at my college. But you know, the small group of people who are entrepreneurs, I felt they were more exciting. Because we would always get together talk business ideas, talk, what we can do, how we can bring them to life. And that just really seemed more my pace rather than, you know, doing something where it's, you know, more more standardized.

Chris Snyder 6:32

So Got it. Got it. So I'm assuming that the beer to go idea puts you squarely into the the test and learn environment and understanding how POS systems work, I'm assuming what kind of POS systems were using 10 years ago and how did that influence your decision to do what you're doing today?

Stas Chijik 6:55

Yes, so we opened our bar with Aloha, which is one of I guess, Well known systems in the market right now kind of a low high and micros are the two biggest POS providers for the FMB industry, as well as hotels, etc. But the product itself just wasn't really designed with efficiency in mind. It was a functional product, a stable product, that could take payments, but at the end of the day, if you're looking to service 6000 people, micros just don't keep up. And, you know, our bar business, actually is kind of taking a little bit of a step back before Billfold. Our bar business ended up growing into a pretty decently sized catering company. 

Chris Snyder 7:41

Ah, that

Stas Chijik 7:41

Yeah, so so about two years after opening, one-stop. We were approached by friends of ours in the nightlife industry, and they are curious to see if we could actually liquor license their off-site event and if we could potentially offer staffing. So we started off with getting a liquor license for a small festival of about 3000 people. And me and my business partner, Ben, actually stood behind the bar making drinks for people to make money. So that's kind of how our catering business kicked off. And then that grew into a full-fledged staffing company, as well as management, as well as actually now a venue called The Brooklyn Mirage. So that's where our catering business currently resides is with the venue and me and my business partner. As of May of last year, we focus strictly on our point of sale project.

Chris Snyder 8:42

So do you guys still cashflow that business? Is that a tie in? Is that business to tie into Billfold POS?

Stas Chijik 8:50

No, we actually have completely released all of our staff just because we partnered up with the guys over at the Brooklyn Mirage to help build The venue. So our staff was originally working for us and working for the venue. Over time the business relationship of that's that type of business relationship didn't really make sense. Yeah. So all of the staff are now on the Mirage's payroll, and the business over there still running with our crew.

Chris Snyder 9:21

Yeah, you know what's interesting, I had someone on the show the other day, they opened up a brewpub, I believe in Westlake Village or Woodland Hills, and they're trying to figure out I think they have figured out some of it, but it sounds like what you did kind of 10 years ago would have fit perfectly for anyone looking for some diversification in today's environment. So they're looking at you know, there's a local brewpub here that's actually selling flour dough. They're bottling beers in there. Everything is pick up, every single thing in this town is pick up. So is there, you know, is there a business model around that, that that that we could share? Is there anything, any nuggets that you could share with some of our guests to maybe help them out? Obviously, it'd be a quick one. But I see a lot of these smaller companies that expect to set up a, you know, a bar or a beer joint and they really are only focused on people walking in the front door. Can you give these guys any advice? You've been doing this stuff for a long time?

Stas Chijik 10:31

Yeah, for quite a bit. Now. As far as the beer to go, you know, for us the big differentiator was that we had counter pressure machines to fill up growlers, which basically means is that the growler gets filled with some CO2 before the beer goes into the growler giving it like perfect freshness for over a year. So that's how we differentiated ourselves in the market when we were coming out with beer to go concept Because, again, as beer lovers we didn't like our beer getting stale quickly. So we wanted to make sure that we're offering our customers the right type of product. So you know, what I see successful right now in New York and Brooklyn is locations that have been traditionally a bar where people would go in to get a drink. Now all these locations through little windows that some of them already had, or doorways that block with a table are now selling the kind of the customer favorites. Yeah. And people are lining up, it is quite impressive, but it does require you to have that kind of staple drink that people go to your place for. Because then you know, when you say hey, you can grab it to go out of our little window, people will line up and I've done it myself. So I know works.

Chris Snyder 11:54

So it's the micro like you have to have a differentiator and you believe the differentiator for long have these folks own their own microbrews or micro brews that kind of matters obviously, God love Guinness by the way. But you can go buy a Guinness and when you pop the can the CO2 comes out like you go get that at the store, you're talking about something unique, right?

Stas Chijik 12:18

Yeah. And it can literally be one item. You know, there's this one bar near me again, it's not a beer bar. It's more of a dive, but they're famous for their coffee whiskey drink, which is like a frozen frappuccino with a whiskey float on top. Well, I know it's hard to walk by that place and not get one through their little open window on the side because that thing is it's amazing.

Chris Snyder 12:41

You might be you might have one in your coffee cup right now.

Stas Chijik 12:46

I know I could. I wish I could. I wish I did. I might have to swing by after this. But either way, like that's, you know, and I see them with a line of five people all day long because they were famous for that coffees. Whiskey frappuccino. And they still are and people, you know, they're not going to make that at home. So they go to the place and get it.

Chris Snyder 13:08

Alright, so this gives the audience and me especially like we've talked about, okay, moved here when you're 12 years old, you lived in the Bay Area. You went to a great school focused on finance, and then boom, you pivot into being a full-blown entrepreneur working in a bar, owning your own bar, you know, building beers to go, right. One Stop Beer Shop.

Stas Chijik 13:37

Yeah, not not the cleverest of names, but it's a good name. Hey, it's quite reliable for an SEO standpoint

Chris Snyder 13:42

I mean, I think you hit the nail on the head with that one. Yeah, you don't need to get cute with beer people, I don't think but and then you got into catering and obviously you understood payments and all this stuff. And now we're into Billfold POS. So tell me about how built the genesis of Billfold POS and how this thing happened?

Stas Chijik 14:07

Yes, so about four years ago, we started researching ways because, at this point, our catering business was large enough that we were already staffing and operating, Brooklyn Mirage venue, as well as many little festivals around Brooklyn, you know, sizes of 3000 to 10 - 12,000 people. So we were already in the business at that point. And, you know, we spent all that time all those six years leading up to it. Really like getting the best staff, you know, that was always our goal is like, how do we find the fastest bartenders, the most exciting bartenders like really like just build up a crew. So in the summer of 2016, we know in the summer of 2015, we already had Great staff. And at this point, we were opening up the first pop up three months long version of the Brooklyn mirage. And we needed to find a solution on how we're going to do, you know, three, four, six-thousand person event volume.

Chris Snyder 15:17

Volume. Exactly.

Stas Chijik 15:19

So so we're basically running like a little festival, but three, four times a week. So it's quite significant. And at that time, we started researching how do we improve the payment efficiency. And really, the biggest blocker for us was cards, credit cards took up a lot of time, cash is actually relatively quick. I mean, these days with COVID, we might reconsider the use of cash and that's where Billfold is another level of application for it. But at the time, really, we were looking to be efficient because we've already perfected we had a team of about 50 people. Some of the best bartenders in New York, but there's a certain ceiling in terms of their efficiency. You know you can only make a drink so fast. But you know if your credit card transaction takes you two minutes, you're losing customers. Yeah. So we started looking at solutions and RFID became kind of an obvious answer to our problem, because it's basically putting the payment onto the customer's wrist and connecting the card to it so they could pay with it quickly. So seemingly simple idea, but in reality, no one else was doing it that way. Everyone knows in the industry. The way that they worked is you put a wristband at line-up, add money to that wristband, line up, get another drink, once you run out of that money, go back in lines, add more money and go back in line to get another drink. And having attended, myself, many festivals that are operating this way. I just saw that I myself - I chose not to make purchases because it was so complicated. So we knew that that was not going to be a solution for us. And at that point, we brought in our third business partner, Albert, who had 15 years of it experience running a 40 person, digital agency. You know, we brought him into the team. And we said, Albert, can you build us a product that will answer to all of our needs? That, you know, we need, first of all? And he said, Yeah, absolutely, I think we can definitely do it. So we use the whole time from the end of our summer season in 2015. So the start of our summer season, actually in 2017, to build out Billfold. And into the product, we really just took into account all of the needs that we as operators had. And those needs basically included that direct credit card connection, because we didn't want people having to add money to their wristbands. So that was the number one thing we want to be able to connect directly to the wristband. So the person only has to do at once, when they enter the event. The other thing that we saw as a nuisance is we didn't want customers to have to pull out their phone to connect the card. So we created kiosks for people to do that. That way they can just right after they enter the venue, do that process, and then go have fun. And then the third kind of main thing that we tackled with our product, we made a dual-screen so that way, the customer is always aware of their transaction. They know what they're ordering and really creates efficiency because the staff member doesn't have to rotate any devices. The customer is always seeing their order and completes their order on that screen. So with those things in mind, we developed the first version of Billfold. And when the Brooklyn mirages we know it now launched in 2017. That's where we basically piloted the product and when we did our first day of using Billfold, with the first event at the Brooklyn Mirage, we were all extremely surprised, because we thought that, you know, customers might complain because they have to go through this process. The staff might complain because they're not used to it. But what ended up happening is actually, we got such positive feedback from all the attendees that we were like, wow, people actually love using it. And the main reason for the attendees loving it is because they noticed that they don't have to wait as long to make their orders. That's really important in a venue environment, because the last thing you want to say to your friends is, Hey, I'm going to go get a drink and then lose your friends for the rest of the night. So you want that to be fast. So customers really do appreciate that time and the ability to tell their friends "Hey, I'm just gonna go grab a water - See you in a minute" and actually be back in a minute.

Chris Snyder 19:51

No, not see you in an hour.

Stas Chijik 19:54

Exactly. Yeah, that's and that's and that's how it usually happens. That's the way that it usually happens at events and venues, as you say, I'll see I'm gonna go get a water and then you never see the person again, because it just takes so long. So the customers love that. But then we as operators, we also love the fact that because customers are having such an easy time spending, they're spending more. So we saw a 45% increase in the amount that people spent. So that's how we knew that this product had legs, and it wasn't going to be just good for us it was going to be beneficial to many other industry players. And that's kind of how we decided that I will focus on Billfold my business partner will focus on the venue and our team there. And we kind of split off for the next two and a half years while he worked on you know, managing our team there. I worked on developing the product, building out all the different features and then selling it's all the clients that we have now.

Chris Snyder 20:54

So you guys so first of all, I just want to say that's that's just fucking Amazing what you've put together, you've got hardware problems to solve. You've got software problems to solve. There's so many problems to solve here. It seems to me like it just seems daunting to tackle a hardware problem and a software problem at the same time you're trying to solve a market problem. And it sounds like and when I say a market problem, like, you know, or an execution problem, I guess, because events have been going on forever. You know, Uber solve the market problem, like no one thought to get into somebody's car and do it this way. You guys solved a really hard execution problem. People are going this is a problem that already exists, right? But tell me a little bit about building a hardware and software company. What are some of the primary issues you guys faced and how did you overcome those?

Stas Chijik 21:54

I mean, it's really a trial and error, I would say is the tie is really the answer. It's really I mean, we've had the amazing opportunity of being our own guinea pigs and having a micro-festival several times per week, or micro mini festival, having a mini-festival several times per week where we can test things out. So, I mean, I think that's probably the, you know, the number one thing for us that really helped us solve these problems because if we didn't have a, you know, this type of testing ground, we probably would have failed at our first event and never seen and Bill full would have been done then.

Chris Snyder 22:35

It's the sandbox, definitely.

Stas Chijik 22:37

It's really having a sandbox, it's it is having a team, a really good team on the software engineering side. And then the hardware, you know, it's a matter of going through all the different options out there and finding the one that works. So it's a matter of being able to test out hardware on a daily basis and that's been our development process. Really today is we develop during the week. And then on weekends, we test out features. And then the following week we make any adjustments, or if everything looks good, we keep it. So that's been our development process since day one, ever since the product was live, is really been using and improving rather than being happy with what you got. And that's kind of what keeps us separated in this industry of RFID payments is that we continually improve. We don't stop our development. Even right now. We have a full development team working on our solution, rather than having everyone you know, let go or furloughed.

Chris Snyder 23:42

Got it. Got it. So tell me so we know what it is. Let's talk about how it works a little bit just from a consumer standpoint. So I'm going to go to a festival I get in line at a kiosk that presumably either has a human being standing They're or this kiosk spits out these wristbands after you sync your phone. Tell me how it works.

Stas Chijik 24:06

Yeah. So it works differently with the different types of clients we have. So, I'll tell you, I guess the scenario of how it works in a venue like the Brooklyn Mirage, because, you know, just paints a really good picture of what we develop. And that's what really does keep us that separates us from our competitors, because none of the RFID cashless systems really work in a venue environment. Billfold is really the only one who's able to work in a venue environment because we have all the features in the product that a venue would want. But the way that it works is that the customer goes into the venue. They pick up their wristband at the box office the same way that they would, you know, normally by scanning their ticket with either a person or a device, they get that wristband, and then afterward, we create a bay of kiosks. So whenever we work with this office, On-site registration flow, we create enough kiosks to make sure that there is never a line there for people to actually activate. So at the venue, we have 20 of these kiosks. They're actually all fairly small about tablet size, so it doesn't take up much room. And people go up with that wristband that they got at the box office and do a 32nd. registration. Again, something that we've worked on hard, seeing which parts of the registration slow people down, which parts of the registration, make it move faster, we've really worked hard to make sure that it is about 30 seconds per customer. And in that during that registration, all they do is they tap or get their card to get the card information and then they tap their wristband on our RFID reader and then create a four-digit PIN because we want to make sure that the customer's wristband is always protected. We don't want people losing wristbands and somebody else picking them up off the ground and do a transaction for them. So part of the registration process is creating this four-digit unique pin. That gives you the peace of mind that if you do lose the wristband, somebody else won't be able to use your money. But after they do that, they're free to enter the venue and start spending. If they do have cash, there's one or two cashiers also by the entrance that can take that cash in one central location and help people load it onto the wristband. So that's another big aspect of Billfold because it really does help streamline cash management, because now the differences is you have two or three cashiers, instead of 3040 bartender tills, they have to count at the end of the night. So that's amazing. And that's a whole another portion of it. And you know now with virus and cash being considered to be a pretty big spreader of the virus. Our product lends itself extremely well Because you can have those cashiers in all protective gear, taking the cash, putting it on to the customer's wristbands, and really preventing them from giving that cash to a vendor that then might be handling food that then might be handling drinks that might be handling other people's items. So, like I said the product was designed for efficiency and for making sure that we have good management of everything that is happening, but it ended up becoming you know, a very reasonable solution to the current problem.

Chris Snyder 27:31

Yeah, I got it. So is this just an events many micro even large event-based product or can this be used with regular restaurants, businesses, what are you thinking about for the future here?

Stas Chijik 27:47

Yes, so for the future, we will be working on releasing products that are tailored to those specific industries. Billfold POS is a strictly events product. Well, the POS. The POS that we currently use is strictly an events product, because I don't think it needs to have anything more or have anything less. I think if we were to break into a restaurant, hotel resort industry, you know, some of the features that we have in Billfold now might not make sense for them as much. So we are working on some of those solutions. And we will be releasing more information on those products, probably, I would say around September. So right now they're all in the works. And then you know, Billfold will be offered for other things. But our goal as a company, our goal when it comes to software development, is really to build what people need, rather than make one thing that tries to fit all you know, really, let's build the product that is right for its purpose.

Chris Snyder 28:50

Yeah. So so you have some unique insight on and I've got a couple of friends of mine who are in the events, business, they own marketing firms in the US business and obviously their business just went to zero, right? So you probably can give us some unique perspective on the kind of demand that you're hearing, you know, both with, you know, your current customer and also other customers, because it's my understanding that you guys have seen a 50 to 75% increase in business inquiries since the virus broke out. What are you hearing specific to the event business that you can give us that says, look, we have people that are expected to come back online in September or October or November? Obviously, there's a lot of issues that need to be sorted out, but what are you hearing? What is your instinct say about when this business is going to get back to normal?

Stas Chijik 29:44

Yeah, so right now, I mean, I'm not a doctor to give too much advice on this and say that, you know, this is my instinct. And this is when it's going to happen, but what I'm hearing in the industry is that some events in the middle of the country in the Midwest are looking to start back up as soon as September. Some of our clients are looking to open up even sooner as soon as July, but also taking into account, you know, social distancing, minimizing contact. So that's what the, you know, most of our clients are focusing right now on and this is why we're having this increase in inbound inquiries is because now everyone's facing the problem of how can we reopen safely you know, it's not and it whenever we reopen, we want to do it to the best degree we want to we don't want to be responsible for anyone getting sick. So that's why everyone's now looking at products like ours because our product is able to unify that wristband to be not just a payment form for the customer, but it can also be a ticket type so we can see if you have access to VIP or if you have access to just backstage, etc. as well as we can also attach customers ID information to the wristband as well. So that way the customer doesn't have to be ID and every time they make a purchase, we automatically enabled the wristband to be able to purchase alcohol and that's it. So again, minimizing that pass off between customer and staff members. So so that's really it, and when it's gonna happen, I mean, we're really planning for January of next year, realistically, if when things are going to kind of start getting back to normal, but until then, a lot of these places a lot of these venues are going to try to reopen on a smaller scale while taking into account all of these social you know, norms and making sure that just the customers feel comfortable.

Chris Snyder 31:48

Got it. Got it. Well this is super exciting. I'm so glad you guys were able to pull this off and it sounds like you've got a lot of really unique and interesting things in the pipeline. I think that, you know, from a demand standpoint, and when I say demand, obviously, you've got a customer profile. It's a b2b play, right? And you've got a customer profile that you're going after, what are some of the customer profiles that you're going after? Because, heck, if someone in our audience is listening, they're like, Wait a second, I didn't know these guys existed. I need to call stocks. What are the kinds of companies you're looking for? Who are you trying to get ahold of?

Stas Chijik 32:32

Yes, so our product is really tailored for places that are 300 people and above, just speak and also an important factor that these customers are coming into the place to spend an hour plus, because I don't see the value of connecting a wristband to an ID to a credit card, when I'm just stopping in for a quick beer to my bar example. It's not logical, it doesn't make my process any more efficient. It doesn't make the Business Process any more efficient. But if you are a venue 300 Plus, and you have people coming in for a concert for a show for a screen, where they're going to be expected to hang out for an hour and make multiple purchases, that's where Billfold becomes a value. It's really about as long as you're playing as long as your average customer makes more than one purchase during their stay, then it really makes sense for you to adopt a technology like this, because now you're going to be saving time on every one of those transactions. And it really does add up.

Chris Snyder 33:34

Yeah, no, that makes sense. And I'm thinking about your total addressable market right now. And even in her most where I live, they have a few festivals, you know, festivals loosely, you go into the beer tent. I know people spend a lot of time in there. You know, and I was just thinking, so do you sell primarily direct or do you sell through channels? How do you guys sell this product?

Stas Chijik 33:57

So when we started, it was really a network. approach because, you know, we were already in the industry for a while we knew it. We knew if not had worked with a lot of the potential clients here here in New York. So that was kind of how we started our sales, but ultimately does become a channel. Because it is about forming partnerships, it is about offering something more. So we do work with some ticketing companies, we do work with some wristband providers to be those channel partners that do give us introductions to some of their customers. But really, it's also about having a great sales team who does outreach who is able to contact all of these, you know, rightly sized customers for our products. So it's kind of a combination of it all. But our industry is really built on trust. So it's usually I see that when The introduction comes from one of our past clients, that deal is a lot more likely to close because, you know, in the events industry it is it's not it's not a big industry and a lot of people talk. And, you know, having that personal introduction really goes a long way.

Chris Snyder 35:17

Yeah, no, I love it. I love it. So this is this is an amazing product. You guys have done a great job. Helping events transact in a healthier and safer way. You can find stocks in his team at BillfoldPOS.com. such an amazing product, such an amazing guest OS. I really appreciate your time today. If there's anything we can do make introductions from the show. I'd love to hear back from you. But really appreciate your time.

Stas Chijik 35:50

Thank you, Chris. Really appreciate your time as well and it's been a pleasure. All right. Take care.

Outro 35:56

Thanks for listening to Snyder Showdown. We'll see you again. Next time and be sure to click subscribe to get future episodes.


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