Louis Hoch: Well, was the outputs new machinery, we’re going to be able to have some technology implemented that will allow us to take on larger print jobs that require each item envelope to be monitored and we do some of that today, but we can’t due to the high volumes and we’re soon to be able to do it at high volumes. And we know that there’s cross-selling business out there that we haven’t got because we haven’t tried to close it because we didn’t have the capacity. We are hitting the ball out of the park with our cheque production with the hidden new niche with bankruptcy distributions. And last year we printed like a million checks all year for Spectrum, Verizon AIG and DirecTV in this year, I think we’re going to do over 3 million checks. And for us to print 900,000 checks last quarter. I mean, again, the idea the niche that we’re starting to develop with bankruptcy distributions does have some legs.
Steve Riney: That is remarkable, good work. And I guess the other question — before I get to Paul, movie pass. Can you give us an update on that business?
Houston Frost: You know, I can’t give you specific metrics, but we’re continuing to see our card activity there. We do know that they’re kind of in the middle of another financing round, I believe. And so we’ll probably see additional marketing efforts and promotional efforts by movie pass. Yeah, can’t really share much more beyond that.
Steve Riney: Okay. Could you share if you’re generally pleased with the way things are progressing with them?
Paul Manley: If that weren’t the win level sale, other French transaction volumes continue to go up. And you know the–̱
Steve Riney: I know that your profit percentages are much better with MoviePass and with some of the alternatives. So I guess the other question that I would have, Paul for you is, as you look, obviously, we’re in a terrible, our small-cap microcap bear market. You guys are trading for well less than one-time sales. You’re generating cash. What are you hearing what letter? What are investors telling you as to what they’re looking for, what they’re waiting for in order to get more aggressive with you are with your stock with your company?
Paul Manley: Well, we talk to funds all the time in a year where that and we’re going to conferences, we do non-deal roadshows. We’re definitely committed to educating these phones are they’re all they all almost all of them love the story. And the other ones that fit don’t just have the capacity to understand technology and they have been limited. But, you know, it’s the investment decisions are the funds and they all have different reasons why they haven’t pulled the trigger and having to increase their position. We have seen some very positive activity with a few funds that we’ve been working with and hopefully our best town story on a regular basis will increase that activity.
Tom Jewell: And I would just add, Steve, that if a few of the funds, they just wanted to get see us maybe execute for a couple of more quarters and we get into 2020 for non. So like Louis said, we’re planting a lot of feed right now. We’re meeting a lot of balls with school. So I’m excited about the pipeline of people that we’re meeting with that. Can that pull the trigger.
Steve Riney: Okay, fantastic. Keep up the good work. We’ll be in touch soon and have a good afternoon.
Tom Jewell: Thank you, Steve. Operator Gary Prestopino, Barrington Research.
Gary Prestopino: Yes, I just wanted to ask on you say you’re investing in marketing and sales. I mean, has it does PayFac have its own dedicated sales force yet to go to ISVs? Have you expanded that in a big way? And where are you putting the sales muscle into the company?
Greg Carter: Yes, we’ve always had a dedicated ISV or PayFac sales team. We still to this day in addition to a proxy sales force of referral agents and referral partners. So they are quota-bearing. They are very active in the industry and they’re exclusively targeting higher speeds so our marketing support around that generally, marketing supports the entire enterprise all three business units. But on the short answer to your question is by all means we have a dedicated sales force just for paper.
Houston Frost: It’s our largest sales force in Paris because we realize that PayFac is our in our main growth engine. And interestingly enough is a seasoned industry salespeople who have come to us because we have unique products and they know that there’s a need for this.
Gary Prestopino: Have you given any thought to extending the sales force into going after markets that maybe the ISVs are not going after? Or is that just not applicable on within the industry?
Greg Carter: Well, I mean, the return on our investment on the headcount, obviously is maximizing. We sign ISVs that can bring hundreds if not thousands of merchants with one sale, but we don’t ignore standalone certain enterprise opportunities as well. So we’ve got two individuals that kind of span, not only PayFac but the acquiring ACH side and they can go after the market figure talking about solar, ACH, single stand-alone and our processing merchants as well.
Louis Hoch: Very that pipeline for Patriot is bigger than it’s ever been.
Gary Prestopino: And there’s three deals in that pipeline that what we would call mega deals in. And hopefully we’re able to close some of those?
Houston Frost: Well, yes.
Gary Prestopino: I mean, if I’m reading this right, what you’re saying is it’s going to be very difficult for others to become a registered PayFac because of the August regulations or whatever. So there’s going to be a very natural lack of supply on the PayFac side for the market. So it should lead to much more frequent growth, much more explosive growth for you guys versus what you have, although you’ve had good growth overall. So that’s why I bring it up here.
Louis Hoch: Yeah, here I read that right, Gary. I mean, the hurdle to become a PayFac is very largely Financial, but there’s also technology and risk management because when you’re PayFac, you take 100% risk on all your traffic and so it’s hard for in our companies to qualify even on just that first metric. And so and then we’re going to have a bank sponsor, some of those banks sort of tenant and you know that us being around 25 years and generating cash is very important.
Operator: Thank you. And this concludes our question-and-answer session as well as the call itself. Thank you so much for attending today’s presentation, and you may now disconnect your lines.
