[J.Celifarco]

Keep in mind that 90% of these ISOs are primarily calling UCC lists or have very limited resources to implement a decent marketing campaign. So only 10% of the ISOs are trying to cover 5 million prospects. In addition, a prospect who said no to a cash advance last month may say yes this month because this business is all about timing and calling repetition, which requires deep marketing dollars. Very few ISOs have the bandwidth to do this job properly, so like the 80/20 rule illustrates, a handful of ISOs are the only "real" competition in this industry. Personally, I see tons of new deals in my pipeline who have never heard of a cash advance so I don't think market saturation is an issue. Most of today's johnny come lately ISOs and funders will be out of business within the next 12 months anyway. If anything, you'll start seeing a consolidation and acquisition of the high volume ISOs, leaving the smaller guys with crumbs to feed on.

completely agreed. the UCC driven ISO's and the ISO's with a serious marketing budget each have to be looked at separately because they are not competing against each other. There is a major difference between having an ISO that depends on UCC's and an ISO that if they use UCC's at all, they are a very small piece of the bigger marketing puzzel