[NoBigDeal]

Doesn’t pearl own Skybridge Funding? You don’t direct market via that entity?

Direct market to merchants, yes.
Funnel ISO business (even after our 7 day of ISO approval exclusivity) to that entity, no

Pearl/Skybridge tried the direct marketing route but found it to be much too costly and not worth it. Don't even think they're still doing it. I can find out with certainty if you'd like?

Regardless, I stand by my statement about Pearl being of the few ISO-only shops