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FormPiper dominates its initial niche, capturing 60% of pet retailers
“So you really only have about 200 pet retailers that our product would fit for in the market. And we have about 60% of them.”
Parker estimates 40,000 furniture retailers fit FormPiper's model
“And then, so what we've been doing is focusing in the furniture space and the furniture space, you have about 40,000 retailers that fit our model.”
Parker: Consumers shop by monthly payment size, not total price
“And that's just how consumers shop, right? They're shopping based on the monthly payment that they can add to their budget, you know? So you need to be able to have products that can get that payment as low as possible.”
Brad Parker rejects balance-sheet lending risk in favor of platform fees
“I don't want to be in the banking business loaning out, you know, Hundreds of millions of dollars. I'd rather somebody else do that and just give me a piece.”
FormPiper processes up to $350M in annualized retail transaction volume
“Now we're close to So about a hundred and fifty million in revenue through the lenders we represent, but we're probably running about 300 to three hundred fifty million in transactions through FormPiper or our retailers.”
FormPiper captures an average 1.5% take rate on financed volume
“Yeah, it's on average about one and a half percent.”
FormPiper expands to 150 customers across 250 store locations
“So today we are up to a 150 customers, but 250 actual locations.”
FormPiper grows pure SaaS monthly recurring revenue to $45,000
“Just on SAS, yeah. So last time we were at 18, and so now we're at 45, so we're up about a 150%.”
Parker: FormPiper has 60 lenders integrated into its platform
“And then if I put my own financing product into my SAS product, now I'm competing with all of the 60 lenders that I have in the platform.”
Brad Parker sold four retail businesses to focus entirely on FormPiper
“And it was great, you know, but since we last spoke, I actually sold my four retail businesses. So I'm just focusing on SaaS, working with retailers, and it's just a much easier place to live.”
Brad Parker reveals FormPiper's outbound sales funnel and closing conversion rates
“So my goals are so that the goals are for them to book 30 demos and that's what they do on average. So 30 demos a month. We see 50% of those demos show. So 15 demos per SDR showing and we're closing 35% of those. So on average, what we're doing is bringing on …”
FormPiper closes annual furniture retail contracts between $1,500 and $2,000
“Most of our contracts are being done annually now. I'd say probably 90%, and we're closing those in the furniture space around 1500 to 2000 dollars, depending on how many locations they have.”
FormPiper achieves a 20 percent profit margin alongside 37 percent growth
“Last year we ran 18% profit across the board with 34% growth. And then this year we're at 20% profit with 37% growth. And that doesn't include adding back, you know, mine and Ryan's salaries.”
Parker: Form Piper reduces retail financing process from 25 to 2 minutes
“So we've taken that 25 minute process down to a couple minutes.”
Parker: Financing Your Way generates $100K to $120K per month
“That revenue right now is about a hundred to a 120,000 dollars a month, just depending on the month.”
Parker: Combined Form Piper and Financing Your Way revenue hit $138K last month
“Last month we did a 138,000 dollars.”
Parker: Financing Your Way is highly profitable while Form Piper is not yet profitable
“The finance company is extremely profitable. Form Piper is not currently just due to development.”
Parker: Form Piper and Financing Your Way net 50% to 60% profit margin
“When looking at the P and L, you know, it drops about 50 to 60% profit, you know, to the bottom line.”
Parker: FormPiper evolved into broader retail financing analytics software
“And since we've last talked, we've kind of turned it into a retail management software where they're going to be able to aggregate their data and look to see which lenders are providing them with the most revenue, which employees are running the most apps, who…”
FormPiper customers pay an average of $225 monthly for SaaS
“Right now, our average customer is paying us about 225 dollars a month for the software.”
FormPiper runs with nine non-technical employees and fully outsourced engineering
“Right now we've got nine. So we've got two founders. We've got six salespeople brought in a head of CSM. So that's the internal team. And then we're still outsourcing our dev team to the same, same company we were working with last time.”
Parker: Form Piper has 90 active licenses across roughly 60 business owners
“We have a few multi-store operators, you know, one has 10 couple have five, so you're probably looking at 60 different business owners with 90, 90 licenses being used.”