This week we are delighted to bring you a fascinating interview with Ben: a successful eCommerce entrepreneur from the United Kingdom. He specialises in selling Generators both through his website as well as major marketplaces like eBay and Amazon. Covered in major publications, like Yahoo Finance, his business is growing and exciting many investors from around the world.
His eCommerce loan is only active for a few more days at 28.25% per annum. Check the interview below to learn about his business success, and plans for the loan.
B: What kind of business do you run and what should investors know about it?
Ben: We run Generator-PRO UK. For the past two years we have working hard to disrupt the UK power generator market and have seen much success. Indeed many of our customers are impressed with our abilities to provide the most technologically advanced technologies at affordable prices.
What’s more, we pride ourselves on providing top-notch, first class customer support that follows the customer throughout the life of their machines.
B: How come you ended up starting this business and why have you chosen this particularly niche?
Ben: Some two years ago I had a generator that I no longer needed. In order to sell it for the best possible price I started surveying online marketplaces and found endless inefficiencies. Amongs different shops, countries and services prices of same or similar models varied by the hundreds of pounds. Initially we had decided to drop/ship between different platforms and have since grown into one of the largest generator sellers in the UK.
B: What do you hope to achieve with your loan and why did you choose Bitbond over a bank?
Ben: The purpose of the loan is mainly working capital. We are working on expanding our inventory to allow our margins to increase by lowering prices on account of volume discounts. In the long run and more strategically thinking, however, our prime goal is to reduce our dependency on traditional banking as we move forward and grow ever bigger.
Having worked in the US throughout 2008, I’ve had the highly unpleasant experience of stressing every weekend over our bank’s chances of becoming insolvent by Monday morning. We were lucky enough to have been clients of Washington Mutual, which was picked up by JP Morgan Chase.
Many others, however, were not as lucky and had to wait for months to see their funds, if at all. Moreover during the same period and ever since, banks have pulled the emergency break on many loans, refusing to recycle some and outright rejecting other small businesses with which we cooperate. Not only unfair, this current financial system brings substantial advantages to larger, more prominent businesses over the small and medium ones.
The key point is that we wish to gain familiarity and close cooperation with Bitbond and its investors so that come next banking crisis, as there has been one in every decade since the early 1900’s, we wish to have an alternative access to financing.
B: What is your favorite feature on Bitbond? What features do you think are missing?
Ben: Having the open-marketplace for loans, without any involvement of a decide-all-bank that runs their checks behind the scenes and comes back with a yes/no answer. Transparency in finance is the future.
For improvement I would suggest the system to allow more flexibility in the loan size and interest rate based mostly on supply and demand forces.
B: What would you want potential investors to know about your loan?
Ben: We are not looking for finance as much as we are looking for fall-back-financial-solutions for a rainy day. That’s what Bitbond offers and bitcoin facilitates.
B: What do you think the future holds for bitcoin? Is it the modern-day equivalent of the internet or will it fall flat on its face?
Ben: Bitcoin by itself is not the issue, as far as I realise. The issue is non-government-involvement currency. Although today in most western countries central banks are separated from government, the latter’s influence on the former is predominant. Bitcoin and/or other digital currencies are inevitably the future as humans in central banks are unable to compete with its algorithm’s efficiency.
B: As a business owner or an employee, does your place of work accept bitcoin? If not, what do are the chances of that changing?
Ben: From day-one our web developer insisted that we accept Bitcoin. Although at the time it was much less popular we agreed. Ever since it has made our lives much easier.
Many customers in Africa with little access to traditional payment methods and who live in high inflation countries find it the best, easiest way to pay. Much of our growth, by the way, is into the African market. Bitcoin has much to do with allowing it.
Thank you for an exceptional interview Ben!
If you enjoyed reading this interview and learning about Ben, please feel free to check out his eCommerce loan. It is only active for a few more days and has not yet reached the funding threshold.
Thanks for reading!