Combine your financial tools into one
powerful online wallet!
Business Plan
December 2005
Prepared by Yafit Rossen
‫תוכנית עסקית ישראל‬
www.Israel-Business-Plan.com
Disclaimer
This document details OnlineCash’s business plan for initiating internet
payment services for small business and customers. The document
outlines the need of small business and private users to send and
receive Internet payments securely, conveniently and cost-effectively,
the eCommerce market and description of the Company’s unique
solution. The document also details financial forecasts of the proposed
operation for the next 5 years based on assumptions, market data, and
company’s opinions.
The Business Plan is built to reflect in a reasonable and rational way, a
plan that is accurate for a certain time, based on known information,
assumptions and forecasts of the company. As all business plans, its
results are based on information that was available at the time of
preparation, by its accuracy, and its reliability and based on the
assumptions made. Changes in the economical factors as well as
additional information or various economic or business events, can
change the assumptions and as a result also the conclusions.
The business plan itself is not a guarantee for its execution. Therefore
it is possible that the business plan will not be executed as planed.
CONFIDENTIAL INFORMATION
All information contained herein contains copyrighted © information
that is proprietary, privileged or confidential. Any unauthorized
review, reproduction, distribution, copying of, or reliance upon this
document and any included exhibits is strictly prohibited.
‫תוכנית עסקית ישראל‬
Page 2 of 28
Index
1. The Company......................................................................................... 4
2. The Team ............................................................................................... 6
3. The Market ............................................................................................. 7
3.1 Internet Usage ............................................................................ 7
3.2 eCommerce Market Growth ........................................................ 7
3.3 eCommerce Products ................................................................. 8
3.4 Purchasing Habits ...................................................................... 8
3.5 Payments methods ..................................................................... 9
3.6 Online Payment Market ............................................................ 10
4. OnlineCash’s Solution .......................................................................... 12
5. Competitive Analysis ............................................................................ 15
5.1 OnlineCash Advantages for Merchants .................................... 15
5.2 OnlineCash Advantages for Buyers .......................................... 15
5.3 Competition .............................................................................. 15
6. Business Model .................................................................................... 17
6.1 General .................................................................................... 17
6.2 The Marketing Plan .................................................................. 18
6.3 Methodology ............................................................................. 19
6.4 Revenues Forecast .................................................................. 20
7. Financial Forecast ................................................................................ 23
7.1 General .................................................................................... 23
7.2 Manpower................................................................................. 23
7.3 Customer Service & Support Budget ........................................ 25
7.4 The Sales & Marketing budget.................................................. 25
7.5 R&D Budget ............................................................................. 25
7.6 The General & Administrative Budget ....................................... 25
7.7 Profit & Loss & Cash Flow Forecast ......................................... 27
7.8 Financial needs ........................................................................ 27
‫תוכנית עסקית ישראל‬
Page 3 of 28
1. The Company
OnlineCash
integrates all
existing online and
offline payment
methods and
means into a single
electronic wallet,
enable any
business or
consumer with
email, to send,
receive, deposit
and withdraw
money easily and
safely.
OnlineCash Ltd. (hereby: “OnlineCash” or “the Company”) is a start-up
company providing innovative payment tools designed to enable
multiple forms of secure payment. OnlineCash’s vision is to enable any
business or consumer with email, to send, receive, deposit and
withdraw money from the system, while using the same, safe, simple
and swift interface. OnlineCash achieves this by integrating all existing
online and offline payment methods and means into a single electronic
wallet.
OnlineCash system builds upon the existing financial infrastructure of
bank accounts and credit cards and creates a simple, swift and secure
payment system. OnlineCash’s system uses the most advanced fraud
prevention systems to create a safe and secure online payment
solution.
Online commerce is a rapidly growing force in the 21st century. More
countries, businesses and people use the various forms of electronic
trade each year. Despite its flaws, credit cards are still the most
convenient and favorite transaction method of this new world economy
and more people are driven to use it on a daily basis. However, the
credit card is not without flaws. Not everyone can obtain a credit card,
and when they do, using it online leaves their card information open to
fraudulent use if their credit information is somehow leaked, stolen or
given to untrustworthy suppliers.
On the other side, not all merchants can deal with credit companies
directly for a variety of reasons and even if they manage to enter into a
Credit Card agreement, they must implement a complicated and
expensive online credit card processing system, which in most cases
does not even provide a solution for credit matching.
With the growth of
Internet use, more
traditional
business expand
their activities and
go online, but find
it is not
economical to deal
directly with Credit
Card companies
when their
website’s revenues
are lower than
dozens of
thousands of
dollars per month
‫תוכנית עסקית ישראל‬
OnlineCash currently operates as beta in the Israeli market, which is
estimated at about $500 million in 2005 (compared to $300 million in
2003). Later on, OnlineCash will expand its operation to third world
countries (like India and China) in which these solutions have not been
yet fully adopted.
With the growth of Internet use, more and more traditional business
expand their activities and go online, in order to increase their
exposure to new customers and increase revenues. Since establishing
a dedicated clearance system requires installing expensive security
systems, high speed servers and special certifications from the Credit
Cards companies, small business find it is not economical to deal
directly with Credit Card companies when their website’s revenues are
lower than dozens of thousands of dollars per month. On the other
hand, their customers are used to pay for services or products with
credit cards. OnlineCash is therefore the perfect solution for these
small businesses which offer a secure credit cards clearance system
without the need to deal with credit card companies.
Page 4 of 28
There are 139 thousands of small businesses in Israel, employing
between 1 to 19 employees (based on Israeli ministry on Industry,
Trade & Labor, 2004). The company believes that only a small portion
of these companies have a website and even less offer the ability for
their customers to pay online. With the growth of the Internet usage in
Israel, which currently stands at about 2.2 million users (above the age
of 13), and the increase of willingness to pay online, more and more
businesses will find it essential to go online and offer easy, quick and
secure online payments. The company believes that this trend will lead
the growth of the eCommerce Industry in the coming years. This
market represents a huge opportunity for OnlineCash’s services and
will be the main focus of OnlineCash’s penetration.
The second largest
target market for
OnlineCash is the
users themselves.
OnlineCash
enables private
users to send and
receive money to
anyone (business
or private user)
with an email
address.
The second largest target market for OnlineCash is the users
themselves. OnlineCash enables private users to send and receive
money to anyone (business or private user) with an email address.
Furthermore, OnlineCash offers an easy, quick and cheap way to
transfer money abroad (compared to and other available methods). For
example, if a foreign worker that lives in Israel wants to transfer $500
to his family in Thailand, it will cost him $35 in Western Union and only
$12 in OnlineCash.
OnlineCash provides its customers with:
• Free transfer costs within the OnlineCash system
• Lower costs on most financial transactions
• Easy financial transfers between OnlineCash accounts, bank
accounts, and between various countries.
• Ability to use their OnlineCash balance to pay for goods offline
(using the OnlineCash Debit card or the website).
• Payments to private and business entities without the need to
engage directly with credit companies.
• Online currency exchange.
• Ability to shop online without sharing financial information with
sellers or merchants
OnlineCash will enjoy a viral effect; the more people use the service,
the more it becomes attractive to new users looking to buy and sell
online and who have a bigger network to interact with. OnlineCash
bridges the gap between merchants and customers, by providing a
solution to the problems for both sides of the transaction.
OnlineCash takes online commerce one giant leap forward enabling
secure, simple, and swift payments to any destination using any
method the user prefers.
‫תוכנית עסקית ישראל‬
Page 5 of 28
2. The Team
OnlineCash is a privately held company founded in March 2004 and
located in Haifa. The company currently employs a team of 5 talented
developers and business entrepreneurs:
xxxxxxxxxxxxxxx, Founder
[confidential]
xxxxxxxxxxxxxxx, Founder
[confidential]
xxxxxxxxxxxxxxx, Marketing Manager
[confidential]
Xxxxxxxxxxxxxxx, CTO
[confidential]
‫תוכנית עסקית ישראל‬
Page 6 of 28
3. The Market
3.1 Internet Usage
The global Internet usage has grown significantly over the last few
years. Today there are over 964 million Internet users worldwide which
represent 15% of the world population. (Source: Miniwatts
International, LLC. November 05). North America, Europe and
Australia represent a higher penetration rate of 68%, 35% and 53%
respectively. However emerging markets like Africa, Middle East and
Latin America are growing fast with more than 300% accumulated
growth from 2000 to 2005 as seen in the table below. Israel has about
2.2 million Internet users (which are about one third of the total
population).
World Internet usage and Population Statistics
Population
Population
Internet
Usage
Usage
Growth
% Population
World
( 2005 Est.)
% of World
( 2005 Est.)
2000-2005
(Penetration)
Users %
Africa
Asia
Europe
Middle East
North America
Latin America/Caribbean
Oceania / Australia
896,721,874
3,622,994,130
804,574,696
187,258,006
328,387,059
546,723,509
33,443,448
14.00%
56.40%
12.50%
2.90%
5.10%
8.50%
0.50%
23,867,500
327,066,713
283,482,940
15,452,500
223,971,489
72,792,797
17,655,762
428.70%
186.10%
169.70%
370.40%
107.20%
302.90%
131.70%
2.70%
9.00%
35.20%
8.30%
68.20%
13.30%
52.80%
2.50%
33.90%
29.40%
1.60%
23.20%
7.50%
1.80%
WORLD TOTAL
6,420,102,722
100.00%
964,289,701
167.10%
15.00%
100.00%
World Regions
Source: Miniwatts International, LLC. November 05
3.2 eCommerce Market Growth
Though
eCommerce sales
represent only
1.9% of sales by
U.S. retailers,
eCommerce sales
are growing faster
than the traditional
in-store credit card
purchases.
‫תוכנית עסקית ישראל‬
In 1997, the total U.S. online consumer market was estimated at $2.4
billion (Source: Forrester Research). In 2004 it was estimated that the
total U.S. business-to-consumer online sales was $144.6 billion, a six
year compounded annual growth rate of 80%. Forrester also estimates
that U.S. eCommerce revenues for 2005 will be $167.6 billion which
represent 16% growth this year. Though eCommerce sales represent
only 1.9% of sales by U.S. retailers, eCommerce sales are growing
faster than the traditional in-store credit card purchases. Online sales
in Europe are growing at an even faster pace. Forrester estimates that
eCommerce revenues in Europe were $90.3 billion USD in 2004 and
will be $127.4 billion USD in 2005. Israel’s online sales were
estimated at 1.4 billion NIS (about $300 million USD) in 2003. It is
reasonable to assume that the Israeli online sales will pass $500
million this year (based on an average growth rate of 30% a year).
Page 7 of 28
3.3 eCommerce Products
According to a study made by ACNielsen more than 627 million people
have shopped online and over 325 million within the last month,
October 2005. The most popular items purchased on the Internet are
books (34%), followed by videos/DVDs/games (22%), airline
tickets/reservations (21%) and clothing/accessories/shoes (20%).
According to the study:
• Over 135 million people purchased DVDs and/or video games;
• Close to 135 million made plane reservations;
• Over
128
million
purchased
articles
of
clothing/accessories/shoes;
• Over 112 million paid for music downloads and/or CDs;
• Over 106 million purchased electronic devices (including
cameras, etc);
• Close to 98 million bought computer hardware; and
• Over 86 million made hotel and/or tour bookings.
3.4 Purchasing Habits
Europe and North
America have the
highest incidence
of online shoppers,
with Germany,
Austria and the UK
topping the list,
with at least 95
percent of Internet
users having
purchased online.
Not surprisingly, Europe and North America have the highest incidence
of online shoppers, with Germany, Austria and the UK topping the list,
with at least 95 percent of Internet users having purchased online.
As a region, online
shoppers in
Europe made an
average of five
purchases in the
last month.
“Our recent e-commerce studies clearly show an upward trend in
global online shopping,” said David Boyd, vice president of Internet
Industry Research at ACNielsen. “While there is growth in nearly all
global markets, we see that the lesser developed markets are maturing
faster than many of their more developed counterparts. It will not be
long before we have a nearly level playing field across the globe.”
‫תוכנית עסקית ישראל‬
In Asia Pacific, South Korea and Taiwan rank highest, with at least 90
percent of respondents in the study claiming to have ever made a
purchase online, at least six in 10 of whom have done so within the last
month.
The world’s biggest online shoppers are in Germany and the UK,
averaging seven and six purchases respectively in the past month. As
a region, online shoppers in Europe made an average of five
purchases in the last month. In fact, most of the markets in Europe
display higher average purchases than North America, which showed
an average of four purchases last month. In Asia Pacific, where the
average number of purchases in the past month is five, online
shoppers in markets like Singapore, Taiwan, Australia and China,
made an average of five to six purchases in the past month. South
Korea, despite its high proportion of online shoppers, generated an
average of only four purchases last month. It is Latin America,
however, which registers the lowest past month purchasing, with an
average of only three purchases.
Page 8 of 28
3.5 Payments methods
Although credit
cards represent
about 59% of
online purchases,
a wide spectrum of
payment options,
such as debit
cards, electronic
checks, stored
value certificates,
and online
payment
innovations such
as PayPal are
emerging
worldwide due to
consumer and
cultural
preferences and
differences.
One of the main requirements in e-commerce is the ability to accept a
form of electronic payment. Over the years, credit cards have become
one of the most common forms of payment for e-commerce
transactions. In the early years of B2C, many consumers were
apprehensive of using their credit cards over the internet because of
fear that their credit card numbers would get stolen. However, due to
increased security with credit card companies such as VISA, American
Express, and MasterCard, there is widespread use of credit cards over
the internet, especially in North America.
With the growth of online commerce market, business requirements
and attitudes about electronic commerce have evolved. What began as
an online sales experiment for many organizations has become a
strategic component of their business plan. Although credit cards have
long been the dominant payment method available to online
purchasers (about 59% of online purchases done by credit cards),
alternative consumer preferences and cultural preferences have
impacted the global payment environment. A wide spectrum of
payment options, such as debit cards, electronic checks, stored value
certificates, and online payment innovations such as PayPal are
emerging worldwide. Customers seek a greater access to international
markets; Conducting online commerce internationally involves
supporting more payment types, currency conversions, new payment
processors and mitigating higher fraud risk .
According to the ACNielsen report, for most of the online purchases, a
credit card (59%) or bank transfer (23%) were used to make the
payment. In Europe, however, cash-on-delivery (COD) is the 2nd most
used payment method, following credit cards, in markets like Portugal
(35%), Greece (31%), Spain (29%) and Italy (28%), while almost half
of online shoppers in the UK used debit cards. Cash-on-delivery is also
a popular payment method used in some Asia Pacific markets, ranking
2nd to credit cards in India (29%) and Japan (25%). China is most
unique with COD (34%) as the most used payment method, followed
by bank transfers (31%). Credit cards rank only third (26%) in this
market and is followed closely by money transfers (23%). Yet when
asked about preferred methods, credit cards (24%) actually come
second to COD (32%) in China, indicating an unmet need for online
credit card usage in this market.
An analysis of the findings shows an unmet demand for online
payment cards in such markets as Russia, France, Poland, South
Korea, Japan and China. In each of these markets, a significant
number of people wanted to use a payment card but had to use
another method or payment. In Canada, on the other hand, there was
an unmet demand for PayPal.
“Our recent regional and country-specific consumer studies show that
a major concern in lesser developed markets is the safety of online-and offline-payment methods, while in more developed markets, online
shoppers are demanding more sophisticated payment methods,” says
Bruce Paul, vice president of Financial Services Research at
ACNielsen. “This represents both a challenge and an opportunity for
‫תוכנית עסקית ישראל‬
Page 9 of 28
payment card companies and their competitors to understand exact
usage drivers as they evolve differently in each market.”
In North America, while credit cards (69%) are still the more commonly
used payment method, PayPal (29%) ranks second while debit cards,
primarily driven by the US market, ranks third (22%). Although credit
cards were also largely used in Latin America, PayPal generates high
usage in Brazil, next to credit cards (usage accedes 100% because
some users use more than one payment method).
3.6 Online Payment Market
The increase of eCommerce lead companies to manage financial
transactions to transpire over the internet. One of the most familiar
companies is PayPal (owned by eBay) which allows consumers and/or
businesses to send money to anyone with an email address in 45
countries.
The online payment industry in the U.S. is projected to grow to $12.5
billion by 2005 up from $8.0 billion in 2003 according to Celent
Communications (based on a survey of over 100 online payment
industry executives). Online consumers are looking for additional
online payment options, such as simpler ways to pay online and more
payment methods (Source: Celent Communications, Feb. 2004).
PaymentOne determined in April 2003 that 24% of US consumers
would like simpler and easier ways to pay online and 11% are looking
for more payment methods, indicating significant opportunity for the
online payments market.
Online fraud has
evolved into an
organized and
systemic threat to
online merchants.
‫תוכנית עסקית ישראל‬
The growth of eCommerce has also resulted in more complexity with
internal business processes. Online fraud has evolved into an
organized and systemic threat to online merchants. The latest report
conducted by Mindwave Research in October 2004, concluded that
online sellers expected fraudulent transactions to cost them 1.8% of
revenues, on average, in 2004. Though that is statistically equivalent to
the direct fraud cost projected by the prior year’s survey, the data
suggests that the overall cost of fraud, which includes the cost of fraud
management and the rejection of good orders, continues to rise. The
cost of fraud management is incurred, for example, when merchants
Page 10 of 28
Online merchants
are finding the
need to maintain
technical and
financial
connections with a
number of different
payment
processors and
service providers
integrate those
disparate
connections with a
number of internal
business systems,
allocate manual
resources to keep
up with the pace of
online sales, and
comply with
statutory
requirements.
‫תוכנית עסקית ישראל‬
require manual intervention, a step that slows order processing and
increases costs.
The combination of these market trends is making the management of
electronic payment transactions more complex. Online merchants are
finding the need to maintain technical and financial connections with a
number of different payment processors and service providers
integrate those disparate connections with a number of internal
business systems, allocate manual resources to keep up with the pace
of online sales, and comply with statutory requirements.
Page 11 of 28
4. OnlineCash’s Solution
OnlineCash aims
to consolidate the
following methods
into its electronic
wallet solution:
•
•
•
•
•
Credit Cards
Debit Cards
Bank Transfers
Cash Deposits
Existing
electronic
payment
methods
OnlineCash puts order in the chaos of online payments by
consolidating the various online payment methods into one simple
elegant interface that users find easy to use. The system is simple and
consistent all the way through. Users can view their transaction history,
and analyze their spending.
OnlineCash aims to consolidate the following payment methods into its
electronic wallet solution:
•
•
•
•
•
Credit Cards (Visa, Diners Club, American Express,
MasterCard, etc.)
Various Debit Cards
Bank Transfers in and out of the US
Cash Deposits (via worldwide banks & post office locations)
Existing electronic payment methods (PayPal, Google Wallet,
AliPay etc.)
Simple and Cost Effective
OnlineCash is the ultimate solution for online merchants and provides
them the best and easiest tools for online customer billing using a
growing number of payment methods. OnlineCash focuses on enabling
its customers to meet market requirements in a simple and cost
effective manner and to provide a single source solution that simplifies
and optimizes online payment.
OnlineCash will
also offer a debit
card to its
customers, which
they can use to
pull cash out of
their OnlineCash
accounts from over
900,000 ATMs
worldwide.
With our solution
businesses can
concentrate on
selling and
marketing while
OnlineCash is
responsible for
billing and
ensuring the safety
and security of the
customers and the
business.
‫תוכנית עסקית ישראל‬
OnlineCash provides a faster and cheaper system. It takes less time
and effort to pay via OnlineCash. The costs are considerably lower
than sending money via Western Union™ or the banks. OnlineCash
will also offer a debit card to its customers, which they can use to pull
cash out of their OnlineCash accounts from over 900,000 ATMs
worldwide.
OnlineCash users can easily transfer money to anyone with an email
address by using their credit cards, bank accounts, debit card, or by
depositing money into their OnlineCash account in advance (bank
transfers, the local post office, etc.)
Security
With OnlineCash's solution businesses can concentrate on selling and
marketing while OnlineCash is responsible for billing and ensuring the
safety and security of the customers and the business.
OnlineCash uses several layers of security. Some of the security
measures are technical while others are built into the business process
of the system to combat online fraud, phishing and information theft.
As a basic security feature, all communications between the user and
the system are encrypted with a 256 bit SSL key, for maximum
security. This mechanism is known to prevent information theft, and
various “man in the middle” attacks. Mail sent to users never contains
sensitive information and never requires the user to either login or
Page 12 of 28
enter his personal details, eliminating the problem of phishing and mail
based information theft.
The system is
more secure than
credit cards. In
contrast, without
OnlineCash
merchants that
obtain their
customers’ credit
card details may
charge as much as
they want,
whenever they
want and
sometimes without
the users’ consent.
The system is more secure than credit cards, because the user
decides when and how much money to send. Both users and
merchants are verified by OnlineCash. Every single transaction is
verified and approved. In contrast, without OnlineCash merchants that
obtain their customers’ credit card details may charge as much as they
want, whenever they want and sometimes without the users’ consent.
Worse still, those details may be passed on to third parties, or the
details can be stolen and abused. OnlineCash protects the information
transferred to it using every available security measure. No one, not
even OnlineCash personnel has access to the customers’ information
and the chances for fraud are dramatically reduced.
The OnlineCash website has SSL certification. To protect OnlineCash
from fraudulent transaction the SafeCharge fraud detection system will
be integrated into the system. This will add a series of verifications and
tests to the transaction process and will create one of three possible
outcomes:
a. The transaction is deemed “safe” and automatically approved
b. The transaction is deemed “unsafe” and is automatically rejected
c. The transaction is given a "maybe" status. A decision about
whether to approve the transaction can be done manually. An
automatic interface to handle the "maybe" status can be
developed.
OnlineCash has
strategic
cooperation with Card, a bank in
Canada, a Credit
Card issuing bank.
OnlineCash Cards
OnlineCash offers a Debit Card that integrates seamlessly with the
OnlineCash website. Card transactions are protected with a 4 digit pin
code. OnlineCash has strategic cooperation with -Card, a bank in
Canada, a Credit Card issuing bank. The card is issued by MasterCard
International and enables the holder to perform the following actions:
•
•
•
•
•
Transfer money from card to card, for the cheapest
international instant cash transfers to anywhere on the planet
(transfer fees as low as $4.5).
Withdraw cash from more than 900,000 ATM machines
worldwide
Send cash from the card to another OnlineCash account
Deposit cash into the card from an OnlineCash account or a
Credit Card
Check your card balance and view your card purchases on
OnlineCash
How does it work?
OnlineCash Accounts are loaded using a credit card, bank transfer, or
cash deposits. To make an OnlineCash payment a customer simply
presses the button on the OnlineCash website or place a simple phone
call to the OnlineCash automated teller system. Customers wishing to
transfer the received funds from their OnlineCash account to a bank
account must pay the transfer fee in addition to the transaction
commission.
‫תוכנית עסקית ישראל‬
Page 13 of 28
OnlineCash does not hold any of the funds transferred to it. It is a
financial CHANNEL only. All funds are accumulated in a dedicated
OnlineCash bank account from which money can be transferred to the
customers' bank account upon request. Cost of such a transfer is
transferred to the customer.
System Structure
At the first stage the system will allow online merchants to charge
customer credit cards (except Diners) without dealing directly with the
credit companies. Making a payment in the system creates a
disposable account, used once for a specific transaction only.
Later on OnlineCash will expand the pool of services offered by the
company like adding interface to existing electronic payment methods
such as PayPal, AliPay, Google Wallet etc., to help achieve the
OnlineCash goal of consolidating all payment methods in one
Electronic Wallet.
The system includes several main components:
•
•
•
•
•
•
•
•
•
•
•
‫תוכנית עסקית ישראל‬
Credit Card transactions charging commission from either
debtor, creditor or both
Invoice and receipt production - a PDF Invoice Creations
system which operates according to Israeli accounting
requirements and allows flexible production and production of
copies of Invoices .The Invoices will all be electronically signed
by a legally accredited entity. Invoices and receipts must be
digitally signed using either a homebrewed semi secure
signature or a dependant HSM mechanism that will supply
unique signatures.
Credit Guard Service Integration – Receipt and processing of
information received from the Credit Card Companies via Xor's
Credit Guard system
Customer credit rating tests – testing the amount of risk
involved in a transaction and approving / denying it accordingly.
Controller Class & Feedback system - matches transaction to
actual CC company payments.
Graphic User Interface
Transaction Rollback
Action Rerun
Safe Charge Service Integrating – Integrating transaction
security checks into the OnlineCash Transaction process .
Electronic security – SSL Certification for the web which
insures security of data transmitted through the web site
Electronic Signature – PKI process to electronically sign system
generated invoices & receipts.
Page 14 of 28
5. Competitive Analysis
5.1 OnlineCash Advantages for Merchants
•
•
•
•
•
The quickest, cheapest and easiest method to start accepting
credit cards online
XML API to accept credit cards directly on the customer own
website
secure payment pages with SSL certificate
Accept multiple payment methods on the merchant’s website in
a single step
Bill anyone with an email address
5.2 OnlineCash Advantages for Buyers
•
•
•
•
•
Money transfers to anyone with an email address, 24 hours, 7
days a week
Free money transfers within OnlineCash
One place to manage bank accounts and credit/debit cards
Highest level of information security. Merchants or recipients do
not have access to buyers payment details
No mail phishing, messages and notices are always kept within
OnlineCash.
5.3 Competition
Even the service of
the category leader
PayPal, is limited
to specific regions.
In Israel, a PayPal
user can not
withdraw the
money that was
accumulated in his
account.
There are companies operating in the online payment industry and
offering services similar to the company. The most familiar company is
PayPay which gained until today 86 million users. Online payment
companies are very different from one another, each concentrating in a
specific niche in the huge eCommerce market. For example some of
these companies concentrate in clearance and billing services to very
large companies (like WorldPay), other offer online payment solution
on a local area basis (like nochex in UK). In recent years, with the
growth of marketplace and auction websites like eBay, new kinds of
online payment services are introduced offering money transfers
between private people, like PayPal, ePassporte, and Click2Pay.
PayPal which leads this category was established in 1998 and
dominates the US and Europe markets. However PayPal’s service is
limited to these specific regions, even in Israel, a PayPal user can not
withdraw the money that was accumulated in his account. In countries
like Eastern European countries, India, China etc. there is a real need
of online payment services.
The company also competes with money transfer services like
Western Union that has a dominant global presence.
‫תוכנית עסקית ישראל‬
Page 15 of 28
Below is a brief description of the main companies that offer the online
payment solutions.
PayPal
Founded in 1998, PayPal, an eBay company, enables individuals or
businesses with an email address to securely, easily and quickly send
and receive payments online. PayPal has become a global leader in
online payment solutions with 86.6 million account members
worldwide. It is available in 56 countries to buyers and sellers on eBay,
online retailers, online businesses, and traditional offline businesses
are transacting with PayPal.
CLICK2PAY
CLICK2PAY offers various ways of managing money transfers for end
users. CLICK2PAY provides a variety of options to load funds to and
withdraw funds from a CLICK2PAY account. The account and cash is
accessible …. CLICK2PAY transactions can be viewed and managed
in the online account-area.
ePassporte
ePassporte offers a payment system and a Visa debit card (with the
ability to withdraw worldwide cash wherever Visa is recognized and
acceptance. ePassorte offers a secure system. ePassporte cards are
issued by St. Kitts-Nevis-Anguilla National Bank Ltd., Basseterre, St.
Kitts, West Indies.
NOCHEX
NOCHEX is a privately held company based in Leeds, England.
Founded in 1999, and provide electronic money services since
January 2001. The services are provided to individuals and small
businesses with a secure, reliable alternative payment service in the
UK.
WorldPay
WorldPay is a part of The Royal Bank of Scotland Group, the 5th
biggest banking group in the world. WorldPay customers accept
payments over the internet, by phone, fax and mail and all the major
credit cards, debit cards and local payment schemes. The system
offers customers services in different currencies and languages.
WorldPay has over 20,000 customers trading over the Internet and
more than 1,200 strategic banking and e-commerce partners
worldwide.
Western Union
Western Union Inc. is a subsidiary of First Data Corp. (public company
traded on Nasdaq) and global leader in money transfer (not online).
Westren Union offers consumers a quick and easy transfer of money
to more than 225,000 Western Union Agent locations in over 195
countries worldwide (it has the largest network of physical money
transfer). Western Union has about $3 billion in revenue a year.
‫תוכנית עסקית ישראל‬
Page 16 of 28
6. Business Model
6.1 General
OnlineCash’s main
source of income
is clearance
commission from
websites.
OnlineCash
charges websites
an average 4% of
revenues
generated by the
website; about 2%
of which is
transfers to the
credit card
companies and
OnlineCash has
the remaining 2%.
OnlineCash’s main source of income is clearance commission from
websites. OnlineCash charges websites an average [xx% confidential]
of revenues generated by the website; about [xx% confidential] of
which is transfers to the credit card companies and OnlineCash has
the remaining [xx% confidential]. There are two main factors
influencing OnlineCash’s revenues volume: The number of websites
that OnlineCash offers clearance services and the average revenues
generated in these websites; growth in both of these factors will
increase OnlineCash’s revenues. (In some websites, OnlineCash will
operate as a secondary or third clearance company and therefore will
enjoy only a portion of the website’s revenues).
OnlineCash
intends to position
itself as a perfect
solution for small
businesses that
want to expand
their activities and
go online.
The penetration of OnlineCash to more and more businesses will
create a large customer base. The company believes that many
customers will find OnlineCash an easy and convenient way to transfer
money from one person to another person or business. This will create
a viral effect that will increase significantly the exposure in the market
and lead to increased revenues. This viral effect works in both sides:
satisfied businesses will bring more businesses as well as end users
that will bring other end users. In fact, the company has experienced
this effect with its current websites; other businesses in the same field
approached the company and wanted to implement OnlineCash’s
clearance system.
OnlineCash intends to position itself as a perfect solution for small
businesses that want to expand their activities and go online. These
businesses don’t have the resources to invest in an internal clearance
system which means to deal directly with the credit card companies
and invest a lot of money in security systems etc. OnlineCash is a
solution for many other small businesses like free professions accountants, lawyers etc.; OnlineCash offers them an easy and simple
way to charge their customers with credit cards without any initial cost,
and without special credit card related equipment (since a lot of
customers prefer to pay for products and service with their credit
cards). OnlineCash’s solution offers the businesses a way to increase
revenues by offering their customers new ways of payment.
Moving money within OnlineCash is free because it does not leave the
system. However when money moves into or out of OnlineCash,
certain margins are collected by OnlineCash, on top of third party
costs. For example Credit Card based transfer costs are 2%-2.6%;
OnlineCash charges an additional [xx% confidential] on top of that
cost. When money is transferred to an external bank account,
OnlineCash will charge only the bank’s transfer fees and will not add
any additional costs to its customers.
OnlineCash will
also earn revenues
from OnlineCash’s
debit card - a
commission of $7.5
for initiating a new
card,‫עסקית‬
and ‫תוכנית‬
‫ישראל‬
additional $0.3 for
every transaction
The second source of income for OnlineCash will come from
OnlineCash’s debit card. Any customer, business or end user, can
order OnlineCash’s debit card which enables him to withdraw cash
Page 17 of 28
from his OnlineCash account in more than 900,000 ATM machines
worldwide, as well as pay with the card in any website or any real
stores (that accept MasterCard). The company will charge a customer
a commission of [xx confidential] for initiating a new card (from that
only [xx confidential] will remain in OnlineCash, while the rest is the
credit card company commission). In addition, for every transaction
made with the card, OnlineCash will charge [xx% confidential] (which is
relatively low compared to the current commission other companies
charge). The model assumes an average of 4 transactions per month
per user holding OnlineCash’s debit card.
OnlineCash offers
the cheapest way
to transfer money
from one country
to another.
The third source of income will be international money transfers.
OnlineCash offers the cheapest way to transfer money from one
country to another compared to competitive companies, especially in
small and medium size transactions. These services will offer
businesses and private users the ability to transfer money easily,
quickly and cheaply. OnlineCash will charge businesses a fee of [xx%
confidential] commission from the total amount transferred and private
people a fee of [xx% confidential] commission.
6.2 The Marketing Plan
OnlineCash plans to concentrate in the beginning on establishing high
quality and unique service in Israel which will also act as a beta test.
Later the company will expand its operation outside Israel.
At first, OnlineCash targets countries that do not already enjoy similar
systems. A pre-pilot is being deployed in Israel, a country that has the
infrastructure but lacks the service. Hundreds of auction sites and
online shops exist in Israel and OnlineCash offers a service that is
much needed! The next target markets are Middle East countries (the
company already has a potential partner in these areas), Europe,
China, Russia, US, India, Egypt & Africa and Japan. More and more
people choose to do their business online, with people from further and
further away. The need for an easy, affordable way to transfer money
is only going to grow with time.
In Israel the company will use its connections and closeness to the
market to attract hundreds of website each year. The company plans
an aggressive marketing effort, reaching almost XXX websites (most of
which are new website of small businesses) in the first year in order to
capture a large market share and position itself as a market leader in
the field of online payment in Israel. The company will use resellers to
bring new customers that will enjoy a commission of [xx% confidential]
on average from OnlineCash’s revenues from these customers. The
model assumes that about 40% of the revenues in Israel will come
from resellers. The company believes that there will be a strong viral
effect of new businesses and users based on word of mouth from
satisfied customers.
Outside of Israel,
The Company will
contract a local
partner and
establish a
franchise which
will be held 50% by
‫ישראל‬
‫תוכנית עסקית‬
OnlineCash
and
50% by the local
partner.
Outside of Israel, The Company will contract a local partner and
establish a franchise which will be held XX% by OnlineCash and XX%
by the local partner. The partner will also pay OnlineCash a small initial
license fee of about [xx confidential]. The local partner will be
Page 18 of 28
responsible for all the legal and administrative activities involved in the
services and manage and operate the local company including
establishing marketing abilities to bring new customers and position
OnlineCash as a market leader in the specific country.
6.3 Methodology
Since the company will initially beta in Israel, a detailed revenue model
was built for revenues in Israel. With the company’s expansion to other
countries, revenues are expected to rise. The revenue model for
countries outside Israel was built based on the assumption that the
company will establish a local franchise in each country it operates in,
with a local partner that will hold XX% of the local company (meaning
that OnlineCash’s share will be XX% of revenues). Expenses will occur
on the local partner.
In order to estimate potential revenues in Israel, The Company divided
the market into 4 groups of different kinds of websites.
1. eCommerce website – websites that offer products and goods
2. Non Profit Organizations – organizations that receive donations
through the websites.
3. P2P (person to person) website – websites that offer exchange
of products between private people (like eBay).
4. Small Businesses - like accountants, lawyers, Zimmers etc.,
that offer services to private users.
For each of these websites groups, estimations were made for each of
the forecast period regarding the number of websites OnlineCash will
penetrate and the average amount of revenues that each website will
generate (per average month). OnlineCash revenues from clearance
(only OnlineCash’s share) are [xx% confidential] of the websites’
revenues.
In addition, The Company estimates the number of websites that will
order OnlineCash debit card, as a percent of total websites. The model
assumes that only small business will order OnlineCash’s card, starting
from X% and increasing to XX% in 2010. Further estimation was made
regarding the number of users that preformed transactions in the
system and the percent of them that will order OnlineCash’s debit card
(from X% at the beginning of the first year and up to XX% on average).
The following table presents the average purchase per user per month.
Websites
eCommerce websites
Non Profit Organizations
P2P websites
Small Businesses
Average purchase per customer
per month in NIS
300
200
200
300
OnlineCash’s revenues form its debit card include [xx confidential]
issued fee per new card and [xx confidential] cents per card
transaction (the model assumes an average of 4 transactions per
month per user).
‫תוכנית עסקית ישראל‬
Page 19 of 28
Additional assumptions were made regarding the number of
businesses and private customers that will perform international money
transfers. The model assumes that xx to xx businesses per year will
transfer money, and xxx up to xxx (in the fifth year) private users will
transfer money per year; and the average amount of the monthly
transfers estimated at $X00 per month for business and $X00 per
month for private user.
6.4 Revenues Forecast
OnlineCash’s
business model
has three main
sources of income:
clearance, debit
card and
international
money transfers. In
Israel they
represent an
average of 78%,
16% and 7% of the
total revenues in
Israel respectively.
OnlineCash’s business model has three main sources of income:
clearance, debit card and international money transfers. In Israel they
represent an average of 78%, 16% and 7% of the total revenues in
Israel respectively. The company plans to complete the development
stage by the end of 2005 and start generating revenues as early as the
first quarter of 2006.
Based on the marketing strategy, the company estimates it will reach
xxx new websites in 2006. In 2007 the company estimates xxx new
websites, xxx new websites in 2008 and xxxx new websites in 2009
and xxxx in 2010. By the end of 2010 the company expects to reach
about xxxx accumulated number of websites. The model assumes
churn rate of X% per year of total websites. [The numbers in the charts
were hidden due to confidentiality]
No. of Websites in Israel
No. of Business Customers (New Websites)
Accumulated Websites Business Customers
2006
2007
2008
2009
2010
The revenue forecast assumes that new websites will split equally
during the quarters. This means that the revenues from new websites
will be only X% on average in the first year and XX% in the following
year (since some of the new websites will be connected at the
beginning of the year while others at the end of the year). The revenue
model also assumes that a website that joins OnlineCash’s services
will continue to use it during the next few years (with a X% churn rate).
‫תוכנית עסקית ישראל‬
Page 20 of 28
In order to estimate OnlineCash’s share of the Israeli market,
assumptions were made regarding the eCommerce market growth for
the next 5 years (starting from XX% in 2006 and decreasing gradually
to XX% in 2010). OnlineCash will grab market share from existing and
new Israeli internet sites that use credit cards as their primary payment
method. Based on these assumptions, OnlineCash is expected to
capture X% of the market in 2006 and up to X% in 2010.
The Company's Market share
Israeli eCommerce Market
Year 1
Year 2
The Company gross revenues
Year 3
Year 4
Year 5
The following chart and tables present OnlineCash’s revenue forecast
for the next 5 years from Israel and the Rest of the World.
Revenues ($M)
Israel
Year 1
‫תוכנית עסקית ישראל‬
Year 2
Year 3
Rest of the world
Year 4
Year 5
Page 21 of 28
Total Revenues in Israel ($000)
Commission from websites clearance
eCommerce websites
Non Profit Organizations
P2P websites
Small Businesses
InterWallet Debit Cards
Commission from Cards Issued
Commission from Cards transactions
Money Transfers
Businesses
Private customers
Q1/06
Q2/06
Q3/06
Q4/06
2006
2007
2008
2009
2010
0
0
0
0
______
0
0
0
0
2
______
3
0
1
1
7
______
9
0
2
2
14
______
18
0
4
3
23
______
30
4
22
21
213
______
261
9
35
44
423
______
511
18
46
59
662
______
785
26
56
91
937
______
1,109
0
0
______
0
0
0
______
0
0
1
______
1
1
2
______
4
2
3
______
5
4
34
______
39
9
86
______
95
14
166
______
180
22
290
______
312
0
0
______
0
0
1
______
1
0
1
______
2
1
2
______
2
0
1
______
2
6
11
______
17
7
42
______
49
8
84
______
93
10
106
______
115
0
4
12
24
37
316
655
1,057
1,536
Total Net Revenues
Revenues Rest of the World ($000)
License Fee
Commission from websites clearance
Jordan
Dubai
North America
EU
Egypt & Africa
Australia & New Zealand
Russia
China
India
Japan
Money Transfers
Businesses
Private customers
Commission from Cards Issued
Commission from Cards transactions
Total Net Revenues
‫תוכנית עסקית ישראל‬
Q1/06
Q2/06
Q3/06
Q4/06
2006
2007
2008
2009
2010
0
30
60
60
150
90
60
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
______ ______ ______ ______
0
0
0
1
0
0
0
1
0
0
0
0
0
0
______
1
1
7
43
22
0
11
5
2
2
0
______
92
3
23
137
76
0
40
13
7
12
10
______
321
6
42
229
134
2
59
23
13
33
54
______
595
10
62
312
196
4
114
35
20
51
142
______
944
0
0
0
0
0
0
0
2
______ ______ ______ ______
0
0
0
2
0
2
______
2
6
733
______
739
21
2,579
______
2,600
35
4,227
______
4,262
52
6,645
______
6,697
0
0
0
0
0
0
0
0
______ ______ ______ ______
0
0
0
0
0
0
______
0
8
29
______
37
39
169
______
208
98
523
______
621
189
1,203
______
1,392
4
869
3,130
5,478
9,033
0
0
0
4
Page 22 of 28
7. Financial Forecast
7.1 General
OnlineCash’s financial forecast was drawn for a 5-year period starting
from FY2006 to FY2010. The first year, 2006 was presented in
quarters to enable better insight of the initial stage growth pattern. All
figures are stated in thousands of Dollars.
7.2 Manpower
OnlineCash’s total
staff is expected to
grow from 11
people at the first
quarter of 2006 to
15 by the end of
2006, up to 20
people in 2007 and
totaling 25 people
in 2010.
The company’s manpower setup comprises of three main
departments: management, marketing and R&D team. The R&D team
consists of a small team of highly professional members that
developed the system. This team will grow in accordance with the
increase in revenues.
OnlineCash’s total staff is expected to grow from 11 people at the first
quarter of 2006 to 15 by the end of 2006, up to 20 people in 2007 and
totaling 25 people in 2010.
The attached tables show the projections for the number of employees
and the overall wage expenses anticipated during the 5 years of
operation. The salaries table includes in the left column an annual
salary per position (employer cost including social benefits). The
salaries at 2006 are relatively lower until the company will reach a
breakeven point. From 2007 and onwards, an annual increase of 15%
in all salaries is included.
‫תוכנית עסקית ישראל‬
Page 23 of 28
Personnel Structure (No. of Employees)
Management
CEO
COO
V.P. Business Dev.
Administration
Marketing
V.P. Marketing
Salesman
Customer service & Support
Support
R&D
CTO
Team development manager
Software developers
QA
System Administrator
Total
Q1/06
Q2/06
Q3/06
Q4/06
2006
2007
2008
2009
2010
1
1
1
1
1
1
__
2
1
__
2
1
__
2
1
__
2
1
__
2
1
1
1
1
__
1
1
1
2
__
1
1
1
2
__
1
1
1
2
__
4
5
5
5
1
__
1
1
1
__
2
1
1
__
2
1
1
__
2
1
1
__
2
1
2
__
3
1
2
__
3
1
3
__
4
1
4
__
5
1
1
2
3
3
3
3
4
4
1
1
3
1
1
__
7
1
1
4
1
1
__
8
1
1
4
1
1
__
8
1
1
4
1
1
__
8
1
1
4
1
1
__
8
1
1
4
2
2
__
10
1
1
4
2
2
__
10
1
1
5
2
2
__
11
1
1
5
2
2
__
11
11
13
14
15
15
20
21
24
25
Salaries ($ 000)
Annual
salary (*)
Management
CEO
COO
V.P. Business Dev.
Administration
Marketing
V.P. Marketing
Salesman
80
38
64
14
64
41
Q1/06
Q2/06
Q3/06
Q4/06
2006
2007
2008
2009
2010
20
0
0
4
____
20
0
0
4
____
20
0
0
4
____
20
0
0
4
____
80
0
0
14
____
92
44
73
17
____
106
51
84
38
____
121
58
97
44
____
140
67
112
50
____
24
24
24
24
94
226
279
320
368
16
0
____
16
16
10
____
26
16
10
____
26
16
10
____
26
64
31
____
95
73
95
____
169
84
110
____
194
97
189
____
286
112
290
____
402
Customer service & Support
Support
26
6
6
13
19
45
88
101
155
179
R&D
CTO
Team development manager
Software dev.
QA
System Administrator
48
48
35
22
22
12
12
26
6
17
____
12
12
35
6
22
____
12
12
35
6
22
____
12
12
35
6
22
____
48
48
132
22
84
____
55
55
161
51
51
____
63
63
186
59
59
____
73
73
267
68
68
____
84
84
307
78
78
____
73
87
87
87
334
374
431
548
631
118
143
150
156
567
857
1,005
1,311
1,580
Total
(*) Annual salary per potion Including social benefits
‫תוכנית עסקית ישראל‬
Page 24 of 28
7.3 Customer Service & Support Budget
The Customer Service and Support budget includes a few technical
support personnel in Israel in addition to an outsourcing company that
will be responsible for telephone support at the price of 2NIS per
minute. (The model assumes an average of 10 minutes customer
support per customer per year including all customers, old and new).
The company’s foreign franchises will have a local support service.
This budget also includes servers and communication expenses and
other.
7.4 The Sales & Marketing budget
The Sales and Marketing budget refers to the Israeli budget; foreign
offices expenses will occur on the local partner. The S&M budget
includes salaries to sales team, a large amount of commissions to
resellers, travel expenses, Marketing and PR Materials and other.
7.5 R&D Budget
The R&D budget includes salaries of the R&D team, travel, training
and car leasing for R&D team and other. Future development in the
system includes performing transactions using a cell phone, direct
bank transfers – sending an order to transfer money from a bank
account to an OnlineCash account without using a visa card,
technological features, and automatic transfer to customer bank
account upon request.
7.6 The General & Administrative Budget
The General and Administrative budget includes mainly salaries, legal
and auditing, travel expenses, and office rental and maintenance.
These costs will remain relatively low until the company personnel and
operation will grow over the years.
‫תוכנית עסקית ישראל‬
Page 25 of 28
Customers Service & Support ($ 000)
Q1/06
Q2/06
Q3/06
Q4/06
2006
2007
2008
2009
2010
Salaries
Support
Servers & communications
Other
6
0
3
3
6
0
3
3
13
1
6
3
19
2
6
3
45
3
18
12
88
4
25
15
101
7
40
20
155
10
50
25
179
14
70
30
Total
12
13
23
30
77
132
168
241
293
Marketing Budget ($ 000)
Q1/06
Q2/06
Q3/06
Q4/06
2006
2007
2008
2009
2010
Salaries
Resellers Commissions
Travel Expenses
PR
Marketing material
Other
16
0
3
5
6
26
0
3
5
5
6
26
1
5
8
5
6
26
1
5
10
5
6
95
2
13
26
20
24
169
15
20
40
25
25
194
31
25
50
35
30
286
42
30
70
50
35
402
61
35
80
50
50
Total
30
46
51
53
180
294
366
514
678
General & Administrative Budget ($ 000)
Q1/06
Q2/06
Q3/06
Q4/06
2006
2007
2008
2009
2010
Salaries
Rental
Legal and Auditing
Foreign travel
Office Maintenance
Other
24
2
2
3
6
6
24
2
4
5
6
6
24
2
6
5
8
8
24
2
6
5
8
8
94
7
18
18
28
28
226
12
20
30
30
40
279
14
25
40
35
60
320
15
30
50
40
80
368
20
40
50
45
100
Total
42
46
52
52
193
358
453
535
623
Research & Development Budget ($ 000)
Q1/06
Q2/06
Q3/06
Q4/06
2006
2007
2008
2009
2010
Salaries
Travel and Training
Car Leasing
Other
73
3
10
6
87
3
12
6
87
3
12
6
87
3
12
6
334
12
46
24
374
15
12
30
431
20
12
35
548
20
14
40
631
25
14
45
Total
91
108
108
108
415
431
498
623
715
‫תוכנית עסקית ישראל‬
Page 26 of 28
7.7 Profit & Loss & Cash Flow Forecast
In 2007 the
company is
expected to reach
a breakeven point
with a small loss of
$31 thousands,
followed by
operating profit of
$2.3 million, $4.6
million, and $8.3
million in the
following years.
In its first quarter of operation (2006), the company is expected to post
a loss of $821 thousands in 2006. In 2007 the company is expected to
reach a breakeven point with a small loss of $31 thousands. In 2008
the company is expected to report an operating profit of $2.3 million
and an operating profit of $4.6 million in 2009 which is expected to
grow to $8.3 Million in 2010.
7.8 Financial needs
Management is seeking funds to support the development and
marketing of its services. In addition, management will use the funds to
properly implement the platform, intensive marketing and sales
program, recruit additional staff, and acquire the resources needed to
expand the company’s global operation. The company is looking to
raise $2,000,000 in funds to meet these goals.
The following tables present the company’s Profit & Loss forecast.
‫תוכנית עסקית ישראל‬
Page 27 of 28
Profit & Loss Forecast ($ 000)
Revenues
Israel
Rest of the World*
Total Revenues
Operational Costs
Support
R&D
Marketing
General & Administrative
Operating Profit (Loss)
% of Revenues
Accumulated Operating
Profit (Loss)
‫תוכנית עסקית ישראל‬
Q1/06
Q2/06
Q3/06
Q4/06
2006
2007
2008
2009
2010
0
0
______
0
4
0
______
4
12
0
______
12
24
4
______
29
40
4
______
45
316
869
______
1,185
655
3,130
______
3,785
1,057
5,478
______
6,535
1,536
9,033
______
10,570
12
91
30
42
____
176
13
108
46
46
____
212
23
108
51
52
____
234
30
108
53
52
____
243
77
415
180
193
____
865
132
431
294
358
____
1,215
168
498
366
453
____
1,484
241
623
514
535
____
1,913
293
715
678
623
____
2,310
(175)
(209)
(222)
(215)
(821)
(31)
-3%
2,300
61%
4,622
71%
8,260
78%
(175)
(384)
(606)
(821)
(821)
(851)
1,449
6,072
14,332
Page 28 of 28