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Invoices must be manually created, printed, and mailed; then you wait for the customer to open the envelope, enter the invoice into his or her own system, process the invoice, print a check, and mail it to your company; then your staff has to open the envelope, deposit the check, and match the payment to the outstanding invoice.
At AvidXchange, our customers in the CAM industry company use AP automation to pay suppliers so their finance team can process payments and invoices accurately and on time. So Justin was the founder of a company called Strong Room, which we acquired back in the 2015 timeframe. What’s next for the industry?
A federal credit union told the Justice Department that 59 out of 60 SBA deposits it received appeared to be fraudulent. David Leary: [00:20:22] Because it's Intuit's account, you connect your merchant service to it; do instant deposits. You can get instant deposits to that account free of charge. They have a cashflow planner.
It sounds like kind of a little bit of a bank feed, but they're gonna tie it back to whether or not invoices are paid or outstanding. If you invoice out of Clear Books, and then you get paid through Revolut, it's going to tie that back together. Direct deposit volumes are surging three times, up to 14 million customers.
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