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An e-payment system is a computer system used to manage electronic payments. In this case, a system is a computer application that can live on your company’s servers or an external server managed by your company, a third party vendor like AvidXchange, or a cloud-based system like Amazon Web Services (AWB) or Google Cloud Platform.
Blake Oliver: [00:21:59] So, all this real-time deposits thing is getting bigger and bigger because we were just talking about this last episode. They were taken private by Apollo Global Management in 2016 - a deal valued at $4.3 They started at $21 on Tuesday, and they fell down to $16.85 on Wednesday.
If you've ever tried to get your clients' Stripe, Square, or PayPal transactions into QuickBooks or Xero, you've probably pulled your hair out a few times trying to get income and fees recorded correctly so that the deposit amounts match the bank statement so you can reconcile. You go back in time to desktop computers, and desktop software.
If you've ever tried to get your clients' Stripe, Square, or PayPal transactions into QuickBooks or Xero, you've probably pulled your hair out a few times trying to get income and fees recorded correctly so that the deposit amounts match the bank statement so you can reconcile. David Leary: [00:22:55] Is it just like you're just too busy?
A2X posts tidy summaries of sales, returns, and fees from Shopify and Amazon directly into QuickBooks, or Xero that will exactly match the deposits that appear in your bank account. Mind you, this is the person who runs the IRS computer systems that are how old now? Blake Oliver: [00:09:41] They date back to the Kennedy administration.
What he did, is he- somewhere along the line, he crossed the line, and he rerouted payroll direct deposit money that was supposed to go into employees' bank accounts, and the money to pay taxes. David Leary: [00:25:01] I mean, the trouble here is you have to have the cash to deposit in people's accounts. That's what I'm not following.
I know we've been thinking, oh, it's gonna be 2016, 2017. Blake Oliver: [00:17:20] Yeah. Direct deposit volumes are surging three times, up to 14 million customers. Not only that, I would be able to compromise better computers because it would be business computers instead of personal computers, probably.
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