Electronic funds transfer

And you need to understand this, because if you don't, you're gonna pay more in service fees, and now you eat away at your profit.

So depending on if you take payments from your clients from Stripe or PayPal, if you've been doing all e-Transfer, let's get a payment system set up, because that's [laughs] gonna be very messy on the back end.

If you have a small business and you're just doing a little bit, maybe not.

But you do need a system.

I would eat lunch with the billing woman, Grace.

And I would ask her like, why do you want us when we're doing memberships to do EFT? This is when EFT had just started, like electronic funds transfer.

Like gyms back then were just paid in full.

You paid $200 for a year or $300 for a year, whatever it was.

You paid for three months at a time.

EFT was just starting back then.

So she explained to me about multi-reoccurring revenue and how you did it and why we wanted a checking account instead of the credit card because of the fees.

I mean, and I was just writing it all down.

Some you would call the custodian and instruct them to mail a check directly to the charity and they would mail it for you.

And then some custodians can do what's called an EFT and electronic funds transfer from your IRA electronically to the charity.

Again, that depends on which custodian you're with.

I've never found one that has a debit card option.

...

EFT comes along, then it changes to virtual credit cards.

Are you able to speak about maybe, and this may be out of your wheelhouse, why did that landscape change so drastically?

Yeah.

So- I have friends on the dark side still.

[laughs] So I, I have friends that I've talked to.

I mean, when I started my business, that was kinda where I started, was talk to insurance companies, talk to people there about, "Okay, why are you paying them this way?" Or, or "What are, what are you guys doing?" And, like, "Why are you still sending checks?" [laughs] And so the, the problem is that when EFT started, it, it wasn't extremely regulated very well, and so there were unfortunately some incidences where the insurance company made errors and they would take money back or like they would, they would do things so that suddenly, like, the, the offices had a lot of distrust with doing EFT.

And so, so they all said, "No.

Trump convened the first White House summit devoted to digital assets, telling the people who attended that America was going to become the crypto capital of the planet and the Bitcoin superpower of the world.

On March 25th, Donald Trump ordered the federal government to phase out paper checks and migrate federal payments and receipts using, um, EFT, which is electronic funds transfer, cards, digital payments, and chip payments.

Okay? Uh, on the same day, Donald Trump announces the World Liberty USD1.

What was the USD1? It was a digital dollar, um, stablecoin that Donald Trump launch- launched.

I'd say different.

And I'd say Canada is one of the smaller companies where The everyday consumer real-time problem was solved by what we call e-transfer, pretty similar to your Zelle of the States.

E-transfer was running since the early 2000s, although, and I'd say it's near real-time because the settlement occurs at the end of the day or the next day.

But for the consumer perspective, it happened right away.

So...

The complexity, and you're right, it is complex because as time went on, people were looking for new ways of making payments, whether that's using a wallet, an electronic wallet, and there's different variations of a wallet.

whether that's using alternative payments beyond that of just a credit card, account to account, EFT in Canada or ACH in the US.

If you're talking about cross-border payments, you know, you want to buy something from an online store that happens to be in the UK.

How do you do that? So, All of these things play into, I guess, the reasons why or the background to the complexity.

So you'd have a BPAY and a reference number for your super account.

And you just do it like an EFT from your bank account.

And then you have two options.

You either leave it as it is, and that's called an after-tax contribution.