As most accounting firms know, dealing with banks to make payments for clients can be frustrating, to say the least. But a couple of years ago, that’s exactly what InterPaid was doing — or trying to do.
When Andrew McAuley launched his Sarnia, Ontario-based bookkeeping and business management company in 2019, he had one goal in mind: to enhance the accounting setups of small, medium, and large businesses using a full range of efficient services.
Those services would come to include full-cycle accounting, payroll, remittances, accounts receivable collection, accounts payable management, business optimization, and more. And while InterPaid quickly found early success, banks placed one significant speedbump in the company’s way.
Banking on Inefficiency
That speedbump was the same one faced by many accountants today: making payments using the direct deposit features of their clients’ banks.
“This was an extremely time-consuming and difficult task as we had to have individual logins created, signing authorities depending on the bank, etcetera,” says McAuley. “Not to mention, most banks’ direct deposit payment platforms are not designed for accountants or third-party providers.”