Jareau
@jkwade
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Following
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Coffee Dad. Payments Nerd. Football (Soccer) Fan.
Atlanta, GA
Joined December 2008
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I love how ppl are like "I've been using this mental model a lot lately" and it's just them thinking
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7 years ago, I was certain my startup would fail, was fighting with my co-founders, and didn’t know how to identify if I weren’t a “founder.” I wasn’t depressed but I was exhibiting some self-destructive behavior and my health was suffering.
Then I met my future wife…
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It's fucked up that the only thing that makes running easier is more running.
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Fantasy story pitch: Imagine there's a magical herb that everything in the world relies on but it only grows on a single island and there are like 200 ppl who can harvest it and that island is precariously placed between two kingdoms...that's basically the semiconductor industry
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My wife and I got married 3 years ago but never really got a chance to go through our wedding pictures. Here are a few of my favorites.
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2.5 years ago, my wife and I bought an acre of land in South Atlanta with her parents and younger sisters. We’re planning to develop it into a multi-generational compound. Last week, we took my daughter to there for the first time. There’s a beautiful peach tree on the land.
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Permanent WFH represents a great Diversity & Inclusion opportunity for tech companies. Many (black) people don't want to live in the Bay or Seattle, etc. They'd prefer to live in cities like Atlanta, DC, Houston.
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I honestly never thought I’d be here, but my transformation into a suburban dad is nearly complete.
On Tuesday, my wife and I are set to close on a new house 22 miles from Atlanta, but 4 min away from my in-laws, who watch our daughter every day.
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My wife loves that I have a compulsion to ask every single restaurant and store what software/payments processor they are using while on vacation.
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Stripe 2022 numbers per
@theinformation
:
- Gross revenue: $14.3B, 27% YoY
- Net revenue: $3.2B, 25% YoY
- Net revenue minus fraud losses: $2.8B, 18% YoY
- Net revenue from non-payments products: $280M
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Just saw Cash App's new (?) "Deposit Paper Money" feature. Users can deposit cash at Family Dollar, Walmart, Walgreens, etc, and have it instantly available in their Cash App account. Very smart move imo.
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My little sis just performed at the Oscars with Beyoncé!!! Very proud of you
@freeSPIRIT_5678
!!!
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My company just raised $96M. Most of that in the last year. We have all the financial means we need to be successful. I’m elated!
But I had to intentionally avoid the news about
#JacobBlake
just to get the press release out.
I’M SO TIRED OF BLACK PEOPLE BEING SHOT BY POLICE!
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By turning Cash App and Square Seller into a closed-loop network, $SQ is now the most credible candidate for 5th network (after V/MC/AMEX/D).
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Waking up at 5am is the easy part. It’s going to sleep at 9pm that’s impossible.
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This comment struck me...I recently moved my family out of SV to Atlanta for a better quality of life, which includes (relatively) affordable housing, living near immediate family, and proximity to a a thriving black middle class. Not sure I’d consider myself less ambitious tho.
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I love how Jack was like “I’m leaving twitter because I think companies should be protected from their founder’s impulses.” Then the next day renames Square to Block because he loves bitcoin so much.
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I keep seeing analyst reports, tweets, etc that Pinterest's real revenue opportunity is in launching a "Buy Now" button like Instagram just launched. They did...I worked on it. And they shut it down.
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Not me, a fintech founder, trying to wire money to another fintech founder but it's taking 10 days because he lives outside the country and the ACH system is broken...
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it's so difficult to see endless streams of black people being brutalized and then have to get it together and do work. i'm honestly tired of this shit.
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Spoiler: I’ve been planning to fund the majority of my parents retirement since I was 14 years old.
Spoiler: your parents pension is underfunded. You will make up the difference.
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West Coast tech companies that have (or are planning to open) an Atlanta office:
@Twilio
@Google
@Pandoramusic
@PagerDuty
@Opendoor
@Zillow
@Square
@TheKongInc
@Blavity
(LA-based)
@RevelSystems
@OneLogin
@Algolia
@NewRelic
@Convoyteam
@Feedzai
cc:
@hypepotamus
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Cash App really has no business being as successful as it is. Yet, it's now the key to Square becoming a major payments network. In this post, I show how Cash App used Visa and Mastercard to jumpstart their own network effects.
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I'm all for critical coverage of
@Stripe
. I don't think a 12-year-old IPO candidate worth $40B-$100B should be handled with kid gloves. It deserves scrutiny. But the latest
@theinformation
article trying to frame it as the next Uber is wrong to me.
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Lately I’ve been wondering if I’ve ever truly been ambitious or if I was simply pursuing achievement to have my self-worth acknowledged.
My wife pushes me to 1) acknowledge that I am loved no matter what and 2) pursue ambitions based on curiosity, passion, and what I’m best at.
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I was feeling run down Friday afternoon when several people on my team told me they appreciate having me as a manager and I do a good job advocating for them.
Anyway, I cried on a zoom call and that’s pretty much all I need from my job.
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I don't think people *really* understand how big the global payments industry is nor how fast it's growing.
We're talking about a $1.9T market growing at 6% a year!
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Oh and home shopping has revealed a weird preference I didn’t know I had. I am fucking stoked to finally have a pantry. When I was a kid I thought a pantry stoked with Costco goodies was the highest form of luxury. My family kept bread on top of the fridge. Look at me now!
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This is “the tech angle” on my 7 year anniversary lol but I can’t stress enough how much my wife has helped me be a better person and startup exec.
Now, I will show my gratitude by logging off Twitter and spending time with her (once she wakes up).
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Wonder if they’d let me record an episode about when Sequoia told us (Finix) that they were walking away from their investment due to a conflict of interest with Stripe.
Yes, we got $21M dilution-free cash but managing the communications for this was extremely challenging.
Introducing the Crucible Moments podcast from
@Sequoia
.
Join us as we dive into the defining moments that shaped some of the world’s most successful companies including
@PayPal
,
@Eventbrite
,
@Airbnb
, and more.
Listen here:
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As a dad with a toddler and a demanding startup job, I’ve been struggling to stay in shape. That was until I introduced my daughter to Swag Surfin and now she makes me play it on repeat while I dance with her on my shoulders and I’m fucking exhausted.
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Stripe just announced updates to their ACH Debit product with the ability to instantly verify bank accounts. This looks like a feature that's competitive with Plaid's Auth product.
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After months of planning, 14 days of quarantining, and a nine hour drive, my twin sister and her family are here. Love having a full house for the holidays!
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Silicon Valley, the
#muslimban
isn't wrong b/c it stifles innovative or b/c many founders are immigrants. It's just wrong.
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@sarthakgh
He’s not allowed to talk about politics at work so he’s just expressing himself on Twitter.
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TIL of a modern lending company doing over $2B in loans that runs its servicing engine on Google Sheets. 👀
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I gotta tell you, seeing someone you took a chance on 6 years ago raise over $20M from top-shelf investors and get their picture in Forbes feels pretty fucking great. Whoever said giving fills you up was right! Congrats
@RSerna2010
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Crazy idea but what are the chances PayPal buys Square while the sky is falling? 🤔
They could consolidate the US p2p payments market while getting into brick and mortar and pick up a decent website builder all at the same time. Synergies in lending too.
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So excited to share this news! We allocated 10% of our most recent funding event for Black and Latinx investors—we'll do the same on future funding rounds. Check out our blog to see how you can do the same thing at your startup.
2) We allocated 10% of our latest funding round for Black and Latinx investors, and intend to do the same for all future rounds. We'd love for other startups to do the same. Learn more here:
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Happy anniversary to my amazing wife! Since this photo was taken, she’s created a whole human being, bought a house, defended her dissertation, got a new job, and done some important work re: COVID. I’m incredibly proud and grateful to have her in my life!
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🙌🏾 praise report 🙌🏾
my wife was just appointed as an adjunct assistant professor of preventive medicine!!!
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Excited to welcome
@lightspeedvp
and
@AmericanExpress
Ventures aboard as we continue to grow Finix and empower more software companies to take back their payments stack!
Thrilled to announce we've extended our Series B to $75M—led by
@Lightspeedvp
with participation from
@AmericanExpress
Ventures—to empower software companies to cut out the middleman and take back their payments stack.
More here:
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Excited to finally share the news!
@Finix
raised $17.5M from some amazing investors who share our vision of building infrastructure for the next generation of payments companies!
We’re excited to announce we've raised $17.5M in Series A funding from
@BainCapVC
@InsightPartners
,
@AspectVC
, and
@Visa
to help the next generation of billion-dollar payments companies own, manage, and monetize their payments.
Learn more here:
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We’ve been together seven years as of today and I’m very grateful and fulfilled by the sense of home we’ve built with each other and now with our daughter.
She loves me for who I am but always pushes me to get better and stand on my authentic confidence/power.
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I’m coming up on 10 years since I’ve been in the payments industry. Considering writing some long-form pieces about what I’ve learned from my time at Balanced, Tilt, Pinterest, and Finix.
What topics should I cover?
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btw, been thinking about starting a site called Southlands to help (black) tech folks navigate the migration from the coasts to Atlanta and other cities in the South as these permanent WFH policies begin to rollout. Would this be helpful?
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Toast S-1 just dropped and reveals some interesting data re: embedded fintech and consumer spending habits.
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Ok, hear me out regarding PayPal. In their pursuit to become a "super app," they are building a deconstructed marketing funnel:
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Hey
@HarlemCapital
! Love that you're doing this 🙏🏾! Wanted to throw a name into your mentions:
@RSerna2010
🇲🇽 Son of Mexican immigrants
🎓 Harvard grad
🤖 Taught himself to code
🚀 Started
@Finix
in 2015
💰 Has raised over $55M from investors like Sequoia, Bain, Homebrew, Visa
Read and Share - "Rising 200: Black and Latino Founders Who Raised $1mm+ in VC Funding ($6.0bn total)". Check out our full Diverse Founder Report and tag any founders that we missed. Our goal is to shed light on an underrepresented, but present pipeline
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Apropos of nothing, I’ve been thinking about a conversation I had with
@DonaldRichard
recently about how reaching the financial point where you can put your bills on autopay is one of the most liberating feelings in life.
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@jmj
📈 Buy buttons move the needle on low-cost, low consideration items
🤔 Expensive, high-consideration items aren't meaningfully impacted by the checkout convenience of having your payment info stored
👻 "Drops" will likely do well in this context. Snap is well positioned here.
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Kamala brought two little black girls on stage with her and I’m crying my eyes out.
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I now have an identity that reaches well beyond just “founder” and can see success is not just about professional pursuits.
Simple and obvious, I know but it took me caring so much about someone beyond myself to internalize this.
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I'm just here to say: I told you so...
Prediction:
@savehoney
will become one of LA's most important companies in the next 5 years and a significant consumer commerce company in general. They've cracked the 10M user mark and are making aggregator-like moves:
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I’ve been making more serious interventions to manage my anxiety and improve my sleep lately and I realize I’ve…just been chronically tired for like the past five years.
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Saw this at lunch yesterday:
@sundayapp_
, a QR code-based restaurant payments app, allows customers to split the bill and pay at the table for a $2.99 “digital fee.” I decided to wait for the server and pay by card…
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Went to a party for the first time in two years. Felt cute. Might do it again some time.
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Re: $SNAP guidance:
“Did Apple just privacy us into a recession?”
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I am at the airport, wearing hard shoes for the first time in 15 months. I’ve completely forgotten how to fly (forgot to take my laptop out at security) and let my pre-check status lapse. Pray for me.
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I’m in a group text with other coffee snobs and we’re all bitching about having to drink Kuerig when we go visit in-laws. Seems like a universal and uniformally tragic experience everyone can relate to.
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Braintree (“unbranded processing”) doing ~$400B/year in total payments volume, growing at ~40% YoY. Pretty good!
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We launched the
@finix
website a year ago. Here's the original mockup I sent to the designers (
@15Finches
).
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I know he's not single-handily responsible for Cash App's success but it's a crime that
@ay_o
isn't given more credit and adoration for what he and the early team did to set Square up for these kinds of numbers.
Cash app now has 4 revenues lines - that each contribute $100M+ of run-rate revenue:
- Bitcoin
- Cash For Business
- Cash Card
- Instant Deposit
Biz still growing triple digits this month and product velocity / team is just 🔥🔥
What will the next $100M+ revenue line be??
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I know everything is terrible and likely to get worse but I’ve been having a building sense of optimism and hope about the future. Just me?!
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I'm going to start writing more about modern payments players (e.g. Stripe, Adyen, Checkout, Braintree, Rapyd). Please reply or DM if you have any stats, anecdotes, or trends you'd like to see written about.
Here are a few ideas I'm thinking about...
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Took yesterday off to celebrate my daughter’s birthday, complete with socially distant friend visit.
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Hi! 👋🏾 Some personal updates: Over the past 5 months, I had a baby, moved from Oakland to Atlanta, bought a house, got into grad school (), and started a new job with
@FinixPayments
. AMA.
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I wrote 3000 words over the weekend on Cash App and the potential of Square as a closed-loop payments network to rival Visa/Mastercard. Going out Tuesday. Subscribe 👇🏾
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I can see a world where crypto-based payments take off but this is what they're up against—Visa, one of Chamath's "biggest business loser for 2022":
- $10.4T in annual payments volume
- 5K+ trnx per second
- 3.7B cards/credentials
- 100 million merchant locations
- 15K+ FIs
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👋 Hi! Career Update:
I'm joining Arcadia as Sr. Director, Payment Products. Arcadia is a technology company creating unprecedented access to the data and clean energy needed to decarbonize the electric grid.
More here:
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Blessings in the Wadé household today:
👰🏽💰 My wife got a raise
👶🏽🥾 Daughter turns one today and is walking!
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Adyen 2022 earnings are out:
- Total payments volume (TPV) up 49% YoY
- Net revenue up 33% YoY
- EBITDA margins at (a relatively low) 52% due to increasing headcount 30% in 2022
- POS TPV up 62% YoY, 16% of TPV
- CAPEX up from 5% to 8% in H2 due to investments in data centers
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I’m going to start producing some content about the non-“tech” payments world. It’s a massive, nuanced, and fascinating space. Most ppl I know in SF seem to think Stripe and Square “won” payments but there is *so* much going on!
Oligopoly - Small number of winners
Payments (Stripe, admen, PayPal)
Ridesharing (Uber, Lyft)
Storage (Dropbox, Box, AWS)
Payroll (Gusto, ADP, Paychex)
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Today, my (almost) two year old described what I do for work as "pressing buttons" and I've never felt so self-conscious.
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Payments-related takeaways from the Instacart S-1:
- They have direct integrations into Fiserv, Klarna, Marqeta, PayPal, and Stripe
- Fiserv is most likely used to process EBT/SNAP payments
- They admit that migrating to a new 3rd-party payments provider would be costly
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I’m getting roasted in my quote tweets by Kenyans who assume I don’t know what m-pesa is…Now is probably a good time to share that I also believe that white people invented rock n roll, the Kardashians came up with “boxer braids,” and Pace Picante is authentic Mexican salsa.
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And reminder, as a Black American, you can’t just live anywhere you want and expect to be around people of your own race (a desire that most groups have btw). For me, I didn’t want my daughter to be the only black kid at her school.
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My wife and I felt cute yesterday after church but she plays too much…
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Getting more people to an autobillpay lifestyle is WAY more important than creating more millionaires.
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My mom just causally announced in our family text that she and my dad terminated the landline they’ve had at our house since 1987.
I’m shook.
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"...the hottest fintechs today make up only 1% of all global payments revenue." -
@EmanuelPleitez
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Somewhere in the last year my primary motivator flipped from insecurity-driven to curiosity-driven and it's made a huge difference.
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Hi 👋🏾 I lead growth for
@Finix
.
I'm trying to get a sense of general comprehension of our product after yesterday's launch.
Can you explain in one tweet what Finix does?
Reply to this tweet w/ answers & plz RT so I can get a breadth of answers.
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Making friends in your mid-30s (while living in the suburbs) is hard...so this past weekend, I cleaned out my garage and invited my neighbor to work out with me in my home gym. Today, he gifted me with some used lawn care equipment.
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Black women are such a woefully underfunded cohort of entrepreneurs, and given these numbers, one could find an investing edge by more or less indiscriminately giving giving money to Black women founders and investors.
The Plug 50: 25 Black Women Executives with Successful Exits & 25 Who May Be Next
@tpinsights
data fellow
@LenieceFlowers
pulled together a database to track the progress of Black women-led companies. See what she discovered in our PRO member story...
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Hi 👋🏾
@Finix
didn't just rebrand yesterday.
We became a payfac, expanded our in-person payments capabilities, and added real-time fraud monitoring, account updater, L2/L3 processing, Apple/Google Pay, interchange+ pricing, T+2 ACH payouts, profitability reporting, etc.
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