Last Revised: 11/14/19. Posting #: 10249173
Key Words: internet, software, online payment, payment software, online, financial service, financial services, finance, asset, home based, relocatable, montgomery
Financial Info: Asset Sale. This company transferred hundreds of millions of dollars over its lifetime through the e-deposit system. The software development costs of eDeposit were over $1 million. Five unique patents, four trademarks and 27 domain names are also offered in the auction for a minimum bid of $10,000.
Profile: ***Asset Sale***
This is a board-ordered liquidation of the assets of eDeposit Corporation, a recently closed full-service online financial services company that provided innovative and secure online deposit, settlement, payment and other financial services for a variety of consumers, merchants and businesses. It has provided services for the following industries: Federal government, property management, auction, fuel, alcoholic distribution, restaurant and more.
The sale is for patents, payment software (including mobile payments software), domain names and more, as the assets of eDeposit Corporation, a payments company in business for almost 20 years, is liquidated.
The auction is currently in preview, and online bidding will begin on December 2nd at 9AM ET (6AM PT) and close December 4th at 3PM ET (12PM PT). You can view the auction preview, auction specifics, due diligence documents, and item details by contacting Norman Understein via email or phone.
Also included are:
PowerPoint description of the software
List of Trademarks
List of Domain Names
* The unique "hold" and "release" feature of the patents creates a non-reversible escrow type payment transaction without the middleman. *
Formed in 1999, eDeposit was originally founded to facilitate auction services, whereby the proprietary web and mobile software placed a hold on the high bidder’s deposit, and immediately released the hold for non-high bidders. This would allow bidders to use the deposit for other auctions.
The real-time and non-reversible features, as well as the transparency to all parties of the transaction, make it ideal for many other industries including: direct store distribution; gaming; property management; real estate settlements; vacation rental deposits and payments; student, camp & country club deposits and payments; the cannabis industry, and more!
The software development costs of eDeposit were over $1 million. Five unique patents, four trademarks and 27 domain names are also being offered in the auction for a minimum bid of just $10,000.
The company CEO stated that banks handling cannabis payments have expressed an interest in the software as a solution to resolving the all-cash transactions between cultivators, dispensaries, and consumers. He stated that the software is also uniquely suited to real estate settlements, where most settlements include an average of 10 to 12 transfers that are currently handled by mail and wire transfers, since ACH cannot be used in real estate settlement transaction, and the eDeposit function can provide the services at a fraction of the costs, in real time, and with full transparency.
At the time eDeposit ceased operations, it was handling the transfer of funds between distributors and retailers, including the restaurant industry, liquor wholesalers, oil and gas companies, auction companies, and property management companies.
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