Payments accepted by Bank Transfer

[Guest yamahabike]

Instructions concerning how this can be done can be found at the end of the order process.

where can i find it?

thanks

[vokf]

I've just modified the "Print Order form" template to include info on Bank Transfer.

You include your bank details, and if the customer opts to pay in this manner, the page prints out with all the info they need.

Jason

[Guest]

I'm curious, what bank details are required for this?

And although this may be a 'stupid question', what stops someone from using those details to take money OUT instead of depositing money IN?

I've had customers request a bank transfer option before, but I've been too nervous about it to allow it.

[Guest yamahabike]

how about sending email only after ordering. i don't want any print out.

can it be done?

[vokf]

Its not a stupid question.

I guess you used to write cheques - they had all the info on them. Companies often pay suppliers/staff via BAX (not to sure if this is international - but common in the uk) If you became a supplier typical UK company, they would probably request your bank details to pay you direct.

Customers need your sort code, account number and possibly your bank address (international customers may need the Swift code)

I don't know how people could get money out of your account just by knowing your bank details.

I'd be interested to know what the banks say about this though....

Jason

[Guest]

Thanks for helping me understand this a bit better. I guess I should ask my bank about the SWIFT code.

[Guest easy_beading_au]

You can safely give your customers your bank details so they can deposit money into it. Nowdays that can be done via internet banking. I have been doing this for years.

They won't be able to take money out. They would need to go into a branch with you account details and provide the teller with a signature to your account which the teller then needs to go and compare to the one they have on file.

And if the person trying to do this goes to a branch other than the one you opened the account in, that branch needs to have your signature forwarded (by fax usually) to them from the branch you opened your account in.

Also the teller would ask other securityt questions such as if you have a password on your account, what your date of birth is and things like that before approving any withdrawal made with just some accoubt details written on a piece of paper and without a keycard or the like.

It is quite safe. But by all means, go ask your bank all about it.

[Guest]

I recommend setting up a separate account for wire transfers just to be on the extra safe side. I have one like this and can transfer the funds received to my regular business account online.

Look for a bank with no minimum balance so you won't have to keep any money in the wire transfer account (I keep just $5 in it to keep the account active). That way, if some crook does figure out some way to try to withdraw funds (which I and my bank don't think there is such a way), they could only get $5.

[Guest EverythingWeb]

Banks nowadays charge for Cheque writing, banking etc, where as Electronic payments (known as BACS, not BAX btw) (http://en.wikipedia.org/wiki/BACS) take three days from sending to receiving.

CHAPS (Clearing House Automated Payment System) can be used to send Same-day payments (there is usually a cost associated to this).

The only 'way' that someone (UK based, dont know about International) could use someone elses bank details would be to setup Direct Debits over the phone (Paper forms would go to the holding banks branch and the signatures checked) but over the phone this doesn't happen obviously. However, the Diret Debit guarantee serves as a protection for accounts which have DD's called from them, If they are incorrect and/or fraudulent, your bank has to refund the money into your account as soon as it is notified its an incorrect payment.

There are very few risks associated with givin your bank details out for customers to pay, however I can understand that people are wary.

[Guest eurodono]

how about sending email only after ordering. i don't want any print out.

can it be done?

anyone know if this can be done?

[Guest timreichhart]

Or you can do is use ACCOUNTNOW then transfer your money to real bank account lol.

[Guest]

What about sending email to ask for thr inf

[Guest]

I just manually send them the bank information when requested. I'd rather know who I'm giving it to in case there is ever a problem. I have an email template saved with all the info.

Talk to your bank and ask them what info you have to provide. I generally send:

My company name and address (as it appears on my bank account)

The bank name and address and phone number

The Swift, routing and account numbers

The total amount of the order

I have my wire transfer bank account set to notify me of any deposits via email so then just transfer it from that account to my regular business account.