Bank Transfer as a payment option

[dixxy]

Hey,

I've never used a bank transfer to accept payment for something i've sold before and just wondered if someone would kindly answer a few questions please.

1) What details would the buyer need to send the payment, is it just the Account Holder's Name, Account Number & Sort Code?
2) If the buyer sent the payment at 18:00 GMT when should i expect the funds to be available in my account?
3) What sort of fees are there?

Sorry for the stupid questions but i'd rather ask them than not.

Thank you

 

[Zeal]

1) details:

• Name
• Bank name
• A/C Number
• Sort Code

2) Depending on the bank, some transfer I've done have gone through instantly - some have cleared the next day

3) Fees - none that I'm aware of?

 

[dixxy]

Thank you i appreciate your response.

 

[Zeal]

I'd double check with your bank though for fees - normally there isn't any.... but we all know banks change various things to screw us

 

[emailexpert]

If they claim to have sent the payment, and you dont see the payment then I suggest after a reasonable time, 24 hrs? ask them to run a TRACE.

Thats the technical term I believe

 

[KM-Tiger]

2) If the buyer sent the payment at 18:00 GMT when should i expect the funds to be available in my account?

It will depend on whether both your bank and the sender's bank are using the fast track system, many, but not all, are now using fast track.

If it's not fast track then it could be three banking days, which was the old BACS standard.

 

[abpublish]

Depending on how many customers you have, you need to ensure that you ask them to quote the invoice reference. I receive most of my fees electronically and if there were no reference it would be very difficult to know from whom the money has come.

You see their account name but sometimes that is of no help.

 

[Mike George]

I often accept payment by bank transfer and it usually takes 3 working days. My bank charges me to put money in the account but it's less than transaction charges for using Nochex etc.

 

[3 MORE YEARS]

We don't get charged anything for Bank Transfer. It's our preferred pyament method. It's very simple and good for both the customer and the supplier.