Post a new topic
    7 Replies Latest reply on Aug 16, 2008 11:49 PM by DCDirect

    Direct payments to the Companies Bank Account

    DCDirect Wayfarer
      I am starting up a new retail activity for the USA and would like to have payments made directly to my BOA company's account.

      In principle this can be done using a check number and the related references. (Routing Nr. Bank account, check Nr)

      Would like to have some inputs / feedback on how this can effectively be done.

      Thanks for your responses.
        • Re: Direct payments to the Companies Bank Account
          Lighthouse24 Ranger
          It sounds like you're talking about a demand draft -- where customers give you their authorization to draft payments from their bank accounts. Is that what you mean? If so, one way of doing it "effectively" is through a payment processor that verifies the customer's bank, account, and availability of funds and then completes the transaction (for a fee).

          If you have a more specific question or were looking for more specific input, please follow-up and elaborate.

          Best wishes.
          1 of 1 people found this helpful
          • Re: Direct payments to the Companies Bank Account
            amspcs Ranger
            .Need you to elaborate a little more.

            You say "would like to have payments made directly to my BOA company's account." What does this mean?

            Point-of-sale payments? That's what credit card processing does---deposits your money in your bank account.

            Mail/phone order payments?

            Recurring monthly payments?

            Subscription payments?

            Cash or check?

            If you specify exactly what you need, somebody will doubtless point out a solution for you.

            amspcs@juno.com
            www.MerchantServices-help.com
            1 of 1 people found this helpful
              • Re: Direct payments to the Companies Bank Account
                DCDirect Wayfarer

                I am looking for an easy payment method which allows an individual or a company one time payments.

                 


                Comparatively speaking this will be done instead of a Credit Card or Paypal transaction.

                 


                In Europe a lot of these type of transactions are being executed this way, without the associated overhead and costs of a third party.

                Thanks for your responses.
                  • Re: Direct payments to the Companies Bank Account
                    amspcs Ranger
                    A bank transfer would accomplish that, but the costs are generally prohibitive.

                    There are solutions out there such as checks by phone, checks by fax etc. that would also
                    accomplish this at a much lower cost per transaction. But these are services that require
                    a 'subscription' or account much like a credit card processing account---you can't just call them
                    up and use their services on a case by case basis. Not sure what's going on in Europe, but
                    this is the case here in the USA--I've been in the payment processing business many years.

                    For whatever reason, you appear to be opposed to a merchant account. May I ask why? Possibly your business type makes getting a merchandt account difficult? Or, you mentined the cost and expense which is probably based on what you've seen in the marketplace thus far and didn't like.
                    There are solutions made for you withi very low monthy fixed expenses and little if any setup expense--you just need to know where to look for them. If this might be an option for you, let me know and we'll discuss.

                    AMSPCs
                    amspcs@juno.com
                    www.MerchantServices-help.com
                    1 of 1 people found this helpful
                    • Re: Direct payments to the Companies Bank Account
                      Lighthouse24 Ranger

                      Your profile indicates that you develop IT infrastructure for the banking and telecomm industries. That suggests to me that you would use project accounting, bill your clients by invoice, and that there would be some type of "sign off" on their side to accept your deliverables and authorize payment.

                      You indicated that a demand draft or a similar solution would be a payment alternative to PayPal or credit card -- but are your clients using those methods to pay you now? It seems like the least expensive option for you -- and the one that those clients are most likely to have built into their accounts payable and payment authorization systems -- is paying you by company check. Are your clients asking (or demanding) that you provide other payment options?

                      I may not be understanding the problem that you're trying to solve -- but you said that these are one-time payments, so unless you're dealing with a high volume of them every month, I'm not sure that there is a more cost effective solution than you billing the client and them sending a check (it's how 98.4 percent of my receivables come in).

                      Again, if I'm missing something here, please follow-up with more info.
                        • Re: Direct payments to the Companies Bank Account
                          DCDirect Wayfarer

                          Lighthouse,

                           


                          Thanks for your elaborate answer and related questions.

                           


                          The payments system I am looking for is not related to my own business (IT Infrastructure for the Banking Industry), but for a client of mine which is in need for a convient payment method for small amounts.

                          Having the experience on how the European Banking banking systems are implemented for high volume transaction, I thought this was the right forum to pose the question.

                           


                          My first observation is that in the USA (too) many people are involved in the payments process in comparison to the majority of the European countries.

                          So maybe it is time to relook at this subject and design and implement alternative methods and systems to support the Small & Medium Enterprise (SME) in their aim to remain profitable.

                          Looking forwards to suggestions to establish & create improvements in this part of our daily business life.
                    • Re: Direct payments to the Companies Bank Account
                      webmasters Adventurer
                      Paypal and Google checkout will use your checking account routing number and for deposit and withdrawal of funds.

                      Hope this helps.
                      -Webmaster
                      www.Siteprohosting.com
                      http://www.siteprohosting.com