About This Episode
For the record, not everyone is a scammer. There are way more legitimate businesses out there than those that are out here scamming people. So imagine how shocked I was when that was the overall sentiment in a recent group discussion.
I get it, sometimes we don’t know what we don’t know. In this case, the original poster had expressed concerns because their new client didn’t want to pay by credit card…they wanted to pay by wire transfer. And as a result, the client needed the poster’s bank information *gasp*
Not only are there legit reasons to ask for and accept wire transfers and ACHs as a form of payment but there are also legit ways to get it done WITHOUT giving up your bank account number.
In this episode, the first of the “inspired by” topics, I’m giving up the goods and telling you exactly how to do that.
I’m giving you a list of my top 3 alternatives to credit card payments (plus a bonus one) and I issue a very strong warning about what NOT to do/use for money transfers.
Mentioned in this episode:
- 4 Alternatives to Wire Transfers
- Why you shouldn’t use personal money transfer systems like the Friends & Family option in Paypal or Zelle or Venmo or CashApp when conducting business
- All of my tools & resource recommendations >> thecommoncents.com/resources
- Stripe ACH
- Western Union
Highlights of this episode:
- 01:28 Question: Should you allow international clients to pay via wire transfer or ACH? How can you do them and protect your banking information?
- 02:21 Question (continued): (a) Is this person a scammer? (b) Are there alternative solutions to wire transfers?
- 02:55 Short answer: big business norms
- 05:20 A few service providers that are created to be ACH/wire transfer third parties
- 05:51 Four companies I recommended – Veem, Transferwise, Stripe ACH, Western Union
- 06:47 What additional steps you may need to take to confirm information
- 07:42 Another option for those with multiple bank accounts & using Profit First
- 09:58 A few “not to do”s…like using personal money transfer services for business purposes (ie: Friends & Family option in Paypal, Zell, Venmo, CashApp, etc)