Cable Forum - View Single Post - Payment receipt methods for a small business

MovedGoalPosts · 13-03-2012, 17:37

Bank transfer is initiated by the person sending the money. It's not like a direct debit where the person wanting the money simply takes it out of an account. You'd see the money arrive and appear on your statement. It doesn't have to clear like a cheque does so once it's on your statement the funds should be yours. Some bank systems in the UK at least now operate "fast payments" where the transfer should take place and complete the same day. Some BACS stuff does take a couple of days to work it's way through the bank system.

I suppose there would be costs if you are re3ceiveing funds overseas that are not in Sterling for conversion. Most business bank systems do charge for transactions, but I'd speak to your bank on that. As a small business you no doubt have access to a business advisor?

13-03-2012, 17:37	#5
MovedGoalPosts Inactive Join Date: Jun 2003 Location: 127.0.0.1 Age: 59 Posts: 15,868	Re: Payment receipt methods for a small business Bank transfer is initiated by the person sending the money. It's not like a direct debit where the person wanting the money simply takes it out of an account. You'd see the money arrive and appear on your statement. It doesn't have to clear like a cheque does so once it's on your statement the funds should be yours. Some bank systems in the UK at least now operate "fast payments" where the transfer should take place and complete the same day. Some BACS stuff does take a couple of days to work it's way through the bank system. I suppose there would be costs if you are re3ceiveing funds overseas that are not in Sterling for conversion. Most business bank systems do charge for transactions, but I'd speak to your bank on that. As a small business you no doubt have access to a business advisor?