Hypothetical question
Starting to get enterprise clients paying $20-50K invoices. They're asking for ACH or wire instead of credit card (makes sense, 3% fee would be brutal). Which is safer from my perspective as the vendor?
Starting to get enterprise clients paying $20-50K invoices. They're asking for ACH or wire instead of credit card (makes sense, 3% fee would be brutal). Which is safer from my perspective as the vendor?
Yes, this happened to us as the payer. Our email was compromised, fraudster sent fake invoice with their bank details to our client. Client wired $45K to the wrong account. Took 6 months and lawyers to sort out who was liable. verify verify verify
Scary stories. How do you guys handle sharing bank details securely? Just send routing/account in a PDF invoice?
Actually in my expereince the fintech vs traditional bank thing is a non-issue. Most clients just care that the routing number and account number work. I've been using Relay for 2 years and never had a client balk at it.
One tip: if you're worried about it, just don't mention the bank name. Your invoice just needs to say "Bank: [routing#] Account: [account#]" - nobody asks what bank it is.
Thanks for this thread - bookmarking for reference. We just landed our first $75K contract and I was panicking about payment logistics. Going with wire for the initial payment.
Also found the demand letter templates on this site which I'm hoping I never need but good to have in case payment ever becomes an issue with enterprise clients.