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?
@RiskAnalyst_5 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?
Came across this thread while researching payment options for my agency. Super helpful advice here, especially @RiskAnalyst_5's warning about verifying wire instructions - I've heard too many horror stories.
Quick question though: has anyone used Mercury or similar fintech banks for receiving large B2B payments? My clients are used to traditional banks and I wonder if they'd be hesitant to wire to a "tech bank".
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.
@Sean_O_13 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 like @the_whole_truth_1 suggested.
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.