Large Company Customers

[Chuck Phillips]

Those of you doing business for large companies, particularly manufacturers: Some of these folks require your bank account information so they can pay you by ACH instead of a check. I've been avoiding giving that information out, but have been tempted recently. What do you guys think/do? In this world of hacks it seems like a bad idea....almost hard to believe they would ask.

[Tim Bateson]

None of my large clients have asked for that. I wouldn't have a problem with it. Save me a trip to the bank.

[Mike Null]

I've had only one customer suggest that and I declined but if my large customers wanted to do it I would go along.

[Tony Lenkic]

Like Tim said, saves me a trip to bank.
I have handful of clients switched on direct deposit. They send me transaction confirmation when deposit is made.

[Joe Pelonio]

I have been paying bills with a high transfers for years, and never had a problem. We are doing ACH at my daytime job now for commercial/ industrial rent and utility bills, some over $50,000/month.

[Julian Ashcroft]

On my website, I can accept payment by PayPal or Bank Trasnsfer. Around 5% of my customers use BT, but it does save in fees. However it can take some of them a few days to make the payment.

[Rodne Gold]

Whats the issue giving out your bank account no..?
most of the payments I make and receive are Electronic funds transfers

[Chuck Phillips]

Its not a large customer, its a large company that wants to be a customer. We have no idea what their buying habits will be. We have used ACH transfers for decades also, for paying bills and payroll. It's just handing out my main business account number, routing number and a voided check to anyone desiring our products that gives me pause. Even if they are a household name. This has come up about 5-6 times in the last few years. I have declined all so far, and they agreed to a check. But for this potential customer its a show stopper.

Anyway, thanks for the input.

[Scott Shepherd]

Is you are really worried about it, go to your bank and setup an additional account and keep nothing in it. Let them transfer to that account, then you can transfer it to your normal account. The balance is back to zero, so there’s nothing for anyone to steal.

[John Lifer]

Scott has got the answer. Most banks would do for nothing. Don't lose customer over fear of this.

[Dave Sheldrake]

Pretty much all my clients are direct transfer, it's really common over here for that to be the way it's done.

[matthew knott]

Yeap , we are at about 85% now , some still use cheques and it’s a right PITA , I guess it gives them a few extra days of positive cash flow and there’s always a chance you could forget to cash it

[Doug Fisher]

Make sure to check with you bank to fully understand any fees involved. They can vary from bank to bank but some of them are a significant amount of money, especially if it involves a payment coming in from outside of the US.

[Robert Bonenfant]

All of our customers are setup this way. Faster payments and you dont have to worry about a lost check, returned checks or running to the mail box every day.
PNC offers US Business to Business transfers for free - Just completed one this morning. If its notable business with a solid background whats the worry ??