By Anna Jordan on Small Business UK – Advice and Ideas for UK Small Businesses and SMEs
You might not be thinking about taking manual bank transfers in your business, perhaps because they’re divisive – mostly between the business and the customers.
These bank transfers are used by various businesses including car dealerships, removal companies and professional services. They can be used by companies that use invoices as well as those who take payments directly.
We explore the pros and cons to establish if they’re right for you, your business and your customers.
What is a bank transfer?
By this, we mean a bank transfer where the receipient gives the customer their bank details and the customer pays through their bank’s app or online portal or through a bank branch. We’re not referring to direct debits or bank payments that an online retailer or a subscription service might use.
Pros
Let’s kick off with the positives.
Some bank transfers carry low or no extra fees
A lot of your fellow small business owners will tell you that the best part of bank transfers is no extra processing fees – the money goes straight into your account. Be warned that you are likely to incur fees on international an