Client insists on wire transfer

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AJ Nadershahi
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p.3 #1 · Client insists on wire transfer

Mike Mahoney wrote:
Here's a funny thing .. this morning I get an email from my clients institution telling me a transfer of funds has been completed .. so I go online to my account and see no transfer.

So I wait an hour and still no money and then re-check the email, which contained the wrong account info .. the client had put the wrong transit number on the transfer.

So now he's checking on it.

Same thing happens with checks.

An agency I deal with has two accounts under my name. I sent a check, (they don't handle direct transfers) with the memo field containing the info for the first account, just as they instructed. a few weeks later they start sending reminders that my account is delinquent. I can't figure out why they would make this claim as my cancelled check clearly shows they deposited the check.

After several calls to different departments they finally figure out they applied the funds into the second account. Someone somewhere is bound to make an error, whether it's with electronic transfer or incorrect data entry in the accounting department.

Edited on Nov 16, 2007 at 04:19 PM

Nov 08, 2007 at 10:56 PM

harleygsb
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p.3 #2 · Client insists on wire transfer

Every time you write a check, you give out the same information required by a wire transfer, and with a check, they even have your signature. I don't see any great danger is accepting wire payments.

At the company I work for, that is the only way we will accept payment for most of our international accounts.

Edited on Nov 16, 2007 at 04:19 PM

Nov 09, 2007 at 01:16 AM

shatterkiss
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p.3 #3 · Client insists on wire transfer

mdude85 wrote:
I don't know anyone who would complain about a $12 wiring fee on a $40,000 wire transfer.

They wouldn't complain - I'd just make myself look penny-ante for charging it. It would be like charging a client a $15 FedEx fee to ship them a proof DVD on a job they just paid me $15,000 for - it just makes me look small. It's like the free amuse-bouche or "compliments of the kitchen" course that comes with a really nice meal - you aren't being charged for it, because what you paid for the rest of the meal paid for it. Now, on a $1,000 job? Or a $500 job? Damn straight I add $15 to the invoice! In fact, I mark it up to $25.

In fact, on the larger jobs not only am I going to overlook little overages and trailing charges like a wire transfer fee or a shipping charge, but I'm going to go the extra mile without charging for it. Instead of shipping proofs or finals on disc, I'll buy an iPod, have it engraved with a thank-you message, load the files on that, and have that shipped to the client in gift-wrap. So what if it costs me a couple hundred dollars extra...that's maybe 2% of my gravy on a decent-sized job and it practically guarantees me future business from that client. Hell, on my video production business we've been sending iPods to folks who make referrals to us, even if the referrals are only worth a few thousand dollars. They get given to wives and daughters and friends, but still. Little gestures can do big things for your business, even when it's as little as saying to a client "eh, I didn't bother charging you for that, don't sweat it."

Edited on Nov 16, 2007 at 04:19 PM

Nov 09, 2007 at 04:54 AM

C.L.Johnston
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p.3 #4 · Client insists on wire transfer

Wire transfers are a normal way of conductinginternational business. I live in Africa where forex is controled, do buisness in asia and NA and its all done by TT. I've got a USD bounced check on my desk, never any problems with TT's.

Edited on Nov 16, 2007 at 04:19 PM

Nov 09, 2007 at 05:11 AM

Derek Hughes
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p.3 #5 · Client insists on wire transfer

Mike Mahoney wrote:
Here's a funny thing .. this morning I get an email from my clients institution telling me a transfer of funds has been completed .. so I go online to my account and see no transfer.

So I wait an hour and still no money and then re-check the email, which contained the wrong account info .. the client had put the wrong transit number on the transfer.

So now he's checking on it.

Living in Europe, I can confirm that wired transfers are the standard.

You are right being careful in disclosing your bank information. Also, it is not common -though not impossible- for the financial institution of the ordering customer to send a direct transfer confirmation to the beneficiary through e-mail.

Regarding fees, it is up to the ordering customer to enter the correct settings as he may choose: borne by ordering customer, borne by the beneficiary or shared. In your case, first option is to be chosen.

Best regards,

Derek

Edited on Nov 16, 2007 at 04:19 PM

Nov 10, 2007 at 10:49 PM

Roger Whitehead
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p.3 #6 · Client insists on wire transfer

Open a new account in a different bank. Have them wire the money. Withdraw it and close the account. Should work very well.

RWW

Edited on Nov 16, 2007 at 04:19 PM

Nov 11, 2007 at 04:55 AM

Mike Mahoney
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p.3 #7 · Client insists on wire transfer

For anyone who is interested I've yet to receive the funds .. the transfer was supposed to have been made a week ago but someone on their side buggered up the transit number and now we can't find where the money has gone.

Mistakes happen and I know this is a huam error and not a wire transfer fault but if I had my time back I would have insisted on a cheque or bank draft.

So far I've spent several hours opening a new account to receive the funds and on email correspondence trying to track down the money.

My introduction to wire transfer payments has been anything but a good one.
Mike

Edited on Nov 16, 2007 at 04:19 PM

Nov 14, 2007 at 12:34 PM

Rijsberman
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p.3 #8 · Client insists on wire transfer

Actually, it is not your problem the money got lost. Effectively, they did not pay you, they only say they did. Demand they pay you soon. You shouldn't have to wait for them finding back the money they (allegedly) misplaced.

Edited on Nov 16, 2007 at 04:19 PM

Nov 14, 2007 at 12:43 PM

Mike Mahoney
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p.3 #9 · Client insists on wire transfer

Rijsberman wrote:
Actually, it is not your problem the money got lost. Effectively, they did not pay you, they only say they did. Demand they pay you soon. You shouldn't have to wait for them finding back the money they (allegedly) misplaced.

Yes, I agree. I'll wait another few days and then start collection procedures. The account was already overdue after waiting some time to inform me that a wire was my only payment option, and now some kind of snag with their (supposed) wire payment.
Mike

Edited on Nov 16, 2007 at 04:19 PM

Nov 14, 2007 at 04:46 PM

Sheila
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p.3 #10 · Client insists on wire transfer

Stable doors and horses, I know, Mike, but for international clients, I have them pay me up front before sending the images. Bank transfers should only take 24 to 48 hours weekdays. Hang in there!

Cheers
Sheila

Edited on Nov 16, 2007 at 04:19 PM

Nov 15, 2007 at 04:24 AM

MaxiKana
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p.3 #11 · Client insists on wire transfer

Actually it's more than that. Inside EU wires take 1-3 days, so might be even longer for overseas. However if they wire it somewhere else, then it is definatly NOT your fault.

Nov 16, 2007 at 04:19 PM


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