Direct Debit and Wire

[Sid70]

Its sometimes a problem people can NOT understand that Direct Debit and a Wire they are two differnt payment methods. Is there any bank restrictions in USA about that? Cus almost every second person I work with in USA they dont get the difference.

[L-Pink]

Automatic bill paying = direct debit ..... Actual cash for whatever use moved from one bank account to another = wire transfer.


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[After Shock Media]

They are different in the US.
However you may want to change the name of one. Instead of just calling it direct debit, try saying direct debit/ACH or Wire Transfer.

PS ACH or direct debit is much better in the US as typically it has no charges attached to it unless your bank is a complete wanker.

[notime]

Originally Posted by Adultmix

Its sometimes a problem people can NOT understand that Direct Debit and a Wire they are two differnt payment methods. Is there any bank restrictions in USA about that? Cus almost every second person I work with in USA they dont get the difference.

I see what you mean since there are many different ways, often reffered to as "direct debit", but all very different in use and possible chargebacks.

1) There is "take from the users account and hope there is money there and he won't charge back" (not so safe)
2) There are wires send from the client to you (always safe! But takes days to process)
3) There are wires to your billing company and later to you (nice but not efficient and costly and takes days to process also)
4) There is a way where the client initiates the payment by bank to you online & realtime (for many countries, not all) and it's chargeback free since the client initiated it, uses his secret codes and goes to his own banks website to do this payments and THEN comes back to your site (you'll get an instant report wether it's paid or not).
4b) Same but thru a 3rd party where the money goes in to the biller and they pay you instead of the client paying you direct and the biller bills you for just the services of the transactions.

[Sid70]

Originally Posted by notime

I see what you mean since there are many different ways, often reffered to as "direct debit", but all very different in use and possible chargebacks.

1) There is "take from the users account and hope there is money there and he won't charge back" (not so safe)
2) There are wires send from the client to you (always safe! But takes days to process)
3) There are wires to your billing company and later to you (nice but not efficient and costly and takes days to process also)
4) There is a way where the client initiates the payment by bank to you online & realtime (for many countries, not all) and it's chargeback free since the client initiated it, uses his secret codes and goes to his own banks website to do this payments and THEN comes back to your site (you'll get an instant report wether it's paid or not).
4b) Same but thru a 3rd party where the money goes in to the biller and they pay you instead of the client paying you direct and the biller bills you for just the services of the transactions.

You always know shit, man, thanks. I guess its still unclear what i mean. There is service http://revupcard.com/ and they allow their master cards receiving Direct Debit via them. They claim it's easy for anyone in USA, in reality it's a little nasty, not every one can do it.

[Sid70]

sorry, i mean Direct Deposit!!!!!

[After Shock Media]

Originally Posted by Adultmix

sorry, i mean Direct Deposit!!!!!

Direct deposit is super easy to set up state side. It is just giving up your routing number and account number, plus authorization. There are no hurdles and no fee's. Most banks will actually waive your monthly fee if you have direct deposit into an account.

[Sid70]

Originally Posted by After Shock Media

Direct deposit is super easy to set up state side. It is just giving up your routing number and account number, plus authorization. There are no hurdles and no fee's. Most banks will actually waive your monthly fee if you have direct deposit into an account.

Yes, that is what i was told, but every other cleint do NOT know how to do it, they go to the branch and then get back to me with a whole WIRE form.

[After Shock Media]

Originally Posted by Adultmix

Yes, that is what i was told, but every other cleint do NOT know how to do it, they go to the branch and then get back to me with a whole WIRE form.

I am sorry you are dealing with idiots.
Just tell them you need their routing and account numbers.

[Sid70]

well, my thinking is that may be personal account holders can not do direct deposit or its only allowed in several banks.

[After Shock Media]

Originally Posted by Adultmix

well, my thinking is that may be personal account holders can not do direct deposit or its only allowed in several banks.

Nah, it is allowed at every bank I have ever dealt with and know of. Valid for checking and savings accounts, both business and personal. However if it is a business account then you will need to know the name on the account since odds are it will no longer be that persons account.

This is the same way the IRS and all sorts of agencies, programs, even employers pay people all over the country.

[comeplay]

Just a random story this made me remember.

I use PNC for personal and banking and I set up a Paypal account the other day on my personal account and it made those two small deposits/ACH and PNC gave me a direct deposit bonus of $100 dollars for these two deposits totaling 23 cents.

[_Richard_]

banks seem to think there is a difference haha