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Kim Fuller · Posted: Wed Nov 05, 2014 10:04 am Post subject: Paypal and bank transfers

Has anybody noticed an increase of overseas clients (that is, non-US clients) using Paypal more these days and doing less with bank transfers?

We opened a separate bank account for those clients who couldn't use Paypal a couple years ago. Only two clients have used it thus far and of those, both have suddenly started using Paypal instead.

I'm wondering if Paypal has relaxed some constraints or modified regulations recently to cause this to happen...we may close the account if the trend continues.

Jason Huggins · Posted: Wed Nov 05, 2014 10:46 am Post subject:

It's just easier and cheaper I think. There is a higher fee, but it isn't as high as some banks charge for currency exchange and transfer. That's my take Smile

Lee Gordon · Posted: Wed Nov 05, 2014 1:02 pm Post subject:

I've had almost the opposite experience. Most of my foreign clients have used PayPal, but recently several have asked to do bank transfers. One client in Japan paid fairly quickly but several in Germany have taken longer. I don't know if it's just because they're dragging their feet or because they need IBAN or SWIFT codes, which my bank does not use or SEPA information, which because the USA is not part of the European Union, I assume my bank also doesn't have.
I'd be happy if they all just used PayPal. But I'd be happier if they would all just pay their bills, no matter how they do it.
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Voice President of the United States
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Kim Fuller · Posted: Wed Nov 05, 2014 1:58 pm Post subject:

Interesting, Lee. The German client who started wanting bank transfer now uses Paypal - though I believe we were able to supply them with a SWIFT code.

Well..there's just no telling, I suppose. Will hang onto the account a while longer .

Lee Gordon · Posted: Wed Nov 05, 2014 4:34 pm Post subject:

I did have one German client who asked me for bank transfer information but almost immediately wrote back and said they could pay with PayPal. But they haven't paid yet. I have another German client who sent me what looks like an auto-reply -- in German -- when I sent them my invoice.

I ran it through Google translate and came up with this:

IMPORTANT NOTE:
Please think of the change to the SEPA process for August 1, 2014 !!!

Invoices without the necessary information may no longer be accepted after August 1, 2014 us.
If your account does not contain the required SEPA information, we urge you nachzureichen this.

Your invoice has been received and will be immediately responsible to the
Department forwarded. Please note that our automated
System can only process the attachments as pdf. mail content
are not read.

Please Do not send duplicates by post or account to other
xxxxxxxxxx mail addresses.

Apparently "nachzureichen" is such a catch-all word, fully dependent upon context, that Google couldn't even hazard a guess. I'm thinking "follow through with" might be close.
_________________
Lee Gordon, O.A.V.
Voice President of the United States
www.leegordonproductions.com
Twitter: @LeeGordonVoice

Kim Fuller · Posted: Wed Nov 05, 2014 4:51 pm Post subject:

Wonder what the SEPA process is... I've got friends in Germany. They might have a clue.

Kim Fuller · Posted: Wed Nov 05, 2014 5:02 pm Post subject:

My German friends are asleep but my English friend in the banking industry is awake. he sent me this link. Can't take time to scan it all now, but here it is in case it is helpful

http://www.paymentscouncil.org.uk/what_do_we_do/european_payments/sepa_frequently_asked_questions/

Foog · Posted: Wed Nov 05, 2014 7:32 pm Post subject:

I wish my foreign clients used paypal all the time! I don't know about American banks, but the Canadian banks ding me hard for each wire transfer. Plus I've been engaged in a 10+ month-and-counting headbutting session with my bank whereby they have decided that as long as they don't note the fee they have deducted on my statement, it doesn't exist.

I much prefer paypal's set-up and rates - not nearly so insane!

Kim Fuller · Posted: Thu Nov 06, 2014 9:28 am Post subject:

My German friend reports that nachzureichen means: give it (or supply it) later.

Lee Gordon · Posted: Thu Nov 06, 2014 10:56 am Post subject:

Foog · Posted: Thu Nov 06, 2014 6:20 pm Post subject:

My branch and bank were much the same way. I just started adding their SWIFT code to my invoices along with the bank address and account number regardless of what they said. The bulk of my clients are in Hungary, and all my European transfers have all gone through just fine this way over the past 7-odd years. (Well, other than the egregiously high service charges, that is.)

Dunno if that means it'll work with your bank and transfers, but if you have clients who insist on a banking ID code of one sort or another, it can't hurt to add it.
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Andrew Fogarasi

MooreVoices · Posted: Mon Nov 10, 2014 1:05 pm Post subject:

In my experience, Paypal has been he overwhelming transaction vehicle of choice with the my international clients.
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Frank F · Posted: Mon Nov 10, 2014 1:26 pm Post subject:

This thread is interesting. I have clients from all over the world and many cannot use PayPal. All of my government contracts cannot pay with PayPal and bank transfers are expensive.

Although not cheap, I am no able to use my CC service to receive Int'l payments (Square). Many other online services do not offer this ability. I simply send an invoice via my tablet or phone and account for transaction fees and exchange rates. They click a button and I get paid. I like that.

Frank F
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