VO-BB - 20 YEARS OLD!

Jason Huggins · Posted: Tue Oct 02, 2012 7:29 pm Post subject: EFT for payments

Hello gods of gab! I had a quick question. I have a client have has become regular, and their accounting system takes forever to process checks (as it seems a lot of larger companies do). They recently asked if they could just set up EFT (electronic funds transfer) as it would speed up the process on their end.

The question: Is this a safe and legitimate way for me to get paid for VO work? I can't see why not, but I haven't done it before or talked with anyone about it as it relates t getting paid.

Thanks for your wisdom!

Bish · Posted: Tue Oct 02, 2012 8:01 pm Post subject:

A lot of people run scared of electronic funds transfers. I use them for most of my European clients. Just remember, the only information you give them is exactly the same as what's on any check you write... your name, bank name, bank routing number, bank account number. I've got a troublesome check-based client... I wish they'd do EFT!
_________________
Bish a.k.a. Bish
Smoke me a kipper... I'll be back for breakfast.
I will not feed the trolls... I will not feed the trolls... I will not feed the trolls... I will not feed the trolls.

sshaffer · Joined: 27 Sep 2012 Posts: 9

The scary part is (and this is the same problem as with checks), if someone has your account number and routing number, they can use it to pay their own bills. That is no different than giving someone a check. Now, if you have been working with the company and feel comfortable, you should be OK.

Just thought I would point it out. How about Pay Pal?

Jason Huggins · Posted: Tue Oct 02, 2012 8:36 pm Post subject:

Good stuff. I trust the company, but I don't know who all could get the info.

PayPal is a nogo, as their accounting system won't allow it. They have just sent a check, but would pay a few weeks earlier if I could do EFT. Don't know if its worth the risk to get paid faster. They are a good client, but that doesn't mean they don't have someone working there who is there for fraud...they wouldn't get much though Smile

all my funds go into different accounts after the checks are deposited.

Kim Fuller · Posted: Tue Oct 02, 2012 8:57 pm Post subject:

We set up a separate account for electronic funds transfer - we just keep a little $ in it - so far, no problems at all.

Frank F · Posted: Tue Oct 02, 2012 8:59 pm Post subject:

Set up a specific account for this client (or any other EFT client). Once the transaction is completed, move the funds into your primary account for spending.

Another option is accept credit cards with Square, Quicken, or other mobile device.

Just a thought.

Frank F
_________________
Be thankful for the bad things in life. They opened your eyes to the good things you weren't paying attention to before. email: thevoice@usa.com

Bish · Posted: Tue Oct 02, 2012 9:02 pm Post subject:

Every financial transaction you make can be corrupted and manipulated by someone. Everyone worries about electronic credit card fraud etc., but for years we handed over the physical card to any unknown waiter or shop assistant. Card cloning was probably a far bigger issue than the electronic "identity theft" issues that happen now. If we stop trusting people who use or have sight of our financial details we'd only ever use cash... and even then would we trust the bank teller? Every person in the financial departments of the utility companies, mortgage companies, banks, local authorities, IRS, charities, whoever else you pay by check or any other type of non-cash payment has access to information that could be used fraudulently... to single out a someone in the accounts payable department in a large company is a little disproportionate.

Sorry for the rant, but "electronic" does not mean inherently unsafe. It means equally as unsafe as it always was, but with fewer bits of paper involved. Crooks are crooks, be they computer savvy or not. Do not worry unduly, in reality the additional risk factor is negligible.... how viable is it that someone could exist in this corporate position if they were stealing personal account information for nefarious purposes? I'm not saying it doesn't happen, but we cannot live our lives in constant fear of this type of thing.

Anyway, the real crooks deal with much larger numbers and are far higher up the corporate ladder Smile

_________________
Bish a.k.a. Bish
Smoke me a kipper... I'll be back for breakfast.
I will not feed the trolls... I will not feed the trolls... I will not feed the trolls... I will not feed the trolls.

Jason Huggins · Posted: Tue Oct 02, 2012 9:32 pm Post subject:

The small bit of uneasiness has been quelled. Thanks, good people!

Yonie · CM Joined: 31 Aug 2011 Posts: 906

Bish, I'm willing to bet that frauds for people is more prevalent in the U.S. than in the stable parts of Europe. I personally wish that the U.S. would introduce giro, which would save lots of paperwork in the form of mailing cheques, cashing cheques, etc. Try paying with a cheque in Scandinavia, and I'll guarantee that you'll get looks as if you've just publicly farted.

As was said before; the information present on any cheque is the same information handed out via EFT, giro, or other electronic transfer tool.

Hope all goes well!