New: Help Your Clients Pay You Faster With Bank to Bank Transfer
June 14, 2016
Getting paid is, at the end of the day, the most important part of running your business. This is why FreshBooks aims to make getting paid fast and hassle-free, so you can focus on doing what you love. Starting today you can now easily accept bank-to-bank transfers online on your invoices.
Why Should I Care?
For many clients, checks are the preferred method of payment. Clients don’t have to worry about managing a credit card and they can track their expenditures from their bank account. That means that getting paid can be a hassle for you though – you have to wait for the check to actually arrive and then you have to get to the bank to deposit it. That’s where FreshBooks Payments Bank Transfer comes in – it allows you to easily accept a transfer from your client’s bank account directly into yours.
FreshBooks Payments Bank Transfer acts just like a check. Your client simply logs into their online banking from your invoice, selects their account and hits send. While not as fast as a credit card payment (you still need to wait for the payment to clear), it’s much faster than waiting for a check to be cut, then waiting for a check in the mail, then waiting to get to the bank, then waiting for the check to clear.
FreshBooks Payments Bank Transfer is also more secure than paper checks. Your clients will go through instant verification when they are paying you, so only someone with access to their bank account can make a payment. The money is also transferred directly to you, so there is no chance for a check to go missing in the mail or to fall out of your pocket.
Setup is easy – just select “Bank” as a payment option on your invoices. If you’re already using Payments by FreshBooks you’re already good to go. If you’re a new user, you’ll be prompted to connect your bank account when your first payment comes in.
How Does it Work?
On your side, getting started is simple. Next time you’re creating or editing an invoice you’ll notice a “Bank” payment option. Tick that box and you’re good to go – that’s all you need to do. You can also enable both Bank and Credit Card payments, giving your client the choice of how they’d like to pay.
When your client opens the invoice and clicks the “Pay Online” button, this is what they’ll see the following:
Twelve major US banks are covered with the instant verification system. All your client has to do is:
1. Select their bank
2. Login to their bank using their regular credentials
3. Pick which account to pay from
Once the payment is complete your invoice will move into Pending status while the transaction is verified. After four to five days, when the amount is verified, the invoice will move to Paid status and your money will be deposited in your account.
How Much Does it Cost?
A simple, flat fee is charged based on the amount of the payment:
- For a payment up to and including $1,500.00 you’ll be charged $5
- For a payment of between $1,500.01 and $3,500.00 you’ll be charged $15
- For a payment between $3,500.01 and $10,000.00 (which is the maximum allowed with FreshBooks Payments Bank Transfer) you’ll be charged $25
Which Countries and Currencies Does FreshBooks Payments Bank Transfer Support?
You can currently use the bank-to-bank transfer feature as long as you have a US bank account, your client has a US bank account at one of the supported banks, and you’re charging in USD.
We’re always working on expanding our payments products to be available in more countries and more currencies, so keep your eyes peeled for news on that front if you’re based outside of the United States.
Which Banks Can My Clients Pay From?
The instant verification process supports 11 major banks and covers over 80% of the bank accounts in the US.
- Bank of America
- Capital One 360
- Charles Schwab
- Silicon Valley Bank
- US Bank
- Wells Fargo
Start Accepting Bank-to-Bank Transfers Today
Enable FreshBooks Payments Bank Transfer on your next invoice and find out how easy it is to make checks a thing of the past.
Need a hand getting started? Give a Support Rockstar a call at 1-866-303-6061 or send us an email.