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Bank transfers as a payment method

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Re: Bank transfers as a payment method

#211

Post by yyyk »

xyst wrote: post #4

This is all great if the currency between the buying and business is the same (ie, USD to USD), but still does not fix transactions between entities of different currency types. In my opinion, this is where cryptocurrency as a payment method for B2B, B2C will shine. No more dealing with foreign transaction fees and conversion fees. Plus the added benefit of not converting your money into an unstable currency (ie, Tur…

> transactions between entities of different currency types.

Because crypto->USD doesn't have any conversion fee. Right.

>Plus the added benefit of not converting your money into an unstable currency (ie, Turkish Lira)

You mean, 'unstable' like Bitcoin, right?

Re: Bank transfers as a payment method

#212

Post by sumedh »

yashg wrote: post #207
sumedh wrote: post #198

Earlier quoted context omitted.

> What is so evil about a central bank? Don't know about India's central bank but US Fed plays with interest rates, bails out risk taking companies or their close friends creating moral hazard, prints money recklessly destroying your savings.

//US Fed plays with interest rates// That's what central banks are for. That's how they control inflation or make the wheels of economy moving by printing more money. That's literally the reason for their existence, controlling money supply in an economy.

and by playing recklessly with interest rates, they inflate assets like stocks and real estate while destroy savings. While making these decisions they decide winners and losers and then privately trade stocks to get rich using insider information.

Re: Bank transfers as a payment method

#213

Post by pell »

sofixa wrote: post #120
elric wrote: post #75

The article is factually incorrect when it talks about "SEPA payments", claiming they are a "pull" mechanism. What it probably meant to talk about, is SEPA Direct Debits -- where the counterpart charges your account, as opposed to you paying the counterpart. Given that these direct debit agreements are revokable at any point in time, I doubt the claims of very high fraud rate. A normal SEPA payment, is a "push" affai…

It's even worse than that in terms of correctness, because the author confuses the EU ( economic and political bloc), Europe ( the continent) and the eurozone ( countries in a monetary union with the single currency, euro). SEPA is a thing for euro-denominated transfers in the EU and some extra countries ( UK, Norway, etc.). Belarus, a country in Europe, but outside the EU and eurozone, aren't in SEPA . Romania, insi…

The stories of the Euro as the main currency in Montenegro and Kosovo (which both don't belong to the Eurozone) are very interesting:

https://en.m.wikipedia.org/wiki/Montenegro_and_the_euro

https://en.m.wikipedia.org/wiki/Kosovo_and_the_euro

Re: Bank transfers as a payment method

#214

Post by ic4l »

In Thailand most in person transactions are done by bank transfer via QR code:

https://www.bangkokbank.com/en/Personal/Digital-Banking/Prom...

The local sellers pay little to no fee, and the transfer is instant. All of the popular banks here support this form of payment.

It's also very common for people here to do bank to bank transfers, and they are all instant.

The US is behind in many ways.

Re: Bank transfers as a payment method

#215

Post by ThrowAwayIRUK »

elric wrote: post #75

The article is factually incorrect when it talks about "SEPA payments", claiming they are a "pull" mechanism. What it probably meant to talk about, is SEPA Direct Debits -- where the counterpart charges your account, as opposed to you paying the counterpart. Given that these direct debit agreements are revokable at any point in time, I doubt the claims of very high fraud rate. A normal SEPA payment, is a "push" affai…

Not really:

SEPA has several message types:

- SCT Standard is a push - SCT Inst is a push - SDD Core is a pull - SDD B2B is a pull

Re: Bank transfers as a payment method

#216

Post by CTDOCodebases »

seb1204 wrote: post #107
askvictor wrote: post #91

Australia's New Payment Platform performs bank transfers instantly, and can use email address, phone number, or business ID as a destination (the recipient must first have registered this with their bank). No fees. It's pretty decent. https://www.rba.gov.au/payments-and-infrastructure/new-payme...

There is a delay of first transactions. PayID is what it it is called for most banks.

Depending on the bank large transfers are delayed to prevent fraud.

Re: Bank transfers as a payment method

#217

Post by ThrowAwayIRUK »

hyperman1 wrote: post #96
elric wrote: post #75

The article is factually incorrect when it talks about "SEPA payments", claiming they are a "pull" mechanism. What it probably meant to talk about, is SEPA Direct Debits -- where the counterpart charges your account, as opposed to you paying the counterpart. Given that these direct debit agreements are revokable at any point in time, I doubt the claims of very high fraud rate. A normal SEPA payment, is a "push" affai…

I'd have to agree. Everything in the article about Europe is technically correct, but it is such a small slice of the SEPA payments. The article is so misleading it might as well be wrong. I make payments to the benelux, france, germany, spain and poland, and they go all over the push mechanism. Direct debit is for utilities, and that's about it. For fraud, my bank provides a gui with active agreements. While I can't…

Not correct:

SEPA SDD Core + SDD B2B are working crossborder; though you're right that these are not deployed regularly/seldom.

DISCLAIMER: Lead Payment Engineer at an European Challenger Bank, i'm implementing that stuff in the backend, i'm mainly talking to our central bank.

Re: Bank transfers as a payment method

#218

Post by berkes »

rambambram wrote: post #130

> I expect we’ll see bank transfers as a more prominent part of the payment mix in much of the world. Interesting read. I have multiple clients in Europe who use my webshop system with simple bank transfers as the only payment method. It's so easy. No setting up shit like iDeal or Stripe or anything like that, no fees, just paying from one bank to the other. It comes so close to paying with cash. It's not instant so…

> It's so easy. No setting up shit like iDeal or Stripe..

While true, the friction with iDeal or Stripe is a lot lower than with bank-transfers.

I've helped set up such payment systems (backends): the rate of non-paying (send reminders, etc) is far higher with bank-transfers than with iDeal. So much, that for many freelancers who send just a few dozens of invoices per year, it pays off (pun intended) to include an iDeal QR code and link in that invoice.

People are so much more likely to click and link and pay than when they have to type over payment details. The latter often ends on the "TODO pile" the former is often payed within minutes after emailing.

(Do note that in Western-Europe it is common business(to-business) practice to send an invoice after the goods or services are delivered. This invoice acts as a payment-request.)

Re: Bank transfers as a payment method

#219

Post by ThrowAwayIRUK »

fxtentacle wrote: post #156
hyperman1 wrote: post #96

Earlier quoted context omitted.

I'd have to agree. Everything in the article about Europe is technically correct, but it is such a small slice of the SEPA payments. The article is so misleading it might as well be wrong. I make payments to the benelux, france, germany, spain and poland, and they go all over the push mechanism. Direct debit is for utilities, and that's about it. For fraud, my bank provides a gui with active agreements. While I can't…

Fully agree. In Germany we have a widely used push mechanism (giropay) where you approve the online payment using an app or a dedicated hardware device. It's instant, free for buyer and seller, push, and requires explicit consent for each transfer from the buyer. It's supported by all major electronics stores. The only exception is Amazon who will do a SEPA pull instead. But there the bank grants you 6 weeks to cance…

Not correct:

Giropay does in fact include fees, though these are usually covered by the seller. (check for example: https://www.unternehmerportal.info/giropay/)

DISCLAIMER: Lead Payment Engineer at an European Challenger Bank, i'm implementing that stuff in the backend, i'm mainly talking to our central bank.

Re: Bank transfers as a payment method

#220

Post by wila »

rambambram wrote: post #130

> I expect we’ll see bank transfers as a more prominent part of the payment mix in much of the world. Interesting read. I have multiple clients in Europe who use my webshop system with simple bank transfers as the only payment method. It's so easy. No setting up shit like iDeal or Stripe or anything like that, no fees, just paying from one bank to the other. It comes so close to paying with cash. It's not instant so…

> I just really miss the UK, stupid Brexit. I have to quadruple the amount of paperwork if I want to sell to the UK. It's not worth the hassle. Just not worth it.

Had the same conclusion for a while for my webshop. It bothered me to say no to people from the UK, so ended up setting up a reseller account and chose to use that for the UK.

Which - while not free - has now changed to my main payment system as it reduced my overhead drastically. Plus now all my sales is compliant with all tax laws everywhere. Not just VAT within the EU, but also sales tax in the US etc.. without the additional overhead as the reseller is the one who handles all the taxes.

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