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Bank transfers as a payment method

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Re: Bank transfers as a payment method

#261

Post by soneca »

lubien wrote: post #127

Worth mentioning Brazil has new transfer method called Pix that takes mostly 10 seconds to exchange money to another bank account and you only need the other person/company ID or email or phone number or a random key (the account owner choose which ones they want to allow). It came just a few years ago but basically everyone has it now since it's a payment method directly coming from the Central Bank and all banks im…

I agree. Patrick should take a look in how Pix works (and how it was deployed and had immediate traction and explosive growth, a rare good innovation from the state). Pix is incredible and revolutionary.

https://www.bloomberg.com/news/articles/2021-10-06/pix-mobil...

Re: Bank transfers as a payment method

#262

Post by t0mas88 »

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…

The fee on instant transactions is really country specific. Netherlands doesn't have fees and banks automatically pick the instant option if available. I've heard similar things from for example the nordics.

Re: Bank transfers as a payment method

#263

Post by sofixa »

hocuspocus wrote: post #221
sofixa wrote: post #116

Earlier quoted context omitted.

Yep. Entirely depends on the bank - in France neobanks ( e.g. Boursorama, Aumax, Fortuneo, N26 ) have them for free, while old banks usually charge you a small fee.

Boursorama and Fortuneo aren't neobanks ;)

Kind of. They're newer than the old classical ones, and don't have a physical retail network. Everything is done via a website or app.

Re: Bank transfers as a payment method

#264

Post by config_yml »

In Switzerland, most (e-commerce) businesses allow to buy on invoice, e.g. you just pay by providing your name and address. Is this prevalent in other countries?

The shop usually provides 2-4 weeks of credit until that invoice gets paid eventually.

There's a whole industry behind that, where businesses can sell the risk to a third party and receive the money instantly by paying a commission based on the risk assessment of the buying party.

Is there a name for that?

Re: Bank transfers as a payment method

#266

Post by pylon »

config_yml wrote: post #264

In Switzerland, most (e-commerce) businesses allow to buy on invoice, e.g. you just pay by providing your name and address. Is this prevalent in other countries? The shop usually provides 2-4 weeks of credit until that invoice gets paid eventually. There's a whole industry behind that, where businesses can sell the risk to a third party and receive the money instantly by paying a commission based on the risk assessme…

How is fraud handled in this case? Name and address is relatively easily accessible public info. Do they notify the person that there is an invoice against them before they ship the product?

Re: Bank transfers as a payment method

#267

Post by dtech »

sc11 wrote: post #204
odiroot wrote: post #153

Earlier quoted context omitted.

> 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. SEPA direct debit is a really really popular thing in Germany. Most utilities prefer (quite understandably) to pull from you instead of waiting for your transfer. Even landlords usually give you an agreement form to pull your rent out of your account. I got…

> SEPA direct debit is a really really popular thing in Germany. Most utilities prefer (quite understandably) to pull from you instead of waiting for your transfer. Even landlords usually give you an agreement form to pull your rent out of your account. Landlords benefit from it because it makes it harder for your to lower your rent in case there are issues with the place that warrant it. If they can withdraw the ren…

I'm not sure how it's with other banks, but on both my NL banks revoking the permission is 2 clicks away. If there is an issue that escalates to the need to partially withhold payment, that is the least of your hurdles in NL since you need to get permission from an independent government commission.

Re: Bank transfers as a payment method

#268

Post by timbit42 »

bogota wrote: post #12
jacquesm wrote: post #9

Earlier quoted context omitted.

Crypto currencies are great for paying people whose names and banking details you don't necessarily know. I've used them to pretty good effect to date and the fact that they have all the drawbacks of cash and are used by criminals too doesn't diminish any of that.

.. wait until you find out what cash is used for.

Spreading cocaine dust?

Re: Bank transfers as a payment method

#269

Post by timbit42 »

ashconnor wrote: post #21
grecy wrote: post #17

This is already very common in Australia and Canada. I'm sure a ton of other countries too.

Bill payments sure, but not many businesses accept Interac e-transfers.

Stores don't and it's not used for making recurring payments, but small businesses use it. Half the payments made to my small Canadian business are eTransfers.

Re: Bank transfers as a payment method

#270

Post by OJFord »

neom wrote: post #223
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…

Cazy how civilized the Canadian system is. You can whip open your banking app, enter the email of anyone with a Canadian bank account, link is generated, money is instintly deposited. People basically use this for everything except regular debt purchases (and even then, in instances that you forget your wallet, non-chain stores will usually let you etransfer someone). It's how I pay rent etc. No fees. It's been like…

So instead of 'which number do you want me to send your money to' it's 'which email address do you want me to send your money to'? Great?
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