Don't Wire Me Money
One of the most basic necessities of any business or organization is depositing money. Without being able to collect money from your customers and supporters, in the long run, you won't be able to keep your doors open.
At RustyBrick, we get most of our money in the form of business checks. That is why I find the remote check deposit tool an valuable asset. We rarely ever receive or accept cash, but we do receive payments over credit card and wire transfers - even sometimes via PayPal, but that is rare also.
Out of all payment methods we accept, I hate receiving payments via wire transfer. Let me explain why...
Customers who pay me this method often forget to tell me they sent a payment. I then see a deposit in my bank account from some random bank account number. If the funds are unclaimed, I automatically assume it is from Apple for our iPhone app payouts. But sometimes it is from customers who forget to tell me they are sending payment. If I could, I would ask Apple to send me checks - like I do with Google (for AdSense payments).
I am probably not set up properly to handle wire transfers properly. I do use QuickBooks for the accounting here but I don't think they have any tools to better handle wires. Am I missing something? Any advice on how to better handle wire transfers from customers?
Published May 26, 2010 by:
Barry
Barry Schwartz is the CEO of RustyBrick, a New York Web service firm specializing in customized online technology that helps companies decrease costs and increase sales. Barry is also the founder of the Search Engine Roundtable and the News Editor of Search Engine Land. He is well known & respected for his expertise in the search marketing industry. Barry graduated from the City University of New York and lives with his family in the NYC region.
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8 COMMENTS
posted by foreign exchange trading on: Aug 26, 2011 05:42am
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posted by David Iwanow on: May 26, 2010 03:27pm
yep same as MYOB once its setup i couldn't go thru that pain again, it might just come down to a note on the invoices saying invoice # must be attached to each wire transfer or a charge $50 will be incurred for manually matching it?
posted by sue on: May 26, 2010 04:36pm
One day I am going to succeed in convincing Barry to hire a part-time outside bookkeeper. It's becoming a life goal at this point. If he did that, he could write even more blog posts about water cooler floods, ATT cell towers in the office, et al. Who wouldn't love that! Oh, I hate wire transfers too, B.
posted by Barry Schwartz on: May 26, 2010 03:00pm
Oh, I don't think I'd ever leave QuickBooks. It has so many useful features. It runs my business and yes, it has an API. Maybe I just need a better policy on handling wires.
posted by David Iwanow on: May 26, 2010 02:37pm
Ive started using Freshbooks (affiliate link http://bit.ly/bBj4vg). However, the data that you are able to import is limited. You are not able to import invoices or expenses. You can only import client records into FreshBooks from QuickBooks, but they do have an API. I know with my suppliers when I pay them via my bank I can tick a box and it will email the contact attached to that account that they have been paid. I know ive attached a note to a payment and the suppliers bank stripped that data before depositing it. But usually if clients attach a invoice number to the payment that should fix it. But i still think freshbooks doesn't fill that gap, I know MYOB does allow for bank accounts to be synced up which may resolve that problem.
posted by Barry Schwartz on: May 26, 2010 05:04pm
Never. One day I hope to hire a full time financial guy, I guess a CFO and he would be stuck with this. But we automated most of our billing here, so it really doesn't take much time. Good thing we got coders here who know how to automate stuff, otherwise I'd be paying a bookkeeper. :)
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