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Don't Wire Me Money

Published May 26, 2010
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Image credit: st.bruno

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?

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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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