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Pay by Wire Transfer option?

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  • Pay by Wire Transfer option?

    Hi all,

    I searched the forum first for an answer, but it looks like this was last discussed in 2014 (and before that, 2012 and 2010) without any solid resolution / answer...

    If at all possible, I'd like to have a "Pay by Wire Transfer" set-up for international customers. To the best of my knowledge, and unless someone else has any insight, this is a great payment method to avoid fraudulent payments, of which I suppose there is an increased risk with international orders.

    I do not see a Wire Transfer option (for online payment options). Any thoughts, ideas, or suggestions? Any one using anything like a payment gateway (?) to accept Wire Transfers?

    Thanks in advance!
    James

  • #2
    there isn't a payment gateway option for something like this...you have to setup a manual payment method, have them checkout and then send the wire instructions to them.

    Here is what I did for guidelines
    * Make it an offline payment method "Wire Transfer"
    * Customer Group "all", status = Unpaid <otherwise it will autotrigger emails and such if you dropship and you want to control this when it happens (aka when you are paid)
    * Set the min amount to something worth a wire transfer because of the fees $1000...this way it only shows up when the order amount is $1000 or higher

    Then in the description put something like this "Please contact customer service for wire transfer information. Your order will remain in "unpaid" status until payment clears. NOTICE: Any orders that are not paid within 5 business days will be cancelled."

    We have a separate checking account setup for just inbound/outbound wires so when we give out the wire account number if something ever happened it isn't linked to a main checking account number. It doesn't autodraft (for security reasons) and always has a $0 balance (email alerts when it is positive) once funds are paid they are transferred back into checking. We only do a few wires a month but it has worked well.

    cheers

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    • #3
      doberer I really appreciate the advice and suggestion! While I was hoping for a more automated way of doing it (via an online payment method, if any such thing even exists), your method of accepting wire transfers would certainly work. And I hear you loud and clear on having a separate bank account for the wires!

      Thanks again!
      James

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      • #4
        We also have created and used an "offline payment method" called Wire Transfer. However, we use the "advanced settings" confirmation message to display our wire transfer account details. When a customer checks out and selects "wire transfer" they automatically receive the wire transfer details. We require wire transfer for any new international customer with a purchase over $500. A sweep account for wire transfers is mandatory in todays bank fraud climate. We use the same account for our paypal, and merchant accounts, inbound payments as well. Each night the funds automatically sweep into a main account.

        We are also finding that we are getting a lot of customers traveling in our area and asking if they can place an order to pickup in person. We will tell them to also select wire transfer as we can then adjust the sales tax properly and swipe the card when the are at our location in person.

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