International Wire Transfers and Risk Factor?

[Maggie McPherson]

Hi

I would like know what are the potential risks of accepting an international wire transfer on an E-Commerce Website? To receive payments through wires web will have to provide our account number to the customer, but is that really insecure? Is there any way to protect ourselves from fraud customers?

[SandraJose]

You need to contact your bank and ask them for a different routing number to use for incoming wire transfers and if possible get a different account number so you don't need to provide your primary account information. If your bank not allowing separate account number, then you should open a new account for you that you use just for incoming wires and them transfer the money to your primary account.

[Kristine Habeck]

If the transaction amount is fairly low, then you shouldn't offer wire transfer option to your customers. As an alternative offer them PayPal option, it is just a simpleway to receive payments. We do have many clients who pays by wire transfer, but web have had a relationship with them since a long time.

[Maggie McPherson]

Glad to see you replies. I am planning to open a second account to receive wire transfers. I am little but concern about PayPal to get payments. Additionally, I have heard lot of horror stories about PayPal. That aside, is PayPal constitutionally safer than a bank wire transfer?

[LindyTaylor]

Somewhat me too little bit concerned about PayPal. Also customer has the rights and most often will win a conflict when payment is made and challenged. Wire transfer is the safest deal. Once the money comes in to your bank account, it is all yours.

[Judd]

You need to talk with your banker. They should be able to give you the full protection. Any reputable bank will also have a different routing numbers for incoming and outgoing wire transfers. That helps to protect bank customers against any fraud cases. We also maintained a second bank account just for inbound wire transfers, which we sweep immediately to main account once the payment made. This way if anyone from your staff unknowingly give out too much information, you can close that account.

[Henry Rose]

In my opinion, wire transfers are the safest way of payment to receive payments. You can give your account number and routing number, including the SWIFT id for international payments. Risk only come out when you unknowingly give your account management details such as account log in id and password.

[Mick Haller]

There is no need to open second account for inbound and outbound transactions. If you open a second account for wire transfers, then you are going to receive additional bank charges and more administration fees for zero benefits. Bank always love those customers who have the unnecessary extra bank accounts.

[Louis Roulet]

Sometimes bank wire transfer for a large transaction is inexpensive than PayPal, as compare to processing fee. And money immediately comes into your account, so no third party can hold it for a week to play with it. PayPal is not too bad either, but when you are dealing with large amounts, there is a chance that PayPal will red-flag a transaction, and consider money laundering scam. In addition, PayPal is not available in many countries.

[Maggie McPherson]

Alright, I agree with you all and now I am going to integrate both payment options in my E-Commerce website.

Thanx