Advantages and Disadvantages of offering BACS?

[billsstamps]

What do you think are the advantages and disadvantages of offering BACS as a method of payment?

[bykimbo]

I expect you'll get lots of replies, so I'm not going to try for a comprehensive list. First offerings off the top of my head:

pro
No fees
No charge-back

anti
No notification when paid
Variable timing depending on banks

[craig7501]

From my point of view only

Advantages:

No Fee's for BACS if done in the same country
Instant clearing if done through same banking company

Disadvantages:
Overseas fee's if someone from another country pay's that way
Clearing can take upto 5days for payment to clear if paid from a different bank
Strangers have your Sort-code and Account Number
Buyer could claim unauthorised transaction on their account

[TonyBridger]

From my point of view only

Advantages:

No Fee's for BACS if done in the same country
Instant clearing if done through same banking company

Disadvantages:
Overseas fee's if someone from another country pay's that way
Clearing can take upto 5days for payment to clear if paid from a different bank
Strangers have your Sort-code and Account Number
Buyer could claim unauthorised transaction on their account

Why should you be worried that people have your Sort-code and Account Number. Its on all your cheques that you send to strangers when you buy something.

[bykimbo]

Buyer could claim unauthorised transaction on their account

How? What are the odds of any such lie being successful?

[billsstamps]

I really like the idea of not paying 20p plus 2% commission, and the buyer not having to pay anything either.

The drawback seems to be waiting for payment and not having something to alert me that it has been paid. I would have to check the online statement every day.

[bykimbo]

I really like the idea of not paying 20p plus 2% commission, and the buyer not having to pay anything either.

The drawback seems to be waiting for payment and not having something to alert me that it has been paid. I would have to check the online statement every day.

Possibly several times a day as in some bank cases the exchange is only minutes/hours (e.g. when buyer and seller use the same bank). So you might consider it fair to check morning and afternoon, pre-last post, for example.

[TonyBridger]

Whilst BACS is very popular in Europe, in fact people in Germany seem to prefer it to credit cards, it does not seem very popular to UK buyers. Most forums recommend that buyers do not use it as payment by Credit Card or PayPal offers buyers more security.

When it is used buyers often forget to add a reference to the payment, so if you get a number of payments into your bank you could spend a lot of time sorting out who has paid what amount.

[bykimbo]

Whilst BACS is very popular in Europe, in fact people in Germany seem to prefer it to credit cards, it does not seem very popular to UK buyers. Most forums recommend that buyers do not use it as payment by Credit Card or PayPal offers buyers more security.

When it is used buyers often forget to add a reference to the payment, so if you get a number of payments into your bank you could spend a lot of time sorting out who has paid what amount.

People in the Euro zone like it because they can pay all other Euro-currencied countries for free.

[Armstrongs]

I use bacs all the time....it's perfect for smaller transactions!

I do safeguard my finances though....and operate a small "savings" account specifically for accepting bank transfers.

Most bank to bank transfers are instant these days....so it's a win, win situation!

Yvonne x