Posted by JLG/CA on 11/26/10 8:26pm
Msg #362843

SS payment options

i've taken on a new client that is looking to improve their accounts payable process. an option i was looking at for faster delivery was wells fargo direct pay.
https://www.wellsfargo.com/biz/payments/direct_pay/
here's some information about it...what i'm wondering is does this seem appealing vs paypal or other payment methods (money transfers or wire transfers) for overdue payments? my primary concern would be the fees a notary may incur from a transfer like this. it seems that every bank is different, but it would be necessary for the company sending the funds to cover the fees incurred.
thank you in advance for your feedback!

Reply by LKT/CA on 11/26/10 9:53pm
Msg #362848

Wells fargo direct pay costs $10 monthly and $3 per direct pay. Google Checkout Merchant Account is free to set up and free of monthly fees. I believe the per transaction fee is 2.9% plus 30 cents and is only charged when a payment is processed.

With Wells Fargo, you pay $10 monthly, whether or not any transactions are processed.

Reply by HisHughness on 11/26/10 11:35pm
Msg #362849

Thanks, Lisa. That Google option looks pretty inviting. I'll check it out.

Then I'm going to call SOX, and tell them to send me some business.

Reply by JLG/CA on 11/27/10 12:33pm
Msg #362875

i believe my post wasn't entirely clear enough. i represent a SS whom has contracted my firm to handle their accounting.
i'm trying to determine if wells fargo direct pay seems appealing to a notary to accept an overdue payment from a SS as this option seems to allow rapid delivery results. as stated in the link, the payment process is similar to direct deposit so the notary would have to be comfortable with releasing their account information. i've looked at other options, such as wire transfers and paypal, all of which are either costly or unreliable.
i looked at the google checkout merchant account option. this account is more for payments i would receive and not payments i would send. it seems that if i were to select this option to send payments to a notary that the notary would also need a google checkout merchant account as well.

Reply by JanetK_CA on 11/27/10 4:24pm
Msg #362883

"i'm trying to determine if wells fargo direct pay seems appealing to a notary to accept an overdue payment from a SS"

My guess is NO - at least for the majority of us here. First of all, if a company isn't paying us on time to begin with, why would we want to give them access to our account information? Secondly, if it gets to that point, I would hope that most notaries would never work for that company again, so this shouldn't be an ongoing need.

We have lots of information available on this site about companies with questionable payment histories, so it's not too hard to avoid the majority of the offenders with a little effort. That's not to say that this will cover every situation, but it's a darn good start. Also, the idea of giving up a big chuck of a past due amount isn't too appealing.

But that's just my two cents. Everyone has their own ideas and runs their own business.

Reply by Doris_CO on 11/27/10 4:52pm
Msg #362885

In answer to your question. If I have a SS that has not paid me in months, I will not accept any kind of electronic payment. Send me a check! If the check bounces, then I have recourse and a paper trail for further collection efforts. I'm not comfortable releasing my bank account information to someone that has already proven, by not paying me in a timely manner, to be untrustworthy.

Reply by Lee/AR on 11/27/10 6:20pm
Msg #362886

I deal with one SS who apparently makes payments the same way I pay my own bills...online...and it's probably free. I don't write the checks, just enter the who/where once and it's there forever. No biggie to plug in an amount each time nor a 'reference'. Press 'finished'...and it's done.
And have to also agree with other posters... no way am I giving a slow/late/bad paying co. my bank info. Just get that check out ASAP. And the paper trail does have advantages, too.
And, yes, if you're going to attempt to insist upon this method, you darn well better cover any 'fees to me' for your convenience. However, I will give them kudos for trying to do better.

Reply by LKT/CA on 11/27/10 9:40pm
Msg #362894

If I'm understanding the OP correctly - they are an independent business, an accounting firm (of such) hired by the SS so the Notary is not giving their bank account info to a bad SS but to an accounting firm. I suppose if a company cannot manage their books/monies efficiently, they hire someone who can and will - that's a step up. Even so, like the others, I'd want a check for any monies owed to me.

My 2 cents: Checks paid on time can be paid by the client's check but overdue/past due monies, or if the SS has a history of issuing bad checks, the Notary should be paid by bank check, cashier's check or U.S. postal money order only. No 79 cent money orders from the gas station mini-marts. The OP will be out fees either way (i.e. direct pay or the cost of the bank/cashier's check or money order). JMHO

Reply by Jodith Allen on 11/29/10 5:06pm
Msg #363086

I have received PayPal payments for other work that I do. The company only pays by PayPal. You only need a paypal account to receive the payment, and by connecting your bank account to it, you can then easily transfer the payments to your bank account.

You definitely can set it up so that the sender pays all fees. I've worked for 2 different companies doing article writing that used paypal, and I never had any fees associated with my payments.