Bank details on invoices?

NeptunesMoon

will be getting some invoices done up and thinking about putting my bank details on so people can just pay by bank transfer if they dont have a cheque. i just saw an invoice i got today for puncture repair and i see they have their bank name, acc number, sort code, iban and swift code on the docket I got. Is this too much or is it ok to be giving out to customers?

Cheers

antoinolachtnai

I would just print invoices on blank A4 these days myself.

I put all that stuff on invoices. Well, I don't put the iban and swift, but I probably will soon.

If you do that, you should encourage customers to the invoice number of customer number in the narrative of the payments.

Joseph

I have a similar sort of query, I have no ideas regarding invoices and want to offer different options other than posting a cheque back.

I'd like direct bank transfer to a business bank account but would that be anyway risky either way?

NeptunesMoon

yeah ill definitely state on the invoice to put the invoice number in the "message for receiver" or narrative on the bank transfer.

So there should be no safety or security issues by having the bank details on the invoice then? even if this is the bank account I keep all my money in?

i cant print invoices on a4 because i do jobs out and about so wont have access to a computer, just carry around a little a5 docket book

antoinolachtnai

Sorry, now I understand. I assume it's not massive amounts of money (1000 euros or less) then, you are always present yourself and not dealing with corporates. I wouldn't put the details on there, because I'd be pushing people to pay on the spot! Having the details on there might give some customers the wrong idea.

Do you send statements? You could put it on there.

Clytus

TBH...I think your probably aswell to leave out the bank details.
Just send out your invoices with your 30 days or whatever.

Even though EFTs are very handy they usually are only used by larger companys.

By the way...Ireland has an average of 16 days late payments.

Scotty #

Yea there is no problem putting those details on invoices and I find more and more customers are willing to use this method for payment.

I'm looking into PayPals 'Email Invoices' at the mo which also seems a very convenient way to do things, for both parties.

NeptunesMoon

antoinolachtnai wrote: »

Sorry, now I understand. I assume it's not massive amounts of money (1000 euros or less) then, you are always present yourself and not dealing with corporates. I wouldn't put the details on there, because I'd be pushing people to pay on the spot! Having the details on there might give some customers the wrong idea.

Do you send statements? You could put it on there.

What do you mean by statements? what would be the difference between a statement and an invoice? do you mean a monthly account statement? Wouldn't have need for such a system in my business the way AIB/o2 and them send out statements as its not an ongoing thing, just once off jobs.

i generally always get paid on the spot and its very rare I'm waiting on money, but with the bank details there, it means they can put the money direct into my account which would save time, hassle and money (stamps/envelopes etc) and i would get paid sooner too and not have to go and lodge cheques as often

Clytus wrote: »

TBH...I think your probably aswell to leave out the bank details.
Just send out your invoices with your 30 days or whatever.

Even though EFTs are very handy they usually are only used by larger companys.

By the way...Ireland has an average of 16 days late payments.

What are EFTs? i have on my invoices to please pay within 15 days from invoice date, suppose thats ok.

Scotty # wrote: »

Yea there is no problem putting those details on invoices and I find more and more customers are willing to use this method for payment.

I'm looking into PayPals 'Email Invoices' at the mo which also seems a very convenient way to do things, for both parties.

How does the email invoice work? do paypal charge for the service?

Scotty #

Loads of info on it here and here. But basically rather than send out an invoice by post every month and wait for a cheque back (after maybe several phone calls) and then having to go to the bank etc, you just send an invoice via email which the recipient can then pay straight away by credit card or transfer. You can also set it up to send them reminders when they don't pay. Paypal provide a much more advanced service in the US for this but it is being advanced in Europe too. Yes they do charge and the rate depends on how much money you put through them each month.

I am just looking into it at the moment but it looks good so far.

antoinolachtnai

Hi NeptunesMoon,

I agree, if you can transact cash-on-delivery, good for you. The trick (as you know) is to get your cheque before you leave the place.

You can't get your money there-and-then with EFT (electronic funds transfer, i.e., direct bank-to-bank). If you put the bank transfer details on there, people might get the idea you might offer credit terms. It's usually when people have credit that they pay by EFT.

By statement, I mean a monthly account statement saying how much money the customer owes you. If you have customers who you give credit, you should send monthly statements. If you don't, you shouldn't, obviously! My idea was that if you have just a few credit customers, only they would be shown the bank details.

So all in all, I would not put my EFT details on the invoice if I were you, though I would give them to customers if they needed them.

NeptunesMoon

cheers for that folks, i dont think ill go with paypal and i dont think i need to worry about the customers thinking they can get credit, sure if it says i need payment within 15 days that should let them know i hope

Son

I will be doing work on site soon.Don't know what to do about invoices,best idea so far is to have an invoice printed off and just fill in the price by hand,taking a carbon copy for myself....any better way of doing this?
thanks