Summary:
What is the Bank Transfer Payment Method
Setting up the Bank Transfer Payment Method
Reconciling your bank statement
Security of your bank information
What is the Bank Transfer Payment Method?
The bank transfer payment method enables members to pay you by bank transfer (using online banking, standing orders etc). When the member places an order, we give them a unique reference number to provide with their payment. You can then upload your bank statement and the system will do the matching up of payments for you.
Using bank transfers to collect payments from members is a great way to keep your costs down. You only pay a few pence per payment (compared to 2% or more for Paypal and card payments). It's convenient for the members - if they are using online banking, they only need to save your bank details once, and then it's a 2 minute job to pay you each time at no cost to them. The service is all included in your annual fee, so no cost from us either!
This is really useful for organisations that collect similar amounts from members. Without the reference, you end up with a bank statement with a whole load of payments for the same amount and no idea who they have come from or what they are for.
WebCollect Role
To set up the Direct Debit payment method (or any other payment method), you must have WebCollect role: Creator.
Setting up the Bank Transfer Payment Method
In the administration panel, in the Payment Methods section, click on edit (or add one now). Click on Activate next to Bank Transfer (members). You will then be offered the following options:
- Account Name. This is the name as shown on your bank statement.
- Account Number. This is the account number for your organisation's bank account.
- Sort Code. This is the sort code for your organisation's bank account.
- Swift bic. Use if you want members from overseas to make payments to your bank account.
- IBAN. Use if you want members from overseas to make payments to your bank account. Note: If you are only accepting payments from within the European Single Payments area, then IBAN is sufficient (Swift bic not required).
- Surcharge %. For the bank transfer method, you shouldn't need to pay the bank a % fee. However, if for some reason you do, you can add the % here. The % will be calculated, using the order total of the member's payment. So if they were going to pay £100 and you have added a 10% surcharge, they will pay £110.
- Surcharge amount. A fixed amount added to the total payment made by the member for an order. Input the number in pounds, so a surcharge of £1.50 should be added as 1.5. Useful if you want to pass on your bank's transaction cost for receiving payments by bank transfer
- Explanatory text. This text will be displayed on the checkout text to the members, useful if you need to explain to members why you are charging extra for bank transfers.
- Checkout success text. This text will be displayed on the checkout success page, and in order confirmation emails (where the member has chosen to pay by bank transfer). Note: the bank details will be displayed below this text in both cases).
Bank Transfer (admins). If you want to place orders on behalf of members, where they will be paying by bank transfer, you should also activate this payment method. The details to complete are the same.
Click here for full details on setting up all the payment methods available.
Process for members
When the member places items in their basket, at checkout they will see "Bank Transfer" as one of the payment methods available to them. If they select "Bank Transfer" and click on "checkout", they will then receive an order confirmation email, which contains:
- Your bank details (sort code and account number)
- A unique reference number for them to provide as the reference when making the bank transfer. This number is unique to them and they can re-use for all payments they make by bank transfer to your organisation.
The order will be shown in the order section of the administration panel with status "Order Placed".
Reconciling your bank statement
Click here for details on how to upload your bank statement, to reconcile your payments against orders.
Security of your bank information
When you provide your bank details on setting up the bank transfer payment method, we encrypt it (jumble it up into gobbledygook that can only be unjumbled by someone who is an administrator of your organisation logging into WebCollect).
Remember, your bank details will be sent to members who place an order and select the bank transfer method (otherwise they can't set up the payment..). So if you have a concern about revealing your bank details, then don't use this payment method.
