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Mort-lemur

Bank Transfer Option - Is it Safe?

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Hi,

 

Im thinking of giving my customers the option of paying by Bank Transfer, which would obviously involve giving out my account number and sort code to anyone and everyone.

 

My question is: Is this safe?? is there anything anyone can do with my account number and sort code alone (other than pay me money)

 

Many Thanks


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Heather,

 

I have several large clients who use the Bank Transfer option. To date, none have had an issue with this payment option.

 

 

 

Chris


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Thanks Chris,

 

Just looking for a warm feeling before I publish my bank details.


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Should not be an issue, but you also have options for bank transfer like inpay.com who have an oscommerce module available and can "automate" it all for you.

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Hi,

 

Thanks again, The reason I want to set up bank transfer option is for some high value items where the 3++ % that my card processing company takes adds up to quite a bit of money - so if I use the transfer option for these I will be 3% better off.

 

Thanks


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To date, none have had an issue with this payment option.

It sounds like Heather's concern is that she's exposing her financial details to total strangers, and wants to know if they can do anything evil with that information. If all they can do is pay her money, that's one thing, but if they can use it to withdraw funds from her, that's another issue.

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Exactly MrPhil - you put it better than I did.

 

Can they carry out evil / mischief / skulduggery with the info?

 

Thanks


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Perhaps you can talk with your friendly local banker (after he cleans the tar and feathers off himself) and see what their suggestions are for security when using this. They might recommend that you not give it out willy-nilly, but confine its use to trusted customers. Or, they might tell you that they've never seen any problems with it.

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Actually,

 

Swift numbers and bank account numbers cannot be used to withdraw money from your bank account. They are for deposits only (speaking from a Canadian Bank Business account dealing with international clients). I often give new and existing clients my bank account details for international deposits.

 

 

Chris


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Hi,

 

Im thinking of giving my customers the option of paying by Bank Transfer, which would obviously involve giving out my account number and sort code to anyone and everyone.

 

My question is: Is this safe?? is there anything anyone can do with my account number and sort code alone (other than pay me money)

 

Many Thanks

 

Your account number, sort code, and swift code can only be used to pay you money. In order to withdraw from your account you need more info like log in + pw for banking website, PIN for card withdrawal, signature, depending on the bank you might also need the sepcific bank's e-banking software and card reader to which you will enter more logins, pw's and identification.

None of these info are contained in your account number, sort code or swift code.

 

If you still feel uneasy about publishing your account info on a web page, you could make it so that your bank info only is contained in the confirmation email of a customer that selected payment by Bank Transfer.


~ Don't mistake my kindness for weakness ~

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