How do I get paid by bank transfer?

How do I receive a bank transfer?

To accept payment by bank transfer, you must share your RIB (Relevé d'identité bancaire) and IBAN/BIC codes with your customers .

Obtain a SEPA credit transfer

When both the customer's bank and your bank are in the euro zone, we talk about a SEPA transfer. It's the preferred means of payment for all transfers of funds in euros, in France and other European Union countries.

Obtain an international SWIFT transfer

If the transfer is in a foreign currency, i.e. outside the euro zone, it is referred to as a SWIFT transfer. To receive the transfer, you must submit your bank details, including BIC/IBAN codes.

On the other hand, an exchange operation is required here as these are foreign currencies. Banks charge high fees. We advise you to compare rates before making an international transfer.

What information do I need to receive a bank transfer?

The following information must be provided in order to receive a bank transfer:

• BIC/IBAN codes

• The number of the account to be debited

• Date of execution

• The amount of the operation

Is the IBAN enough to make a transfer?

Yes. Together with the account holder's name, the IBAN is sufficient to identify a bank account.

Is the name important for a transfer?

Yes. Like the IBAN, the name is an essential piece of information for a bank transfer. It must be add the address for an international transfer.

How to secure bank transfers?

Bank transfer fraud is a growing phenomenon. According to a recent study, 70 % of companies have been victims.

Here's how to limit these risks:

• Verify customer identity and IBAN . This task can be automated for maximum efficiency.

• Set up a double validation system for all the company's financial flows including transfers. All transactions must be validated by at least two people to limit internal fraud and scams.

• Training teams to better identify risks

• Designing a risk map to better anticipate risks.

• Extra vigilance during a IBAN change by a supplier.

• Rigorous access management to the financial statements.

How can I obtain proof of payment from a professional?

Proof of payment can be virtual or paper. This is known as certificate of transfer, confirmation of transfer or proof of transfer.

This transfer receipt contains information such as :

• The identity of the sender and beneficiary of the transfer

• Transfer date

• The amount

There are 4 main ways of proving a transfer:

• The confirmation e-mail. Some digital banks offer to notify the beneficiary by e-mail or SMS as soon as a transfer has been made in his or her favor.

• Bank statements. These transcribe a user's transaction history. They can thus be used to prove that the transfer was actually carried out.

• The execution notice issued by the issuing bank. This method is only possible if the issuing bank is a traditional bank with a physical branch.

• Proof of transfer. This is a receipt generated automatically by the issuing bank or via its application.

Once you have received your proof of payment, you still need to to ensure its authenticity. Some banks offer a QR code on their transfer receipts. If this code is missing, you can also check your bank details and those of the customer.

In any case, if the funds do not reach your account within a maximum of 72 hours (excluding public holidays and non-working days), there is a problem. Either the receipt is a forgery, or the delay is abnormally long, or there has been an error in the bank details.

The advantages and disadvantages of payment by bank transfer

Alternatives to paying receivables by bank transfer

There are many alternatives to bank transfers:

SEPA direct debit mandate

The SEPA direct debit mandate is a debit authorization given by a bank account holder to a creditor . The creditor then submits the direct debit mandate to the debtor's bank so that the debtor's account can be debited.

The difference with credit transfers lies in who initiates the transaction.

Banking card

This payment method requires the use of a payment solution such as Hero .

Hero Checkout allows you to facilitate payments for your B2B customers, in particular by offering them an outstanding balance of deferred or fractional payment . On your side, you receive the money immediately, with no risk of non-payment.

Affacturage

Factoring is a financial operation in which a company transfers its invoices to a specialized company for immediate payment.

It's certainly a good way of avoiding the repercussions of late payment. However, factoring can prove to be costly for SMEs because factoring companies charge a commission on invoices transferred.

All the more so in the event of late payment by your customers. Depending on the contract, the factor's commission may accumulate.

Finally, it is often impossible to choose which invoices to finance: all invoices must be sent to the bank.

Hero Cash

Hero Cash is a modern, fully digital alternative to factoring. It's a payment solution that lets you offer your customers deferred payment or payment in 3 or 4 instalments. There's no risk to your cash flow, as the platform advances you the amount of your receivables as soon as the invoices are received.

Hero is thus positioned as an interesting alternative to the receipt of a bank transfer , because it requires fewer formalities and can be automated.

Frequently asked questions :

How can I receive a bank transfer securely?

Bank transfer is a secure method of payment. All you need to do is check the recipient's bank details to ensure that the funds reach him. It is necessary to maximum three working days for payment to be made.

How do I make a bank transfer from one person to another?

If the transaction is from a private individual to a private individual, the procedure is the same as for a business account: enter the beneficiary's IBAN, transfer date and amount of the latter.

What's the difference between an IBAN and a RIB?

Don't confuse RIB and IBAN:

• The RIB number is a coordinate used to identify a bank account. at national level.

• IBAN identifies a bank account at international level.