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Can customers cancel bank payments after paying?

CamCam Member Posts: 11

Hello,

I'd like to know if it's possible for a customer to cancel a bank payment after they have paid. The scenario for this is to avoid scammers in new clients. Eg., doing a job for a new client that requires a quick one day turnaround where a check is given in the end. When you get that check you don't know if it will bounce and the client can still cancel it. If the client pays with the bank payment option, can I feel secure in knowing that the funds are officially mine and that they will be in my account within the advertised 2-7 day window? Or is there something a fraudulent client can do to revert the funds?

Thanks,
Cam

Tagged:
edited August 30, 2018 in Wave Features

Comments

  • AlexiaAlexia Member Posts: 3,314 ✭✭✭✭

    Hi, @Cam.

    Bank transfers in the US work very similarly to cheques. They connect a bank or another bank, who each tally the total of what they'll be transferring to the other bank, and assign it to specific accounts after the fact. The account balance is not verified before the transfer, but if there are insufficient funds, extra fees will be charged to the owner of the account with insufficient funds. This means that if your client fails to pay their invoice, they're the one being penalized.

    Cancelling a bank payment is about as difficult for your customers has it would be to cancel a cheque. They would just have to walk into their bank and ask for the cancellation. They would have to do this before the payment was processed.

    Chargebacks for bank transfers are possible but much rarer than for credit card payments. There are a much more limited number of reasons that can justify a chargeback for bank payments. On that end, bank payments are safer for you as a merchant.

    I hope this clears things up a bit. If you have any other questions or would like more details on anything payment-related, let me know! I'd love to help!

  • CamCam Member Posts: 11

    Hi @Alexia ,

    Thanks for all of the info. There's a risk in everything. At least there is a penalty for insufficient funds.

    Thanks,
    Cam

  • AlexiaAlexia Member Posts: 3,314 ✭✭✭✭

    Happy to help out, @Cam!

    That's very true! We try to make the process as smooth as we can to make life easier for our users and harder for bad actors, and we fully intend to keep on improving in that respect.

  • Ryan87Ryan87 Member Posts: 1
    So if they got my payments and payouts on hold will I still get my money or how does this work cause I did work and they paid me on here but I ain't letting my customers lose money either so I would appreciate it if you would get back with me asap
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