I am wondering how the other sp's feel about cheques. Do you accept them from your regular clients? Do you put them in the bank and take out right away? Is there any fool proof way of ensuring he doesn't stop payment or something? What if he provides all personal info? Input from all the know everything perbs is appreciated as well, maybe theres a few of you who work in a bank or something and have insight. I appreciate all replies and in advance thankyou.
cheques?
- Thread starter ihatemyskirt
- Start date
To get him to certify a cheque is now unlikly. Banks give out drafts readily but certify rarely.
It depends how well you know the client ,but nothing can stop him from stopping payment if he wants to.
It depends how well you know the client ,but nothing can stop him from stopping payment if he wants to.
cash it in....
Accepting cheques would be like getting paid after the session instead of before...i.e. bad bad bad bad bad idea for sps. And if it does go NSF, YOU will get charged by your bank for cashing a bad cheque.
Even if he doesn't fill out the cheque himself, assume also the client has their cheques returned to them with their statement...he will get your real name which you will have entered on the cheque.
There is a reason most stores and other businesses no longer take cheques...too many problems.
This has always been a cash biz, there is no reason anymore why they cannot find an ATM--they are EVERYWHERE.
Accepting cheques would be like getting paid after the session instead of before...i.e. bad bad bad bad bad idea for sps. And if it does go NSF, YOU will get charged by your bank for cashing a bad cheque.
Even if he doesn't fill out the cheque himself, assume also the client has their cheques returned to them with their statement...he will get your real name which you will have entered on the cheque.
There is a reason most stores and other businesses no longer take cheques...too many problems.
This has always been a cash biz, there is no reason anymore why they cannot find an ATM--they are EVERYWHERE.
Who writes cheques anymore??
I'm kidding but why not just do an email transfer if he's going to be giving out his name? Of course you would have to make sure both banks offered this service (most of them do).. And I'm not sure if it means you would absolutely need to give yours (real name) too though. You would have to look into that. You can basically use any email address you choose (and register on your online profile) but I'm not sure if there is a way to set it up without it sending your real name in the confirmation email that is automatically sent out once you've accepted the funds. Email transfers are so unbelievably convenient, it's a great way to transfer money. That's even how I pay my rent! No cheques, saves some trees. lol
Or how about him simply purchasing a money order?
This way you know it was paid for already and all you need to do is cash it in at the bank. My bank (CIBC...and they suck!) doesn't consider these as 'cash' so regardless of whether you deposit with the teller or at the ATM, if you have a restriction on your account that hold funds for 7days, the money order will be treated the same. If you don't have that restriction or limit, then it's basically just like cash and you have the funds right away, and know there's no chance of NSF or stopped payment.
I've accepted cheques a couple of times from the same person, but it was someone I knew very well. We both knew each others names, I'd been to his place numerous times, etc.. Not really my preferred method of payment though.. Like I said, you might as well go with the online transfer if he's going to write a cheque.
Paypal is another option although unless your client already has a paypal account set up with his banking info already 'verified', it isn't something that can all be done in a day.. In order to transfer funds from his bank account (as opposed to using his credit card), it takes a few days for paypal to 'verify' your bank account info after you've created a profile. Then once he's transfered the funds to your paypal account, it also takes a few days (3-5 business days) to make it from your paypal account to your bank account, if this is what you choose to do. The good thing about this method is it can be kept anonymous (provided you don't use real names for the profile information that is shared when you make a transaction).
And FYI - If you do use paypal, make sure you don't make any reference to 'adult entertainment' as they don't allow this and could very well freeze your account and refuse to give you whatever funds are in there! So just to be on the safe side, I simply don't leave any funds (or much) there and move it right to my bank account.
Oh. Also, there's a fee for accepting payments that you'll have to cover so if you're not willing to, you might want to request your client to include it with his payment.
Sorry, I didn't answer your questions about cheques as I have no idea, but figured I'd still give you a few suggestions on alternative ways to do it..
Hope this helps..
Depositing a cheque in your account followed by an immediate withdrawal won't save you from a bad cheque. The bank will hold the check until it goes through the client's account. If it's bad, it will get deducted from your account anyway.
I'd stick to cash only.
I'd stick to cash only.
Miss Bijou got it
Canadian (US money orders are held and processed like cheques) Money Order, Interac Email Money Transfer or Third Party Billing and Processing such as Paypal. For services such as Paypal make sure there is 0 liability for merchants.
Your gut instinct was to post this, you're unsure about the certainty. Go with your gut.
Canadian (US money orders are held and processed like cheques) Money Order, Interac Email Money Transfer or Third Party Billing and Processing such as Paypal. For services such as Paypal make sure there is 0 liability for merchants.
Your gut instinct was to post this, you're unsure about the certainty. Go with your gut.
Accepting cheques
A cheque made out to "cash" cannot be stopped, however, if it is not covered ie NSF the bank will take the $$$ back. To prevent this is to go immediatly to the branch where the account is held. That way if you get paid, it is yours to keep.
A cheque made out to "cash" cannot be stopped, however, if it is not covered ie NSF the bank will take the $$$ back. To prevent this is to go immediatly to the branch where the account is held. That way if you get paid, it is yours to keep.
Don't deposit the cheque, go to his bank and cash it, that way you know that the money is in the bank and know immediately if you got screwed. (a second time)
Maybe a stupid question, but can you use a credit card to pay for a money order?
I gave a friend a cheque, not for any service, just as a Valentine's Day present, but MoneyMart wouldn't cash it. And they say they'll cash anything. I gave authorization over the phone, answered all the questions, but MoneyMart was still pissy to my friend and wouldn't cash the gift cheque.
I felt stupid for giving her the cheque. Because it just put her through hell.
Finally I cashed the cheque and gave her the money. But if I could have just given her a money order that would have been better. Or do they give you a hastle about money orders, too (you know checking identification, getting authorization etc.)?
I couldn't pay for a money order at the time, because I was transferring the money--which is why I wrote the cheque. But paying by credit card for an M.O. would have been the easiest thing to do.
I gave a friend a cheque, not for any service, just as a Valentine's Day present, but MoneyMart wouldn't cash it. And they say they'll cash anything. I gave authorization over the phone, answered all the questions, but MoneyMart was still pissy to my friend and wouldn't cash the gift cheque.
I felt stupid for giving her the cheque. Because it just put her through hell.
Finally I cashed the cheque and gave her the money. But if I could have just given her a money order that would have been better. Or do they give you a hastle about money orders, too (you know checking identification, getting authorization etc.)?
I couldn't pay for a money order at the time, because I was transferring the money--which is why I wrote the cheque. But paying by credit card for an M.O. would have been the easiest thing to do.
email money transfer
For those who are not familiar: http://www.interac.ca/consumers/productsandservices_ol_emt.php
Your bank must be one of the participating institutions:
BMO Bank of Montreal
CIBC
RBC Royal Bank of Canada
Scotiabank
TD Canada Trust
For those who are not familiar: http://www.interac.ca/consumers/productsandservices_ol_emt.php
Your bank must be one of the participating institutions:
BMO Bank of Montreal
CIBC
RBC Royal Bank of Canada
Scotiabank
TD Canada Trust
you can also email transfer to a bank/credit union NOT on the list, but......
I just want to clarify that it will still work even if your banking institution is NOT part of this list..
Once you receive the email transfer and accept the funds, you have the option of transferring the funds to another bank/credit union that does not appear on the list HOWEVER the money doesn't go into your account immediately (as it does in the case of those listed above), there is a (I think) 5-7days delay for the transfer to be processed and the funds added to your account AND an additional small fee (can't remember the amount..).
Well at least that's how it worked about a year ago or so!!.. My main account is with a credit union that doesn't have any branches at all in BC, and I've used email transfers to get money from my Vancouver CIBC account to my other account lots of times. I'm pretty sure it's still the same, but I can't say for sure because I have only done it when the transfers were made via the certapay website and not this new one. I would assume it still works the same but I'm too lazy to check right now. LOL
But yah, if you are not in a hurry to get the money right now and don't mind waiting the few days it takes to have it in your account, then I'm pretty sure email transfers can be used with any Bank/Credit Union..
I just want to clarify that it will still work even if your banking institution is NOT part of this list..
Once you receive the email transfer and accept the funds, you have the option of transferring the funds to another bank/credit union that does not appear on the list HOWEVER the money doesn't go into your account immediately (as it does in the case of those listed above), there is a (I think) 5-7days delay for the transfer to be processed and the funds added to your account AND an additional small fee (can't remember the amount..).
Well at least that's how it worked about a year ago or so!!.. My main account is with a credit union that doesn't have any branches at all in BC, and I've used email transfers to get money from my Vancouver CIBC account to my other account lots of times. I'm pretty sure it's still the same, but I can't say for sure because I have only done it when the transfers were made via the certapay website and not this new one. I would assume it still works the same but I'm too lazy to check right now. LOL
But yah, if you are not in a hurry to get the money right now and don't mind waiting the few days it takes to have it in your account, then I'm pretty sure email transfers can be used with any Bank/Credit Union..
I am missing it. If the cheque is good then he has the money to take out of an ATM machine. I guess if it is a large amount of money the bank transfer would be the way to go since you don't have to worry about making a large cash deposit.
BTW there are records with bank transfers. There are records of ALL bank transfers. There has to be or the Gov wouldn't allow them.
BTW there are records with bank transfers. There are records of ALL bank transfers. There has to be or the Gov wouldn't allow them.
