Posted by JoeS (FL) on October 03, 2003 at 09:44:46:
Several ways to handle this:
Have an account set up DIFFERENT from your main operating account. As you check for the payments online, transfer the funds to the main account. Use a “plain jane” savings account that allows you to transfer funds to your main account. Most of these type savings accounts are free. Might have to keep a minimum balance, but it is usually very low.
Some deposit slips do have a signature line for withdrawls at time of deposit, but you have to also sign the back of the slip as it were a check. Most banks ask for positive ID with this type of transaction versus no ID required for just making a deposit. Banks are usually pretty good about checking IDs on withdrawl transactions. Afterall, they can be held responsible for the funds if THEY make a mistake.
Have this account require DUAL signatures for any type of withdrawls. This second signature can be anybodys. Wife, Mother, Father, employee, etc. You will never need to them to sign because you’ll be doing all your transfering via online to your main account. Just order plain deposit slips with NO signature lines for withdrawls.
Well I just started thinking, Where should I have my payments sent to? I don’t think I really want buyers to know where I live. So maybe I should get a P.O. Box to collect all may payments once they start rolling in. Well any info on what you guys do would really be appreciated.
Posted by Ed C (CA) on October 02, 2003 at 18:45:26:
I have had good luck with Mail Box Ect(Now the UPS store). They all have a street address with Box #. You do not have to put anything other than street address and #XXX. Not total privacy but it is good start. There is NO need for everyone to know where you live.
With UPS store, it is easier to deal with small business owners, employees than government employees!
“Nuff Said”
Ben,
I’ve been using a PO Box for years. No reason to broadcast where you live. If you end up with a p!ssed off customer / competitor (it WILL happen, just a matter of time), you don’t want them on your doorstep or around your family.
Some people prefer a Mailboxes Etc address with a “suite” number. Never tried it but the idea may have some merit.
Along the same lines, if you own property (personal residence), you may want to deed it to a trust to get your name out of the county records and preserve your anonymity. All public info and pretty easy to track someone down using them.
All the best, Lyal
Posted by JoeS (FL) on October 01, 2003 at 14:50:06:
Why don’t you just give them 12 deposit slips from your account and have them deposit the funds directly into your account. If you have online banking, you can check if and when your customers have made their payments.
Vary your payment amount from your different customers by a penny each. That way you’ll know who made their payments (ie customer #1 has a payment of 250.00, customer #2 has a payment of 250.01, etc.)
This system can save you and your customers time and money.
I like the idea of having customers deposit directly into your account, but how do you make certain that they aren’t able to access the money in your account?
Posted by Steve-WA on October 03, 2003 at 10:19:09:
jon, there’s a few of us that work it this way. Check the archives - this has been twisted and turned a lot in the past - would be good to review the info . . .