Home
Starting Up
Case Studies DB
Products
Ideas DB
Vibe Coding Tools
Subscribe to IH+
Starting Up
Case Studies
Ideas DB
Products DB
Sign in
Join
2
Likes
17
Comments
"We can only pay by bank transfer"-----If you use Stripe, do you just say "sorry we only accept card payments" and risk losing the customer?
by
Davis Baer
https://twitter.com/mynameis_davis/status/1388157294295273477?s=20
You can accept bank transfers on Stripe. Just make an invoice and email it to them. Invoice includes bank details. Works great!
Yes, but you cannot have it for recurring payments.
You would need to manually invoice them each time.
My approach is to only offer invoicing on annual billing and then once a year doesn't seem too bad.
Offer LTD where price of LTD > LTV of your customer
Take payment once and call it a day.
I see some other comments say Yearly. If you need to do recurring yes absolutely go to yearly billing and be done.
Also one thing to think about... try a lifetime deal. Offer the price of 2 years for a LTD. and get one bank transfer and they are a customer forever. Very dependant on your offering.
Yeah, I like the idea of a lifetime deal for these cases.
Get cash upfront, and don't have to worry about sending and collecting another invoice each year
something nice about bank transfer that people don't often think about - they can't do a chargeback!
I'd charge them a 20% premium for manual billing due to the extra time required to deal with it.
20%! a bit unfair maybe? remember, you're saving at least 3.5% by not using card processor (more like 4.9% for cross-border on skype). having a template Word doc invoice and emailing it takes 30 seconds of your time. But yeah fair enough, I'd only do this for larger amounts, not tiddly $29 stuff.
Pretty sure you could automate that.
Who says no to revenue? Obviously it should be worth the overhead. We offer pay by invoice on annual plans from 5 members upwards.
The good thing is that the question often signals companies that have budgets, and are good to have. This works well for us.
I can talk about this since I was denied service because of payment acceptance issues. This is a major turnoff especially when a service has a long trial period, so you get used to the service and suddenly changing the service provider becomes a massive headache. Strive to get all possible payment integrations or at least get one as the "least common denominator" ie; Paypal.
Wave can handle reoccurring invoices - monthly, annual etc. So that could help with that part.
Had some follow up tweets in a thread, but only the first one shows here on IH.
Here is what I said:
Depends on your context of course. How many customers request alternative payment methods, how much does each customer pay, etc etc. Obviously not worth building alternate payment flows for gaining like one or two customers (unless they pay a ton each)
The best alternative is to offer other forms of payment but increasing the price ... If a client wishes to pay by paypal, he should be allowed but with the additional cost that the payment by paypal adds.
This comment has been voted down. Click to show.
This comment was deleted 4 years ago