What is Bank Transfer Payment?
Bank transfer is one of the most popular ways of paying for goods or services these days, and because it can be done either in person in the local branch of your bank or using your online banking service it is both flexible in how it works but also secure. Standard bank transfer payments aren’t instant, although with the changes that have now come into play in the UK banking industry it takes just 1 business day for a payment to clear into the recipient’s bank account rather than the 3 days that it took previously. There can be several different benefits of using bank transfer as a payment method for your web hosting services, these being:
Increased Level of Security
When paying via bank transfer you aren’t offering any personal details to anyone meaning that you won’t need to use your credit/debit card – regardless of whether you make a bank transfer in branch or through your online banking service, you will require the recipient’s bank details but this does mean that you won’t need to expose your own bank account details to them, and if you are the recipient then the details that you are providing the sender of the payment aren’t enough to gain access to your bank account.
In most cases you are able to send bank transfers internationally which means that you can pay anyone in any country, and if you are using foreign web hosting services then this will benefit you more as it is likely that you will be able to make use of a better exchange rate if you are paying using a different currency – unlike other international payment services such as Western Union, bank transfer payments are much more secure as you can be sure that the recipient has received the money and you will be more aware of who you are sending the money to.
Although you can pay for your web hosting services online using services such as Paypal, you may wish to pay using a bank transfer if you have expensive web hosting services as this will not only allow you to make sure that the money is received, but you can also make sure that no fees are incurred for the payment that you send. If you do prefer to pay for your web hosting services using a bank transfer then it is important for you to make sure that you include your domain name or client ID as part of the reference field so that we are able to make sure that your account is credited with the amount that you have transferred.
How do I Pay via Bank Transfer?
Paying via bank transfer is more simple than you probably think it is; bank transfers can be made from any branch of your bank or using your online banking service, provided you have access to your bank’s online service. Regardless of how you send a payment via bank transfer, you will be required to fill out the following details about the recipient of the transfer:
Bank Name – the name of the bank that the recipient is using
Payee Name – the name of the recipient (name of the person or business)
Sort Code – used uniquely by banks internally for location of their branches, normally consists of six numbers in the format ‘xx-xx-xx’
Account Number – the number/identifier of the recipient’s bank account
IBAN (only required for international payments) – this stands for ‘International Bank Account Number’ and is normally made up of the sort code, account number and SWIFT code
SWIFT (only required for international payments) – this stands for ‘Society for Worldwide Interbank Financial Telecommunication’ and is generally made up of the first four letters of the bank name, the two letter abbreviation of the country name and several unique numbers.
In any case it is important for you to include a reference with your bank transfer so that your payment can be applied to your billing account and/or invoice that you are paying. You should include either your client ID, domain name or invoice number as a reference so that your account can be located within the billing system.
If you have any problems with paying via bank transfer then it is important for you to contact the billing department to ensure that your problem is sorted quickly and efficiently.