How to Get Wire Transfers Online for Your Services and How to Track Them

As more professionals, freelancers, and businesses operate remotely, wire transfers have become a reliable way to receive payments for services online. Wire transfers offer security, efficiency, and international compatibility, making them a popular choice for receiving funds across borders. However, understanding the process of setting up wire transfers and tracking them is essential for ensuring timely payments. This guide will walk you through how to receive wire transfers online for your services and how to track them efficiently.

1. Set Up Your Bank Account for Wire Transfers

To receive wire transfers online, you’ll need to ensure that your bank account is set up to accept wire transfers. Most bank accounts can receive both domestic and international wire transfers, but it’s important to confirm the details with your bank. Here’s how to get started:

• Contact your bank: Confirm that your account is eligible for wire transfers and ask about any associated fees. Some banks charge a fee for receiving wire transfers, while others may offer it for free.
• Obtain your wire transfer details: For a wire transfer, the sender will need your bank account number, routing number (for domestic transfers), and the SWIFT/BIC code (for international transfers). Here’s the information to provide:
  • Account holder name: Your full name or the name of your business as it appears on the bank account.
  • Bank name: The full name of your bank (e.g., Chase Bank, Wells Fargo).
  • Account number: Your specific bank account number.
  • Routing number (for domestic transfers): A 9-digit number that identifies your bank in the U.S.
  • SWIFT/BIC code (for international transfers): A code that identifies your bank internationally.

While using Schemon, whether your clients pay you with credit card, wire transfers or similar, you can get all your payments via wire transfers.

2. Share Payment Instructions with Your Clients

Once your bank account is set up for wire transfers, you’ll need to provide the necessary payment details to your clients so they can send funds to your account. Include the following details in your payment instructions:

• Your bank’s name and address.
• Your account number and routing number (for domestic transfers).
• Your bank’s SWIFT/BIC code (for international transfers).
• Any additional information required by your bank, such as a reference number or invoice number to match the payment with a specific service.

It’s a good practice to share these details securely. Avoid sending sensitive information via unsecured channels, such as email, without encryption. Many businesses prefer to send payment instructions through secure invoicing platforms or payment gateways.

Using Schemon makes sure that your information is not directly disclosed to clients and vice versa. Thus it creates an overall secure process.

3. Use Payment Invoicing Tools for Easy Tracking

To streamline the process of requesting and tracking wire transfers, consider using online invoicing tools. These tools allow you to send professional invoices that include your bank details, payment due dates, and amounts owed. Many tools also automatically track payments.

Popular invoicing tools that support wire transfers include:

• FreshBooks: Allows you to create invoices, send them to clients, and track payments. You can include your wire transfer details directly on the invoice.
• QuickBooks: Integrates with banking services and enables you to manage invoices, receive payments, and track wire transfers.
• Zoho Invoice: Another invoicing platform where you can generate detailed invoices and track payments, including wire transfers.

These platforms help you manage your payment requests in an organized way, making it easier for both you and your clients.

Schemon can directly send information to your accounting systems, thus you do not need to manually add wire transfers and invoices to your system.

4. Tracking Wire Transfers: What to Expect

Wire transfers are typically fast, but they may vary based on whether the transfer is domestic or international. Here’s how long you can expect the process to take:

• Domestic wire transfers: These usually take 1-2 business days to complete, depending on the bank and the time the transfer is initiated.
• International wire transfers: These can take between 1-5 business days, depending on the banks involved and the countries where the transfer is being processed.

How to Track a Wire Transfer:

• Request a tracking number: When the client initiates a wire transfer, they should receive a reference number or MT103 tracking number. This tracking number allows both the sender and receiver to follow the status of the transfer.
• Contact your bank: If you haven’t received the payment within the expected timeframe, you can contact your bank to check if the funds have been deposited. Provide them with the tracking number to help trace the transfer.
• Check your online banking: Most wire transfers will show up in your account as pending before they are fully processed. Keep an eye on your online banking for any incoming funds.

Schemon tracks wire transfers for you and will inform you when they take place. You don't need to request anything from your clients, the platform already has all the information required to track payments.

5. Automate Payment Tracking with Software

For businesses or freelancers handling multiple clients, manual tracking of wire transfers can be time-consuming. Payment tracking software can automate this process, notifying you when a payment is received and even sending follow-up reminders for late payments.

Tools to consider for automating payment tracking:

• Xero: A robust accounting platform that allows you to track incoming payments, generate financial reports, and reconcile wire transfers with invoices.
• Wave: A free tool that offers invoicing, payment tracking, and reporting. You can track wire transfers along with other payment methods.
• PayPal or Stripe: While primarily for online payments, these platforms can be integrated with other tools to track wire transfer payments.

Schemon has this feature already integrated, thus while you are providing services through Schemon, you do not need to use an additional system.

6. Ensure Security for Wire Transfers

While wire transfers are generally secure, it’s important to take precautions to protect both your business and your clients.

• Use secure invoicing systems: Avoid sending sensitive banking details through unsecured email. Instead, use invoicing platforms that offer encryption and secure payment instructions.
• Verify client information: Always verify that the wire transfer details provided by your client are correct, especially for international payments where SWIFT codes and IBAN numbers are involved.
• Be aware of phishing scams: Never share sensitive information (like bank details) through unverified communication channels. Scammers may pose as legitimate clients or vendors to steal your bank information.

Schemon makes sure that your and your clients information are kept private.

7. Confirm Payment and Send Receipts

Once the wire transfer has been successfully deposited into your account, it’s important to notify the client that the payment has been received. Send a receipt to confirm payment and express gratitude for the transaction. This final step strengthens your client relationships and ensures clarity on both sides.

• Send a payment receipt: Use your invoicing tool to send an automatic receipt once the payment is received. If you don’t have an invoicing system, a simple email with the details of the payment and confirmation is sufficient.
• Record the transaction: Ensure the transaction is properly recorded in your accounting system. This helps you keep accurate financial records for future tax filings and business management.

Schemon automatically sends receipts once payments are completed. Your transactions are securely recorded and if integrated - sent to your accounting software as well.

Conclusion

Wire transfers are a reliable and secure way to receive payments for services provided online. By setting up your bank account to accept wire transfers, sharing secure payment instructions with clients, and using tools to track and manage payments, you can ensure that receiving funds is a smooth and hassle-free process. Always keep an eye on transfer timelines, use automation for efficient tracking, and follow best practices for security to protect both your business and your clients.