When you're working on bigger jobs or with commercial clients, bank transfers often make the most sense. They're reliable, the fees are low (or nonexistent), and many businesses actually prefer paying this way through their accounts payable systems.
SemaQuote lets you display your bank transfer information directly on invoices, making it simple for clients to pay you without chasing down your account details.
When Bank Transfers Make Sense
Bank transfers aren't for every invoice, but they're perfect for certain situations:
- Larger amounts: On invoices over $1,000, you'll save significantly compared to credit card fees
- Commercial clients: Businesses often have ACH set up for paying vendors
- Established relationships: Clients you work with regularly appreciate the simplicity
- Fee-conscious projects: When margins are tight, avoiding percentage-based fees helps
For smaller, everyday invoices, payment links like Venmo and Zelle are usually more convenient.
ACH vs. Wire Transfers: What's the Difference?
Both move money directly between bank accounts, but they work differently. Understanding the distinction helps you guide clients to the right choice.
ACH Transfers (Automated Clearing House)
ACH is the everyday workhorse of bank transfers:
- Processing time: 1-3 business days
- Cost: Usually free for both parties
- Limits: May have daily or monthly caps
- Best for: Regular payments, recurring invoices, most everyday situations
Wire Transfers
Wire transfers are the express option:
- Processing time: Same day or next day
- Cost: Banks typically charge $15-50 per transfer
- Limits: Higher amounts possible
- Best for: Urgent payments, very large transactions, time-sensitive projects
Most of your clients will use ACH. Wire transfers come into play for rush situations or exceptionally large amounts.
Where to Set Up Your Bank Information
Here's how to add your details:
- Open SemaQuote on your phone or computer
- Tap Settings in the main menu
- Select Payment Methods or Bank Transfer
You'll see fields for all the banking information clients need to pay you.
The Information You'll Need for ACH
To receive ACH payments, you'll provide these details:
Bank Name
Enter the full name of your bank or credit union. Examples:
- "Chase Bank"
- "Bank of America"
- "Wells Fargo"
- "First Community Credit Union"
Account Holder Name
This needs to match your bank account exactly:
- Sole proprietors: Your legal name or DBA
- LLCs and corporations: Your business's legal name
Why exact matching matters: If the name doesn't match, payments can be delayed or rejected. Double-check what your bank has on file.
Routing Number (ABA Number)
Your routing number is a 9-digit code that identifies your bank. Here's how to find it:
- Look at the bottom left of any check from this account
- Check your online banking under account details
- Call your bank and ask
Heads up: Some banks use different routing numbers for ACH and wire transfers. Make sure you're using the right one for each.
Account Number
Your account number identifies your specific account at the bank. Find it:
- On your checks, to the right of the routing number
- In your online banking account details
- On your bank statements
Account Type
Select whether this is a:
- Checking account: Most common for business payments
- Savings account: Less common but works for receiving payments
Extra Details for Wire Transfers
If you want to accept wire transfers, you may need a few additional pieces of information:
Wire Routing Number
Some banks use separate routing numbers for wire transfers. Check with your bank and provide both if they differ.
Bank Address
Required for international wires and some domestic ones:
- Full street address of your bank branch
- City, state, and ZIP code
SWIFT/BIC Code (International Only)
For international wire transfers:
- An 8 or 11 character code that identifies your bank globally
- Your bank can provide this
- Only needed if you work with international clients
Keeping Your Bank Information Secure
Your banking details are sensitive. Here's how to protect them:
Security Basics
- Enable two-factor authentication on your SemaQuote account
- Use a strong, unique password that you don't use anywhere else
- Monitor your accounts regularly for anything unexpected
- Limit access to your SemaQuote settings
How SemaQuote Protects Your Data
Your bank details are handled carefully:
- Information is encrypted when stored
- Details only appear on invoices you specifically send
- Clients see your information only on their own invoices
- You control which invoices include bank transfer as an option
Warning Signs to Watch For
Stay alert to potential fraud:
- Never share your online banking login, only the account details needed for receiving payments
- Be suspicious of requests to change payment details that come via email
- Verify large incoming payments directly with clients
- Watch for "overpayment" scams where someone claims to have sent too much
Controlling Where Bank Transfer Appears
You decide when and how your bank information shows up on invoices.
Your Display Options
- Show on all invoices: Bank details appear on every invoice automatically
- Show on select invoices: You enable bank transfer for specific invoices when creating them
- Hide from invoices: Your info stays saved but never displays
The Approach Most Contractors Use
Many contractors follow this pattern:
- Keep bank transfer disabled by default
- Enable it for larger invoices or commercial clients
- Use payment links for smaller, everyday invoices
This approach minimizes how often your bank details are visible while still offering the option when it makes sense.
What Clients See on Invoices
When bank transfer is enabled, clients see something like this:
Bank Transfer Details:
Bank Name: First National Bank
Account Name: Smith Plumbing LLC
Routing Number: XXXXX1234
Account Number: XXXXXX5678
For security, account numbers may be partially hidden on screen. Clients get the full details when they're ready to initiate the transfer.
Before You Use Bank Transfer on Real Invoices
Take a few minutes to verify everything is correct:
- Double-check all numbers: Transposed digits are a common mistake that causes failed payments
- Test with a small amount: Have a friend or family member send a small test transfer
- Confirm your account type: Make sure you selected checking or savings correctly
- Ask your bank: Verify your account is set up to receive ACH and wire transfers
This small investment of time prevents headaches later.
Troubleshooting Bank Transfers
Payment hasn't arrived after several days?
- ACH can take 3-5 business days, sometimes longer around holidays
- Verify the client sent to the correct routing and account numbers
- Check your bank for pending transactions
- Contact your bank if the payment shows as sent but hasn't appeared
Payment was rejected?
- The account holder name might not match exactly
- Your account might not be configured to receive transfers
- You might have hit a daily or monthly limit
- Call your bank to find out what happened
Client says they can't send ACH?
- Some banks or business systems have restrictions
- Suggest wire transfer as an alternative
- Offer payment links as a backup option
Keeping Good Records
Bank transfers create excellent records for your bookkeeping:
- Each transfer generates a clear transaction in your bank statement
- Ask clients for confirmation numbers when they send payments
- SemaQuote tracks invoice status when you mark payments as received
- Everything you need for tax time is documented
What's Next?
With bank transfer set up, you're ready to handle payments of any size professionally. Here are some logical next steps:
- Set up payment links for smaller, everyday invoices
- Configure your invoicing defaults to include your preferred payment terms
- Create your first invoice with bank transfer enabled
Bank transfers give you a professional, low-cost way to accept larger payments. Taking the time to set up and verify your details now ensures smooth transactions and faster access to your money when those bigger jobs come through.