I'll contact my bank about it tomorrow. But just curious about some details.
I understand banks my be different but does yours have limits? Where if it hits a certain limit, does the KYC stuff kick in? You mentioned couple of K, What about 20K, 50K, 100K etc.
Sending invoices, is that thru something like Quickbooks, or just one grabbed off the internet and sent thru email. And direct link to?
And like you said there has to be a level of trust for wire transfers, some are just going want to use an Escrow, so if they do, then they'll just have to send the info in.
There are a lot of different 'rules' depending on your Bank and country you reside in I guess. Best would be to have a business bank account as they're usually tailored for bigger transactions.
I don't have a cap on incoming funds (as far as I know) but my limit of sending funds by wire is capped at €14K a day so I guess the same limit could be an issue for the buyer if they want to make a bigger purchase (Mind you I'm by no means a big player so I'm sure multinationals don't have much of a limit
). I can up my cap easily when needed so if that's the case I just log in and temporary adjust the amount to be able to make the payment.
I wrote my own invoicing software as I wanted to tailor it so that it fits my books correctly so I don't need to worry about tax filings etc ( don't know what the heck I'm still paying my account for
). But yeah, you could just pull something off the web and send them a PDF or something and do it manually. Depending on how much invoices you usually need that's an easy fix.
Make sure to lookup what info should be on it as for legal reasons
some things are mandatory.
I include a link in the PDF and email to my banks payment processor so they can just click it and make the wire. There are loads of solutions for this, some take a small fee. Most of my sales are to national companies and we have a national epayment system that works with all banks so that's a bliss.
You could also just include your bank details in the email and request them to make the payment. They're probably used to make payments that way anyway.
When there are concerns about trust, sure an escrow service is the way to go. For a sale with a high amount it makes sense to do so ofcourse. But you know, on a smaller sale using escrow is a lot of hassle to go through for a buyer if it's an impulse purchase and he never used escrow before.
Look at it this way, when you buy a car you pay up and get the car afterwards right? I don't mind paying the dealer 30K. I trust him to deliver. (I'm not sure how this works in the US but let's say you don't need a loan etc.).
Anyway, loads of angles have been covered by others already but to conclude; if someone trusts me enough to make a wire I see no reason not to accommodate that wish