Wire Transfer vs. Direct Deposit — the Pros and Cons of Each
Nov 21, 2023 by Kelsey Banerjee
A substantial advantage of online business is offering our customers many payment methods. But two methods stand out regarding security, convenience, and cost-effectiveness: wire transfer and direct deposit. These two payment options have so much in common that it's easy to confuse them. The similarities are stark, as each is a mode of electronic funds transfer that deals directly with financial institutions. However, understanding the differences can help you and your AR team determine whether direct deposit payments or wire transfers (or both) make the most sense for your business. Read on for all the necessary information, including the pros and cons and when to choose one.
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