This guide covers:
What are Adfin bank transfers?
Advantages of Adfin bank transfers versus manual bank transfers
How automatic payment allocation works
How and when payments are settled
How to access and control Adfin bank transfers
1. What are Adfin bank transfers?
Adfin bank transfer gives your client the option to pay by bank transfer when using the Adfin payment link.
Bank details for an intermediary clearing account used for receiving payments are presented to the client.
Each client will see unique bank details and the bank account appears in the name of your business.
2. Advantages of Adfin bank transfer versus standard bank transfers
Adfin bank transfers come with the same benefits of being paid by card but at a lower cost and with an expanded acceptance base.
Adfin bank transfers save you time by:
Ensuring that you don’t chase clients for payments that have already been made.
Eliminating time spent on manual payment allocations and invoice level reconciliation.
Automating the allocation of payments on your connected accounting software.
3. How automatic payment allocation works
When your client makes a payment using Adfin bank transfer, it is automatically allocated to invoices / payment requests for that client:
If the payment reference matches an invoice or payment request number, we'll allocate it to the invoice / payment request
If the client underpays, we'll add a partial payment entry against the invoice / payment request.
If the client overpays, we’ll create a new payment request labelled “overpayment” and send you an email to let you know.
If we can't match by reference, we'll match based on amount.
If there is no match based on reference or amount, we'll allocate the payment against the most overdue invoices / payment requests.
As with other payment methods, we automatically post payments to your connected accounting software to help you accurately track what has and hasn’t been paid and reconcile your Adfin payouts to your bank feed.
4. How and when payments are settled
Funds received by Adfin bank transfer for a given day are settled to your external bank account two business days later, in bulk, together with your card and direct debit settlement.
5. How to access and control Adfin bank transfers
Adfin bank transfers are currently only available to businesses based in the UK.
You can control Adfin bank transfer from payment limits within the console at your account level and customer level - this allows you to:
Set a minimum amount.
Set a maximum amount.
You can also choose not to use Adfin bank transfer and instead use your own bank details on the payment page. To do this, select the option in the payment limits settings.
If you choose this option, we will not be able to detect if a payment has been made by your client. The invoice / payment request will remain unpaid on Adfin until you update it either on Adfin or your connected accounting software.