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How Do Bank Transfers Work in WooCommerce?
October 14, 2022
Another method of payment available to stores in WooCommerce is the bank transfer.
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Bank Transfer − also known as BACS or wire transfer − is a core payment gateway within WooCommerce. With Bank Transfer, customers are able to submit payment from their bank account straight to yours.
Many forms of payment automatically update the status of your WooCommerce orders on the backend (under WooCommerce > Orders). With bank transfers, the order status must be manually updated once funds have been successfully transferred. Make sure that you are completing this task once bank transfers are in use.
Let’s take a look at how to set up bank transfers to be available for your customers.
First, you’ll need to set up Bank Transfer as an active payment gateway. To do this, use the WordPress navigation menu to select WooCommerce > Settings.
Once on the Settings page, click on the Checkout tab.
Next to Checkout Options, choose BACS.
There are several fields you’ll need to configure on the Bank Transfer screen.
First, you’ll need to check the Enable/Disable box to turn on Bank Transfer as a payment option for your customers.
You can then configure the Title, Description, and Instruction fields to provide your customers with additional information about making their payment by bank transfer. This could be instructions about locating their account and routing numbers, for example.
Finally, you’ll need to enter your bank account information.
An account name, account number, bank name, and routing number are required. If you’re subject to EU regulations, you may also need an IBAN and/or Swift/BIC code.
And now your customers will have the option of paying for your products via bank transfer. As payment is the bread and butter of any business, it is important to think about how you will accept it on your online store.
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