Recently there was a bit of a shock when Circle Pay announced it was discontinuing P2P payments.
This was also followed by a similar announcement from GooglePay.
With banks now also insisting on real names to be used when making payments – this is starting to limit options for things like; deposits, tributes, reimbursements.
So. I want to assess what some of the options are for both clients and providers.
I just want to get this out of the way as a big, fat, no.
While some are using it successfully it runs too many risks of being suddenly closed down and funds frozen. Anything from a disgruntled customer reporting to a careless one writing “deposit for our session”.
(2) Business Bank Account
I’ve previously written about this and it’s becoming easier to open business bank accounts, especially ones that are app-based.
The advantages this has is that you can set up a business account in one of a variety of names including your performer name or clip store name.
However, some are reporting that their banks are excluding them due to the nature of the work – so it’s worth approaching with caution.
(3) Amazon Gift Card
Amazon is another company not always friendly to the sex industry (despite many of the items they stock) so it’s important that if someone does send an e-card, or gifts, that they are discreet with any comments in the box.
A longer solution is to have the client buy a gift code and then send that to you independent of Amazon, or, to buy a physical card and send it to you – though this would involve giving out an address or setting up a PO Box.
Another weakness is that in receiving a large amount of cash tied up to an Amazon credit it means it can only be spent on purchases and not day-to-day bill paying.
(4) Tip on clip site
OnlyFans, iWantClips, ManyVids, Clips4Sale, Adultwork are all amongst sites which allow users to send tips.
OnlyFans a little trickier as you may need to be following someone first.
This is also extra work for the client as they will have to set up an account and deposit funds.
Also, cruelly, the sites take a commission on the tips – so even IWC which pays a ‘generous’ 80% – a £100 deposit would only gain you £80.
(5) Set up your own payment system
Not as far fetched as it seems at a time when almost anyone can grab card handlers and e-commerce solutions.
Do check out this link for more options
You can integrate a solution into your website and start taking payments. But, do note the associated set up, monthly, and transaction fees to work out what might be best for your needs.
Crypto is very private, but a little tricky.
It’s not actually as difficult as it sounds to get started – but nevertheless does involve some leg work in order to get the funds in order to be able to forward them on.
The price of crypto is also extremely volatile which could work any which way.
The price of Bitcoin is currently around $11,000 – but highs in recent times have been $17,000 and lows around $4000.
So, if someone sent to you when the price was $4000, you’ve almost tripled what was sent, but would have considerably less if they sent when it was $17,000
(7) Other gift cards
A lot depends on where is useful to you. But companies like Etsy, assorted Supermarkets, plus also assorted fetish stores all offer e-gift cards or physical top ups.
As a slight side – there’s also assorted cashback or employee workplace discounts which means the purchaser also benefits with cashback from the purchase.
However… if you’ve got 4 clients who all need to pay a £100 deposit – how useful is £400 on a Tesco shopping card?
(8) Other apps
There’s assorted app choices available – some listed here
As stated some are already obsolete and it might be worth a little double check as of whether these are truly standalone and suitable for use.
Many people use CashApp but then others state they’ve had problems with it.
(9) Cash/Cheque sent by post
Old school. But slow. If sending cheque then as well as the postage time there’s also the time needed to take it to a bank and the time again needed for it to clear.
Sending cash comes with no/little protection. Especially if an envelope is damaged/intercepted.
(10) Just forego deposits
Though, I’d strongly recommend against this. A lot of the reason they exist is to protect against timewasters, cold feet and almost an insurance policy so people aren’t out of pocket if someone genuinely can’t make it.
This also removes the ability to tip or tribute.