Every bank does this now. It's called wiring money. The difference as you describe it is that ING is not charging a fee where most banks charge $20-$30 to wire money. However I suspect they are charging a fee somewhere in the fine print and you have not been able to discern it yet.
Personally I am doubtful most users will ever be comfortable with giving you their bank info. Yes Grannyring you are correct about the check information on the check, but I think you'll be pushing a rock up hill trying to convince many that it's OK to give that info out.
Paypal charges too much for what they do in relation to what we do. 3.5% is inconsequential when you transact $10, but it becomes substantial when it is $10,000. They need a sliding scale payment system, but since they're making money hand over fist I don't see that changing unless a competitor comes into the market.
For me I either accept paypal if the buyer is willing to eat the fee, or I encourage the buyer to either write a personal check or get a cashier's check from a bank I have here. I specifically have a Chase account simply because it is the biggest bank with branches in the most places. If the buyer uses Wells Fargo, or Chase, or Bank of America, etc. I can simply take their personal check in to that bank and cash it. No waiting. If I am the buyer I find out who the seller banks with, or has access to if it's some small bank, and then I get a cashier's check from that bank. No waiting.
One last thought and then I'll shut up. Paypal has an e-check feature that transacts money for a $5 fee. The catch is the $ has to either be in the paypal account, or come from a bank account (as the CC company charges 3% which is why Paypal specifically encourages you to pay with a bank account, and makes it difficult to select pay by credit card). It also take 5-7 days to fully transfer.
Mike
Personally I am doubtful most users will ever be comfortable with giving you their bank info. Yes Grannyring you are correct about the check information on the check, but I think you'll be pushing a rock up hill trying to convince many that it's OK to give that info out.
Paypal charges too much for what they do in relation to what we do. 3.5% is inconsequential when you transact $10, but it becomes substantial when it is $10,000. They need a sliding scale payment system, but since they're making money hand over fist I don't see that changing unless a competitor comes into the market.
For me I either accept paypal if the buyer is willing to eat the fee, or I encourage the buyer to either write a personal check or get a cashier's check from a bank I have here. I specifically have a Chase account simply because it is the biggest bank with branches in the most places. If the buyer uses Wells Fargo, or Chase, or Bank of America, etc. I can simply take their personal check in to that bank and cash it. No waiting. If I am the buyer I find out who the seller banks with, or has access to if it's some small bank, and then I get a cashier's check from that bank. No waiting.
One last thought and then I'll shut up. Paypal has an e-check feature that transacts money for a $5 fee. The catch is the $ has to either be in the paypal account, or come from a bank account (as the CC company charges 3% which is why Paypal specifically encourages you to pay with a bank account, and makes it difficult to select pay by credit card). It also take 5-7 days to fully transfer.
Mike