How do you deal with the corporate "bank stamp" request

[BusFact]

Dave, your advice is sound and logical. Yes we do have to put up with it and in the greater scheme of things there are bigger wasters of time and energy. If we want the business, we need to jump through hoops no matter how pointless they may be. Ultimately I suppose its the price we pay for doing business with humans . The two incidents I've had of this this month, I would normally have turned away the business. I didn't this time because I have a new sales rep and didn't want to discourage him by turning away his sales. There is a breakeven point, somewhere between: A once off order for R500 - sorry, no; and a repeat order for R10k - oh alright.

It still remains a stupid request though. It does virtually nothing to prevent fraud. Any fraudster worth their salt should easily be able to generate their own stamp. Blurock's suggestion would be muuuuuch more effective. Hopefully a corporate financial manager reads this post one day.

I think its a bit much to call this request a "strain". Its much closer to an "annoyance".

[Blurock]

When it comes to the corporate lackey you're stressing out in your futile resistance campaign - exactly. Unless you're dealing with a level that can actually change things, or you hold all the cards, all you are doing is opening the door to your competition.

(And if that happens to be me, may I take this opportunity to thank you )

If it bugs you, delegate it. But get the box ticked.

No futile resistance, just plain common sense. Everything can be negotiated. If you have a good relationship with your customer (which you should), you can phone the MD or FD and tell him that there is an alternative way to verify banking details. I am sure that they will appreciate the advice.

It may also be a good idea to inform your debtors not to act upon any instructions to change your banking details, unless confirmed personally by yourself.
Any change still has to be verified by the debtor's bank. This is a type of scam often used by syndicates to divert payment to their own accounts. This may happen in - house where a staff member informs the debtor to pay into a bogus account. It is so easy to fraudulently submit a "letter signed by the boss" that there is no safe alternative than verification via the bank.

[Dave A]

It still remains a stupid request though. It does virtually nothing to prevent fraud.

Perhaps - but it does make it a lot easier to suggest the resultant loss is not the payer's problem.

No futile resistance, just plain common sense. Everything can be negotiated. If you have a good relationship with your customer (which you should), you can phone the MD or FD and tell him that there is an alternative way to verify banking details.

You're assuming they were not part of the decision to ask for the bank stamp as a risk mitigation strategy in the first place, I take it. Thinking of the corporate clients we've had to jump through this hoop for, it's pretty much a case of FIFO when it comes to this level of procedural red tape.

BTW - What is the alternative way of verifying a creditor's banking details (other than obtaining them from the creditor themselves)?

[Blurock]

BTW - What is the alternative way of verifying a creditor's banking details (other than obtaining them from the creditor themselves)?

A customer places an order on my company. I invoice the customer and provide him with my banking details. They now have the option to pay me on the information provided on the invoice or they can first verify my account details with my bank by making use of the AVS.

1. What is Account Verification Service (AVS)?
The account verification service enables clients to verify account information across
all participating banks, in South African before making payments or collecting funds.
Verifying account information lowers the risk of fraudulent or erroneous transaction thus
allowing our clients to reduce unnecessary costs associated with payments or
collections.
2. What does AVS verify?
AVS will verify the following information*:
• Account holder’s name
• ID/company registration number
• Bank account number
• Bank branch code
• Account status (open or closed)
• Length of time the account has been open
• The account type
• Whether the account accepts debits or credits.
*Verification fields may differ from bank to bank.
3. Who are the participating AVS banks?
Standard Bank ,ABSA, FNB, Nedbank, Capitec and Mercantile Bank

I hope this clarifies my stance that some(not all) corporate staff are too lazy to do their jobs. It is much easier to put the onus on the little man that can be bullied because he/she is hard up for the business. People only get bullied because the allow themselves to be bullied. You don't have to be hard-assed about this, just clarify the point and reach an amicable solution. If it makes sense, they will agree.