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TellerBooks

Payment of royalties by direct deposit

Status: New Idea!
by TellerBooks on ‎02-28-2012 02:17 AM

As I understand, Lulu authors have a choice between Paypal and paper check options for receiving royalties. I'd like to suggest that Lulu offer authors who go with the paper check option the choice to also go with direct bank deposit. Here is why:

- Paper checks require printing and postage. A direct deposit will be better for the environment and less costly for Lulu to process. It is also easier for authors, who can avoid a trip to a bank or forwarding a check to a bank.

- While it is true that Lulu and its authors can achieve these benefits through Paypal, direct deposit is a better option because unlike Paypal, which charges the funds recipient fees ranging from 1.9% to 2.9% + $0.30, direct deposit is free for most banks. Moreover, the recipient is spared the trouble of going through Paypal and transferring funds to his account.

Comments
by on ‎02-28-2012 07:39 AM

Google does it for Adsense profits.

by on ‎02-28-2012 12:37 PM

I agree. People should have far more choice.

by on ‎03-02-2012 06:52 PM

This would be great for US customers if Lulu's bank doesn't charge for EFT payments.

While it might be nice to have it direct deposited, it would be more expensive for non-US residents than banking a cheque (check) or Paypal fees. Banks charge for funds sent to foreign/international bank accounts (i.e. bank accounts outside the country in which the sending bank is located). For example, Bank of America's minimum charge for sending funds from a US bank account to a bank account outside the US is $35. The fee I pay for banking foreign cheques is less than a third of that.

by ‎03-04-2012 03:00 AM - edited ‎03-04-2012 03:02 AM

There is an international standard ISO 13616:2007 (formerly ISO 13616:1997) from SWIFT (Society for Worldwide Interbank Financial Telecommunication), called IBAN (International Bank Account Number), adopted in at least 55 countries around the world in this continents: North- and South America, Europe, Asia, Africa. Using the IBAN and the BIC, I can send money for free to another country. The is also the case f.ex. in Germany, from where I receive often small amounts when selling used books.

Even sending money to a banc account in the Congo (in the middle of the jungle!) without IBAN my villages's Saving Bank Cooperative charges me 3$ or 2$ if I do it with the account from Swiss Post Financal Services (both trough Internet banking). I do  not know, why the BoA charges 10x as much. May be it would be better to look for another bank (but not a Swiss bank, please, If you are a US citizien or living in the US, to avoid problems with the IRS and the FBI).

Personally, I would like prefer IBAN/BIC/SEPA money transfer from bank account to bank account.

by hlsachs on ‎03-24-2012 12:28 AM

I also have books on the Kindle (Amazon) and Nook (B&N) lists. They make monthly payments directly to our company account. No checks need to be cut and there are no bank charges for the transfers.

by keeperbabe12athotmaildotcom ‎03-31-2012 10:36 PM - edited ‎03-31-2012 10:38 PM
Dear fellow Lulu customers, Be careful with suggesting direct deposit too much. It can cost between $5 - $250 PER PAYCHECK (depending on the bank and the amount of the paycheck) for Lulu to do direct deposit, it might be free for the bank, but not for the company. This could result in Lulu having to raise its prices or take more out of our royalties. Nobody wants that, especially us smaller people. I'm not trying to pick a fight, it is just something to consider.
by Rasungod1 on ‎04-11-2012 10:29 AM
That's a good point. If it's feasible for Lulu I would love to have it implemented. (about.me/raheemnelson)

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