Deposits- it's a brave new world out there. Information outlining a variety of deposit methods for clients

This blog will outline the variety of deposit methods, each ones pros and cons, specifically from a clients perspective. I will create another one specifically for Australian sex workers

Deposits: as an independent sex worker/escort, using deposits secures time with me and is a necessity for all new clients. There is a multitude of reasons why I take deposits, from being able to ensure that I can dedicated my time fully to our experience together, ensuring that my time is valued, securing my income and ensuring that I don't become double booked. I want to ensure that I can give all my attention and capacity to you but I can only do so if I can guarantee that you will turn up at the time we have decided upon.

Personally I take a 25% deposit when I see any new clients, you paying this ensure that you value my time and that you will turn up at the time we have allowed to spend together. This deposit is transferrable with 24 hours notice and is refunded if for some reason I am not longer able to make our appointment (this is highly unusual due to this being my sole source of income).

There are a couple of different ways of placing deposits. Here I will cover: bank transfers; cardless cash; over the counter bank cash deposits; gift cards and PayID (the new National Payment Platform, which some banks have already rolled out and some will be doing so later in 2018) and cheques. I have done some research in Pay to Mobile but I have not received or paid anyone with this payment method and therefore cannot write from experience. I will also talk about the difference between paying via bank transfer and paying into an account at the payees bank.

1. Bank transfers-
   What is it? These are bank transfers between two bank accounts, clients can make bank transfers with just your bank account number and bsb. Bank transfers can take up to 3 days to arrive in your account, so if your booking more than 3 days in advance this is a great option
   Pros- This is discrete. You can leave a message in the reference box but do not have to give your legal ID (some workers require this as security to complete a booking), others do not, so this works well if discretion is important to you.
   Cons- Turn around time to confirm appointment- These can take between 1-3 business days to transfer between accounts, so if you are wanting to make a last minute booking, such as an on the day booking, this would not be my suggested option. This might mean that due to the turn around time of the bank, that the sex worker might now be booked at this time and you will have to find another time.
   

2. Over the counter cash payments into your bank account
   What is this? A payee/client going into a bank branch associated with your bank and paying directly into your account via a bank cashier.
   Is it discrete: Yes your legal name is not required to place the deposit (see above comment on how some workers like to take peoples legal names), you can leave your phone number instead if you would like.
   Turn around time to secure booking: It is immediate, the only details you need is the sex workers BSB and account number.
   Cons: You need to go into the bank in person to place this deposit, there might not be one which is convenient for you.
   

3. Cardless cash-
   What is it? All that is needed is for the payee to have their banks app on their phone and to have enabled cardless cash. The payer allots cash to be collected at the payers bank ATM by the payee, their chosen bank sends an SMS with a cash code and a cash pin to the payees phone. In terms of receiving payment the payee only need to go to the payees bank ATM and use the Cash Codes and Cash Pin which are texted/SMS sent to your phone by the payers bank.
   How it works: I have mainly used CommBank and this is the structure of their cardless cash: the payee sets up a cardless cash deposit through their banking app; Commbank sends the payee a message with the amount that the payer has sent you and a one time use secure Cash PIN; simultaneously the payers phone will automatically send the payee a message, which is actually from CommBank, which again states the amount the payer will be sending the payee and will send the payee a separate, unique a 7 digit cash code. Payee will need both of these codes at the CommBank cash machine and the payee have a 30 minute window in which to collect the cash. When the payee goes to the cash machine they will be asked for the Cash Code and the Cash Pin, then the cash machine will give the payee the amount the payer has allotted. This is super easy and simple. I have heard from those who have used St George that they give you a 4 hour window to collect the cardless cash, which seems much more reasonable.
   Is it discrete: Yes your legal name is not required to send cardless cash.
   Turn around time to secure booking: It is immediate as long as the sex worker can make it to the bank in the required time
   Pros- Ease. The banks that currently offer this are: St George; Westpac; BankSA and CommBank. The money is sent instantly if the payee is at the bank cash machine.
   Cons- depending on the bank, some of them have a short window in which the sex worker will need to go and pick up the cash (CAB has a 30 minute window whereas St George has a 4 hour window). Make sure you have communicated with the payee and that they will be able to get to the chosen banks ATM within the allotted time, otherwise the payer (you) will need to organise the cardless cash again.
   Suggested bank app to use: St George due to the longer window in which the payee can retrieve the cash
   

4. Giftcards-
   What is it? These are fairly self explanatory and are gifts to certain stores or brands. Clients will pay cash/credit card and give these to you instead of a gift/deposit.
   Is it discrete: Yes your legal name is not often required to give a gift card.
   Turn around time to secure booking: these are sometimes not immediate, which means that you cannot use some of them to secure last minute/on the day bookings. The ones which I know to be immediate are: Preezee and Sephora. I have mainly used Myer gift cards and these take at least 3 hours to arrive, so if you are needing a quick deposit option this is not applicable. I have recently received an apple voucher which took around 6 hours to arrive.
   Pros- There are a huge amount which can be used, from Apple to Coles, to Flight Centre and Preezee, which is very popular you use it to buy gift cards with other companies, for example Uber, David Jones etc.
   Cons- see above info re turn around time to secure booking taking anything from immediate to 6 hours.
   Suggested giftcards for instant bookings: Preezee and Sephora
   

5. PayID/NPP
   What is it? The National Payment Platform or PayID, will be rolled out by all banks by the end of 2018, this is an instant and immediate payment made between bank accounts. Individuals will be given a PayID name and it is through the PayID names that you make payments.
   Caveat: I have not used this payment method therefore cannot add much to this explanation.
   Turn around time to secure booking: instant
   Pros- instant, easy (I am not speaking with experience on this as I have not used this yet)
   Cons- None that I know of, as I have not used this platform.
   

6. Pay to Mobile:
   What is it? Payment method used by ANZ and is similar to PayID but can be sent to anyones mobile. The recipient will then get a text message to say that they have received a payment, if they have an ANZ bank, this will go immediately into their bank associated bank account, if not then you will receive a message outlining the steps which you have to take to ensure this money gets into your bank account.
   Caveat: I have not used this payment method therefore cannot add much to this explanation.
   Turn around time to secure booking: immediate (if you use ANZ) to longer depending on bank.
   Pros- convenience and ease especially if you have an ANZ bank as these are instantaneous and all someone needs is your phone number
   Cons- I have not tried this service so I do not know much about how long the money takes to arrive but I imagine it is similar to the length of a bank transfer, which is presently 1-3 working days.
   

7. PayPal-
   What is this? Paypal is one of the longest running and most well known online payment system that supports online money transfers, basically its a company that allows you to pay from your bank account to another persons bank account without needing to know their bank details or legal name as everything is conducted via email. PayPal has your bank details or credit/debit card details and therefore charges your bank account and when you pay another person all you need is their email address and PayPal allocates money to their PayPal account which they can then keep in the account to pay others for goods or they can send the money to their bank account
   Is it discrete: Yes, your legal name is not required to send money via PayPal, all someone needs is your email address, the person receiving the money does not need to know your legal name
   Turn around time to secure booking: Depends, sometimes these payments can take a while to reach the payees bank account. I have waited for over 3 weeks for a payment to clear as they regarded the payment as suspicious.
   Con/WARNING: PayPal's terms and conditions do not support sex workers and if it is found that you are sending money to a sex worker or someone working in adult entertainment, the money can be frozen and neither party receives this back. Some clients and sex workers rely on PayPal for deposits but I would advise EXTREME CAUTION when using this.

Sex workers use a variety of deposit methods to receive payment, it is, of course, imperative that you ask them how they would like to receive this deposit, for what is useful to one person, is not necessarily useful to another.

I will leave comments on on this post in case any clients would like to leave a comment about experiences they have had or if anyone has experience using PayID or Pay to Mobile.