Which one is right for you?



Mary Baldwin, guest columnist

Posted at 7:00 a.m.ET June 4, 2021

TO CLOSE

How about BuzzFeed News finding President Joe Biden’s Venmo account in less than 10 minutes of research? I doubt anyone who thought that a peer-to-peer payment app could cause a national security nightmare. The discovery revealed family members, public friends and senior White House officials as contacts.

PayPal is the original online payment platform, and consumers often use it to pay for goods and services electronically. PayPal also owns Venmo. Unfortunately, PayPal and Venmo share information with third party companies. This is disclosed in the publicly available privacy policy, where users must agree that certain data may be shared with entities that provide services and help with business operations.

The Venmo app is easy to use and highly rated on Google Play and iTunes for iOS and Android phones. This free app makes it easy to transfer (both send and receive) money to other Venmo account holders. After downloading the mobile app, new users create a unique ID and then enter the rest of their data, including their phone number, email address, and bank account. Once linked, the app connects to the bank account, debit card, or prepaid debit card.

Venmo payments are generally free, but there is a 3% per transaction fee for credit cards and a 1% fee for transferring funds to a debit card (which can usually occur within 30 minutes). ).

Some peer-to-peer payment apps have per-transaction spending limits while others may also have daily, weekly, or monthly spending limits.

Zelle is the most common application supported by major US banks (Chase, Wells Fargo, Bank of America). As it is offered directly by banks, customers are not required to link their accounts to a third party service and money is transferred directly between bank accounts.

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If your bank is a Zelle partner, you can send money through your bank’s online portal or mobile banking app by entering the recipient’s email address or phone number. No need to know your bank details to send money.

If the person you’re sending money to is already registered with Zelle, they’ll see the funds go to their bank account. If they are not registered, they will receive an email confirming that they have received payment and instructions on how to register for the service.

Here are some features of these popular peer-to-peer payment apps:

Application: Pay Pal

Fresh: No

Transaction Type: Domestic or international

Publication time: Typically a day, sometimes longer

Application : Venmo

Fresh: No (yes for the use of the credit card)

Transaction Type: Domestic only

Publication time: Usually within 30 minutes

Application : Zelle

Fresh: No

Transaction Type : Domestic only

Publication time: In a few minutes

Bank wire transfers and ACH wire transfers are always recommended for amounts of $ 10,000 or more. Although sending money by ACH transfer is free, receiving banks often charge for incoming transfers.

Security is paramount in everything we do digitally these days. Only send money to people you know and trust, and look for data encryption technology. Venmo offers the option of adding a PIN to your account or using multi-factor authentication. Make sure to turn off Venmo’s social media feature by setting the setting to private.

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Zelle walks through your personal bank’s digital infrastructure, making it essentially as secure as the bank.

A correct US cell phone number or email address is essential, and once a payment is authorized to a Zelle account, there will be no cancellation option. Double check before authorizing a payment.

Don’t overlook the convenience of moving money this way. A funny grandpa I know told me that he enjoys communicating with his grandchildren so much that they happily write (and sometimes talk!) Of wants and needs that Grandpa can meet using his app. preferred payment. It really is more fun to give than to receive.

Mary Baldwin, CFP®, is a paid financial planner with Buckingham Strategic Wealth in Indian Harbor Beach. Contact her at 321-428-4555 or [email protected]

This analysis is for educational purposes only and not for investment advice, accounting, legal or tax purposes. Seek advice from qualified professionals based on your personal situation. The analysis is based on current data and information and may become obsolete or otherwise superseded at any time without notice. Certain information may be based on information from third parties and is believed to be reliable, but its accuracy and completeness cannot be guaranteed. IRN-21-2202

Read or share this story: https://www.floridatoday.com/story/news/2021/06/04/peer-peer-payment-apps-which-ones-right-you/7539063002/



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