Debit and credit cards have become the non-cash way to pay merchants, due to universal acceptance and standards. When paying another person, however, there is no set standard way to do so and a number of hurdles can stand in the way of person-to-person transactions. Person-to-person payments are the newest feature of online banking. This technology allows users to transfer funds from their bank account to another individual’s debit card via the Internet, cell phone, or tablet. PayPal has the most recognition when it comes to person-to-person payments but there is an alternative.
Warren Boynton State Bank customers now have access to an app on their phones, or can login via the website, and can input the amount of funds to be transferred from person-to-person. The recipient is designated by their email address or phone number. Once the sender has initiated the transfer, the recipient receives a notification via email or text to use the online interface to input his or her debit card number to accept the transfer of funds. The recipient does not need to have an account with Warren Boynton in order to receive a money transfer.
With the increased acceptance of online banking, mobile banking, and e-commerce by customers, person-to-person payments make sense for those of us on-the-go, not to mention the convenience when juggling life, business, or family.
There are a few things to keep in mind regarding P2P payments:
- Payments are sent instantly and transactions cannot be edited, cancelled or returned once sent.
- You should only use P2P to send payments to trusted friends and family.
- Do not use P2P for online purchases until you receive the item.
For more information about person-to-person payments, stop in at one of our four branches in New Berlin, Springfield, Modesto, or Palmyra.