Paybacks are a breeze

Mobile Payments – Person to Person (P2P)
In our ever-changing virtual world pulsating with mobile apps, you can exchange money with your buddies in new ways. Of course, there’s an app for that.
At Ace, we researched these apps so we could decide which would help us manage our business reimbursements easily and efficiently. We found the category to be so crowded that our hyper-organized staff started making lists for comparison’s sake. When it was all said and done, we felt good about our choice – and our lists – so we wanted to share our overview of five main players in this edublog: Google Wallet, PayPal, SnapCash, Square Cash and Venmo.
They all work similarly in that you access/download an app, submit your account info, choose with whom you wish to exchange funds (and how much you wish to exchange) and then hit send. The funds will then be deposited into your counterpart’s virtual account (where they can store or transfer to their own bank account) or they will receive an invite to sign up for the app, which will then send the money to their account. An additional level of information (including home address and the last four digits of your social security number) is required to confirm that you’re a real person if you choose to increase your money transfer limits. There are no fees if you connect the app to your bank account with routing numbers; if you choose to link it to your credit card instead, a 2.9 percent fee will be charged for each exchange. PayPal and Google Wallet differ, they also charge the 2.9% fee even if you are linked to your debit card.
Google Wallet
·      A part of the Google empire; launched in September 2011.
·      Must have: Gmail account; be in the United States; Visa or MasterCard debit cards.
·      $ Limit: $10,000/day and $50,000/5 days. Takes 1-3 business days to register in your account.
·      Options: Pin number to protect from non-authorized money transfers; payments not claimed after 14-days are automatically refunded; you can store loyalty cards, gift cards and debit cards within the system.
·      Website: google.com/wallet
PayPal
·      An eBay company. Launched in 1998 and probably the most recognizable name of the group.
·      Must have: Access to app.
·      $ Limit: $10,000
·      Options: International transfers and transactions allowed; can both send and request money; pin number to protect from non-authorized money transfers.
·      Website: paypal.com
SnapCash
·      Released in November 2014 and powered by information stored by Square. Considered a repackage of Square Cash with a direct link to your bank account and aimed at those who are already connected with Snapchat, the popular mobile conversation app.
·      Must have: Ages 18 and above; be in the United States; link to your Visa or MasterCard debit card
·      $ Limit: Can send up to $250/week; with additional information supplied, sending limit increases to $2,500/week. Can receive up to $1,000/month with required additional information on file.
·      Options: Take photos of the items you purchase and analyze expenditure statistics.
·      Website: snapchat.com
Square Cash
·      Owned by Square and launched in October 2013.
·      Must have: CVV number from your debit card; must be within the US; Visa or MasterCard debit card
·      $ Limit: Can send up to $250/ week, or with identity verification, up to $2,500/week; Transactions registered within minutes and completed within 1-3 business days.
·      Options: 128-bit encryption for safety; payments not claimed after 14 days are automatically refunded; Square Cash gives you $1 to try their product.
·      Website: square.com/cash
Venmo
·      Owned by Braintree, an eBay/PayPal company, and released in August 2009.
·      Must have: Be within the US; have a cell phone that sends and receives text messages
·      $ Limit: Send up to $300/week, or with identity verification, up to  $2,999.99/week
·      Options: Pin number to protect from non-authorized money transfers; integrates your contacts to create a newsfeed of your friends’ expenditures – a popular option with digital natives.
·      Website: venmo.com
All five money exchange app options have 24-hour fraud and risk-protection teams. Each complies with the Payment Card Industry Data Security Standard (PCI DSS) and makes the money exchange process faster and less cumbersome, since no trips to the brick-and-mortar bank are needed.
By the way, we ended up choosing Square Cash. Take a peek at the following screen shots so you may familiarize yourself with this one option:

 

Square Cash screen shots


By | 2018-01-31T17:41:31-05:00 November 26th, 2014|