Mobile payment platforms like Popmoney, Venmo, and the Cash App are great for paying a friend back for picking up lunch, settling the dinner bill, and paying the babysitter or dog walker. However, convenience isn’t the only factor to consider when using a person-to-person payment tool.
In all the examples above, you’ll notice that the person you were paying is someone you know, which is key when using person-to-person payments. It can seem like a great idea to use mobile payment to pay for all sorts of goods and services but there are some rules of thumb to keep in mind:
- Verify the username and contact info of the person you’re initiating a payment with. If you accidentally send money to the wrong person, most mobile payment platforms don’t have a way for you to get that money back.
- Don’t initiate a payment with a stranger. Imagine this – you find someone online who is selling a camera you want. You arrange to meet them, and transfer the money for the camera on the way to the meet up spot. When you arrive, they never show. Now you’re out the cash and have no way to get it or the camera.
Xceed members have easy access to Popmoney to complete person-to-person payments…just remember to complete those payments with caution so you’re sending your hard-earned money to the right person!