Peer-to-Peer Payment Methods

Do you still carry a checkbook?

For most, the days of carrying checks are over. Peer-to-peer payments are now a popular way to transfer money. Let’s look at the pros and cons: Zelle works for people with compatible bank accounts. With a phone number or email, you can send money fast and fee-free. The problem is that there’s no fraud protection. PayPal is a trusted, long-standing platform with global reach. It offers purchase protection for some transactions. Fees are charged for cards and currency conversion. Money can be sent for free with a linked bank account, PayPal Cash Card, or account balance.

Venmo is owned by PayPal. It’s popular and free with bank or debit payments. There’s a fee for credit card use, and like Zelle, you can’t cancel money that’s been sent. Cash App, like Zelle and Venmo, is a means of sending money to people with an email address or phone number. It offers Bitcoin buying and investing, and there’s no charge to send money from a bank or account balance. Fees are charged for credit cards and instant transfers. Apple Cash allows Apple users to streamline their payment services. It’s built into Apple Messages, works with Siri, and it’s free with a linked debit card. It’s only available for iOS, and it charges for instant transfers. Samsung Pay is built into Samsung phones, but it only works between Samsung users. Now, all of these options are easier than writing checks. Just know the fees and protect yourself from fraud by sending money only to verified sources.

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