Electronic Payment Methods for person to person
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    SulleyBear's Avatar
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    Electronic Payment Methods for person to person

    As the people who I plow and mow, etc. for in the neighborhood are running out of paper checks, several have decided to not order more checks and have asked me about accepting payments via such "apps" as Venmo, Google Pay, etc. Also, I should mention that not only is this an issue for me personally, but as the treasurer of our HOA, I have also had the issue come up for those who want to pay their dues via these apps.

    We have always just gotten checks from each resident but the times, they are a changing, and now some don't have checks. Simplicity, low fees are paramount in both situations, my personal and for the HOA. The HOA is either one or two payments a year where the personal ones would be monthly or more often.

    I don't have any Apple products so Apple Pay is out.

    I read about the different Pay person to person Apps and there is good and bad. Frankly, I would just prefer good old fashioned Benjamins but that requires making a personal visit to receive the money, although one did leave $1,100 in cash in my mailbox in an envelope.......and sent me a text telling me they had done so, which was ironic as I was home at the time and they didn't come to the door...... (too lazy to get out of the car, I think)

    When I read about these different "Apps" I read positive and negatives. Personally, I do very little paying with anything but either checks or cash. We haven't had a credit card in at least 15 years. Simply don't use them or like them.

    I do have a PayPal Account, but when I mentioned that to one who wants me to sign up with Venmo, she claimed that Paypal charges fees to send money to another paypal account. I told those who have asked to pay via an App I would pick one or two at the most and if there are any fees or costs to use the payment process, they would incur the fees for their convenience.

    Frankly, looking at the options gives me a headache and I have 20 million other things to be doing so I thought I would ask my GTT family for their suggestions. Just to give you a range of the amounts which would be paid, it's typically between $300 to $1,200, depending upon what's been done in that billing cycle.

    One neighbor, who I have plowed his driveway for at least 10 years, he has something set up with his bank and he enters the payment on line and his bank sends me a paper check. Takes 3 to 4 days from when he inputs it. I mentioned this to others as an option but apparently, its not "high tech enough" for some as they love using their "Peer to Peer Apps".

    I know that recently someone (I think it was Little Green Machine) commented about how he dislikes cash and hates change and doesn't like bothering with it. That's how I feel about the APPs and electronic payment methods to some degree.

    Here are my questions and concerns about the use of the APPS;

    1. Want it to be secure and safe and I read a lot of security issues with Venmo and some others. In fact, I think Venmo will only allow you to keep a limited balance in your account as that is all they will cover in the event of a loss (seems like it was $1,900)

    2. I don't want to pay any fees or if there are, the person paying with the source will incur the fees.

    3. What do I do with the money once its in the APP? I see many charge to transfer to your bank account under various situations and in different time frames.

    4. If I am going to accept payment with one of these, I want one which is useful to me to make purchases with the money which goes into the personal account so It needs to be something accepted by regular merchants (grocery store, hardware, gas station, etc). The app for the HOA would end up with the money going into the bank account at some point.
    Any suggestions and opinions would be appreciated. The simpler, the better.............Thanks for the replies.
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    I bank with Navy Federal and they let us use an app this is there discourse on it. I have never used it but am thinking about it.

    We pay our garbage, sewer, and cabin rentals with PatPal. Have had an account for years and it works well.
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    I use the PayPal app for my business. I do have to pay a fee to accept credit cards, but it’s worth it to avoid late payments and the bounced check fees. I have found that if they bounce a check, the odds of getting reimbursement for the fees are slim. I am up front with customers and charge them the fee on the invoice.
    Last edited by HVACguy; 05-05-2019 at 04:55 PM. Reason: Spelling
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    GTT's Pilot in Command (PIC) farmgirl19's Avatar
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    Person to person has things like PopMoney, although I think they charge a $3.00 fee per transaction. I guess if you wanted the other party to pay the fee, just make the amount of the request $3 more than the bill would normally be. PopMoney can be set up through most banks, and can work via email or text. It takes 3-5 business days for the funds to be placed in your account, from the person receiving the request submitting the funds. If the party that is the payee does not send the funds within 7 days, a reminder request is sent to the other party, automatically. You set it up through your bank and can choose whether it goes into your savings or checking, with each individual request.

    Drawback is, it is individual to individual, as it could create a bruja with your accountant and the IRS if the money was supposed to go to a business. (I don't think business accounts can use PopMoney.) I'd never be part of an HOA, so I have no idea if it can be set up for such as that. The bank that has the HOA account would be the place to ask regarding that. If it can be set up for the HOA bank account, I don't know why it wouldn't work.

    For business, there is PayPal, although there are fees involved there.
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    I use Cash App. My SIL works for Square, so he got me into it. You connect it to your bank account and there is no fee to receive money for a standard deposit into your bank account, which takes 1-3 days. You can get an immediate deposit, but that costs 1%. Sending money is free unless it is sent from a credit card, then there is a 3% fee. People can send money through a browser if they do not have the app. You can get a debit card for your account if you want to use it for transactions like a Visa.

    I have mine set to auto deposit into my account with a standard transfer. Works for me and the kids. You can buy and sell bitcoin if that's your thing as well.
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    Most - or many, anyway - banks use a service called Zelle. Transfers direct from account to account. I use that one frequently. Though PayPal is a good option as well.
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    I've only ever used PayPal. There are only fees if you set yourself up with a business account. Any two people can transfer money between personal accounts without any fees and you can link your PayPal to your bank account and transfer from your PayPal account to your bank with no fees. I use it any time I need to send my son or daughter money.

    PayPal does have several changes in the pipeline right now though so some of that may change (or have changed very recently... I haven't used it in a month or two!).
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    My buddies and I use the venmo app to transfer money back and forth. There are no fees and no cost. PayPal started to give people a hard time about the amount of transfers they did and were holding their money hostage for weeks at a time while the person battled with them. We gave up on PayPal and only use Venmo.
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    Quote Originally Posted by SulleyBear View Post
    One neighbor, who I have plowed his driveway for at least 10 years, he has something set up with his bank and he enters the payment on line and his bank sends me a paper check. Takes 3 to 4 days from when he inputs it. I mentioned this to others as an option but apparently, its not "high tech enough" for some as they love using their "Peer to Peer Apps".
    This, in my opinion, would be the best if you could talk your payees into doing it. AFAIK every bank and credit union has an online bill-pay service like this for their customers at no charge. I've used it for years to pay people and businesses and was the reason I quit using my own checks to pay bills, saves me a bunch in no checks or postage costs. I can pay someone once or as often as I want, or if it's a recurring charge I can set it up to automatically pay every month (or whatever time period I choose). If it's a business that they can do an electronic transfer to they will pay it that way, if that option is not available to them they will mail a paper check.

    I've never used any of the pay apps mentioned but all banks and credit unions now also have their own apps for accessing your accounts on your phone and I would think you could do the bill pay thru that although I haven't tried it, I just prefer a computer. But I do use my bank's app on my phone to deposit checks that I receive and that works great.
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