If we go a few years back, returning cash or paying anyone was such a hassle as you had to especially go to the persons’ place and hand over the money to him/her. This not only took extra time but also caused a decrease in productivity. When we experienced such a case, we knew we had to do something about it and we did what we are best at; research!
When we did the research, we came to know that there are many applications available for Android as well as iOS users through which payment transfer can become easier and hassle-free. So, get that Credit Card out of your pocket, grip on your phone, and start making an account on one of the application that you choose from the list of Top 6 Applications For Payment Transfer 2019. Let’s get to the details of those applications now!
Best 6 Payment Apps for Small Businesses:
PayPal is considered to be the grandpa of payment applications as it started off from scratch when no one else was providing the online money transfer. This goes back in the 90s and 1998 to be specific. When it was launched, it gained immense popularity due to the digitalization of the payment procedure. The application got known as the most preferred digital wallet and since then, it has created dominance over the online payment transfer industry.
PayPal cardholders can transfer payment from to any US registered bank and various other foreign banks. It is advised to check the list of available banks before signing up. However, PayPal is completely free and there is no need for paying funds in order to transfer payments. But, if you send payment through a credit card or if the foreign currencies are involved, the fee will be charged.
Venmo is a subsidiary of PayPal but it is very different than PayPal in various aspects. The basic function of Venmo is to transfer payments to friends with whom you have social connectivity. Venmo is available on the web as well as an application so its users or account holders can use it however they prefer.
Venmo brings advantage at social settings when the bill has to be paid. We all know that splitting a bill on a restaurant table can be a little embarrassing so, with Venom application, users can transfer small payments to each other without any fee deduction. Other than paying at restaurants or hotels, this application can be used to make payment transfers in businesses as well. If you link your debit card with the application or account, you will not have to pay any fee.
This application has gained popularity due to the demand for peer-to-peer payment as it has a mobile credit card processing. Venmo and Square Cash are pretty much the same but Square Cash does not have any sociality features in it. When you link a bank account to Square Cash, you can make payments, receive payments, and funds will be transferred from and to your account, respectively. You must note the point that this application is totally free and there are no fee deductions.
The digital wallet feature is the same as that of PayPal through which payments can be sent from the linked account. But there is one feature that makes this application stands out from the rest and that is its ability to buy Bitcoins. Till now, there is no other payment application that offers this feature so it’s a new yet positive feature for payment making applications.
This application was developed for people or businesses that have a bank account in the same bank. For example, if you have an account in bank ABC and your business partner has an account in bank ABC as well, you can send same day payments in a matter of seconds. The banks that are affiliated with this application are Bank of America, U.S. Bank, Citi, Chase, Well Fargo, Capital One, and Ally.
There is no need to download the application in your phone to specifically make the payments however, downloading it is a plus as it gets more convenient. There are no fee deductions on payment transfers. However, you need to add the primary bank account details like only one bank account can be linked with one account.
Google has turned all the tables by joining literally every industry in one way or another. In this part, we have talked about Google Wallet through which people can send and receive payments. If you have a Gmail account, there are high chances that you are already signed up for the Google Wallet.
If we look at the Google Wallet feature, it is very user0friendly and you will learn it all in a few minutes. Till now, there is no deduction fee for the Google Wallet. With Google Wallet, users can send and receive payments through their Gmail which is a very new thing!
Facebook is one application that literally everyone has in their smartphone and we all know the fact that Facebook has all our essential data so why not send payments as well? If you have a partner who has an account of Facebook, ask them to add their debit card details and you will be able to transfer payments through the Facebook account.
However, the payment transfer is not same day and requires 5 days to finally show up in the bank account. When you transfer payment, the recipient just receives the information about your name, profile photo, and the amount to received payment.
So, this was all about the Top 6 Applications For Payment Transfer. We hope that this article helped you make a good choice for the payment transfer needs. Have a good day!