Popmoney is an online P2P payment facilitating service. With Popmoney, you don’t have transfer money from your bank account to a third party wallet or website and store the funds elsewhere. Your money stays safe in your bank account. You don’t even need the recipient’s bank account number to send the money but just their phone number or email address. That’s how easy it is!
Convenient Way to Transfer Money
The most important reason you must choose Popmoney is to make transferring funds easier than the other conventional options. You would either issue a check or collect the full bank account details of the person you wish to make payment to. Here, you need to input their phone number simply, and the money gets transferred. The same works while receiving any money owed to you. The Automated Clearing House (ACH) network is used for these transfers.
Check if Your Bank Already Has a Tie-up
Most banks these days have tied-up with Popmoney, in which case the service is automatically available to you. If the individuals you are remitting payments to have similar Popmoney linked bank accounts too, the whole process becomes easy. In the absence of this arrangement, the option to transfer funds is through the popmoney.com website.
The Basic Process to Be Followed
To transfer funds to someone, either login to your bank’s website or mobile app. Once logged in, look for words like ‘P2P payments’, ‘Pay a person,’ or ‘Popmoney.’ Click on it, and the menu will take you through the process of making the remittance. However, if your bank isn’t affiliated with Popmoney, then you won’t find any such links available, and you have to set up your own Popmoney account and transfer funds to your Popmoney wallet and transact from there.
If you are the receiver, you will first get a notification that you’ve got money from someone. If your bank is affiliated with Popmoney, you can just log in and click on accept, and the amount will get credited into your bank account. If not, you have to provide your bank account details and routing information to Popmoney.com, and the funds will be transferred to your bank account.
It Does Take Some Time
You must be prepared to wait it out to see the crediting of amounts using the Popmoney route to remit. It may take one to a few days for the transaction to be completed. As a result, this payment facility cannot be helpful in making an instant transfer of funds during an emergency. The fastest transfers happen if you use the debit card to make payment; it gets done in one working day.
Fees Do Apply, but It’s Reasonable
Using Popmoney.com to send payments to and requesting payments from other people does attract fees. Currently, you are charged a fee of $0.95 per transaction. Some banks, however, absorb this fee and allow you to make payments free of any charges. There are limits to the amounts you can send per day. You must read through the various terms and conditions to be sure of how these are applied.
So without further ado, let’s look at the Popmoney fees and limits.
It’s Considered ‘Secure’
One of the main concerns everyone has while using such apps and payment sites is if it is safe to share personal details with the site. With Popmoney, you can feel secure since there have hardly been any issues with regard to the security on the site so far.
Are There Things You Should Know About This Payment Facility?
While all that has been described here speaks of the positive aspects of Popmoney, you must be conversant with the limitations that the payment facility comes with. These are inherent to any such arrangement since these don’t attempt to replace your conventional checking account in a bank. The first and foremost thing would be that there are limits to the transactions per day. This means you cannot make payments more than $5,000 in a whole month. The daily limits vary from $500 to $2500.
The other aspect, as already mentioned here, is the time it takes for the transactions to be completed and amounts actually reflected on the bank account for use. This eliminates the options you have while wanting to make a quick transfer of funds to someone in urgent need.
Is It a Good Application to Use?
Despite these shortcomings, Popmoney is a good facility for making payments of informal nature, where time is not critical. The frequent example cited is of a group sharing the expenses on a trip or an evening out. One person spends, and then the money is split.
It also protects you from having to share your bank account details, which can be misused. There have been cases of checks being used to commit fraud. The check leaves contain the account number, and you sign and issue a check, but the signature can be forged. Popmoney eliminates all these risks. The fee being charged is quite nominal, as well.