Seamlessly Connect with Others Using Peer-to-Peer Payments
June 17, 2024
Peer to peer payments, sometimes referred to as P2P, are digital payment between two individuals. These make it easy for members to send and receive money from others. P2P payments work by connecting the payer and payee through an app or website such as Cash App, PayPal, Venmo and Zelle. The funds are transferred from the payer’s account to the platform’s account. The platform then transfers the funds to the payee’s account via an ACH transfer or a real-time payment network.
P2P payments are considered safe and secure. Protected by data encryption, fraud detection and prevention along with two-factor authentication are allowing the platforms to be more proactive when addressing fraud. Although P2P payment apps are popular and convenient, there’s always a risk associated with using them. Users should always protect their login information and know who they’re sending money to protect themselves against potential cyber-crimes. A P2P transaction can be compared to handing over cash, consumers are held responsible for errors, such as sending money to a scammer.
Tips for choosing a P2P service
Here are some of the key things to consider when choosing a P2P payment service:
- Accessibility and compatibility
- Cost-effective features
- Transfer speed
- Recipient options
- Security and trustworthiness
As a Patriot member, you have access to these P2P services. It’s as simple as signing up for an account at one of the major P2P networks and selecting your Patriot account, credit card, or debit card as the payment method. Once the payment methods are established, members can send money to or receive money from anyone using that platform. When you receive a payment using a P2P service, the money can be deposited into your linked Patriot account.
Disclosures
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This credit union is federally insured by the National Credit Union Administration.
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