December 6, 2018
Take (Some of) The Pain Out of Paying People Back
Let’s face it, paying people is just a not-so-fun part of everyday life – whether you’re paying your landlord, a friend for your share of Friday night dinner, or the commissioner of your fantasy football league. And while most of us find it a lot more fun and exciting to receive money, sending money to others doesn’t have to be painful (at least the part where you send money).
Today, we can pay people in an instant with person-to-person electronic payments. And here to talk to us about that is Avidia’s resident e-Xpert, Todd Wood, Digital Banking Manager.
Real Smarts: “There seems to be a lot of companies that offer person-to-person payments. There’s PayPal, Venmo, and now Zelle. And Avidia has PeoplePay through Mobile & Online Banking. What’s the difference?”
Todd Wood: They all allow you to electronically pay people, but the biggest difference is the way the money moves and what the requirements are. With many of the other providers, there is no charge to receive money if you keep the money within their system/network. However, if you transfer money to a debit card or to your bank account, they may charge you a fee. In addition, with some of the providers, both you and the person you are sending money to need to have that company’s payment app.
Real Smarts. “What about PeoplePay with Avidia?”
Todd Wood: With PeoplePay you send money right from Avidia Mobile or Online Banking. You can pay anyone – all you need is either their email address or their cellphone number. The people you pay are not required to have the Avidia Mobile Banking app.
Plus, there is no fee to send money to others. And, if someone sends money to you via PeoplePay, you can have that money put on your debit card instantly or in your bank account for no fee.
Real Smarts: “How does Avidia’s PeoplePay work? Do you have to sign up for the service and enter all your personal information?”
Todd Wood: It’s all done through Avidia Mobile or Online Banking. So all you have to do is enroll for those services, and you can pay someone right away. Once you send the money, the person will receive an email or text informing them that the money is available for them to claim.
Real Smarts: “Is PeoplePay safe?
Todd Wood: Absolutely. It offers some nice benefits not available with other person-to-person payment solutions. For example, with other services, you have to give your personal and bank account information to a third-party provider. So if that provider has a security breach, you could be at risk. With PeoplePay, all your account data stays with Avidia.
Plus, anyone who receives money will not see your bank account information. It’s all kept secure and private.
Real Smarts: “Will others see who you pay? We don’t like people knowing our paying business.”
Todd Wood: No, it’s all private, unlike some of the other services that post the person you are paying, the amount, and the payment reason.
Real Smarts: “If I have a PayPal account can I still use Avidia’s PeoplePay? “
Yes, the Avidia mobile app has a link to PayPal that allows you to instantaneously set up your Avidia accounts to interact with your PayPal Accounts. So you don’t have to log in to PayPal separately. And, once you link your accounts, you will be able to see your PayPal balance in the Avidia Mobile App and easily move money between PayPal and your Avidia Accounts.
Real Smarts: “Todd, that was extremely helpful. Thank you for your valuable time. In fact, if you want us to pay you for it, we can. We know a great way.”