What most people and business fail to realize is that there is a big difference in what is called a "peer to peer" transaction and using a 3rd party processing company to accomplish the same function.
The rise of the 3rd party apps such as Cash App, Venmo, PayPal and many others that are coming online is that they are not true peer to peer vendors. These 3rd party vendors charge fees up to 3.5% for transactions which may not seem like much but will add up over the course of a year.
To be clear the type of functionality and what we are getting for our money does mean something and should be considered when making a decision on which service to choose. Those that operate a business, nonprofit organization and/or church should consider an alternate method, if possible, that option is Zelle.
The next question in your mind should be "why Zelle?" I'm glad you asked! Zelle is the only true peer to peer service that is offered by the banks themselves. It is the modern-day wire transfer, and the best benefit of this bank function is that there is NO CHARGE FOR THE SERVICE. Let me repeat that NO CHARGE FOR THE SERVICE. There are some limitations to which you will need to check with your bank as to the specifics if any.
Here is a breakdown:
Function: Primarily focused on instant bank-to-bank transfers between users enrolled in participating banks and credit unions.
Money storage: Doesn't hold its own balance. Funds are transferred directly from and to your linked bank account.
Fees: Generally, no fees for sending or receiving money.
Features: Simple and limited features focused on sending and receiving payments. No social media aspects or investment options.
Security: Considered secure as it leverages existing bank security measures. However, no buyer/seller protection for disputes.
This option is definitely a viable option for organizations looking to save themselves some hard-earned money, but if we have it like that it may not matter. Over the long term though, it is definitely worth a look. If your not sure what your looking for the Zelle-logo is pictured below.