Wednesday, September 22nd, 2021
Consumers are not too thrilled with Venmo’s recent changes – and businesses would be wise to take notes. According to the latest news, the payment app owned by PayPal is introducing new fees for vendors who accept payments on their personal accounts.
In an interview with Washington Post, Scott Rosenthal, a disc jockey in Cape Cod, Massachusetts, said, “In the big scheme of things, (the fees are) not much.”
After a few minutes of tallying up the fees he took a few steps back from his initial statement, seeing the cost go from a small amount to hundreds of dollars over the course of a year.
“That’s not fun,” he said. “I guess I’m going to have to relook at things.”
A sentiment shared by most, no doubt. Over the past year, consumers have been less and less comfortable handling cash due to the pandemic. Contactless payments have seen a rapid increase. Many consumers are using digital payment systems via their mobile phones for the very first time.
According to Forrester data, 61% of adults who use the internet transferred money digitally to a friend or family member so far this year. Last year, that number was sitting at just 51%. Businesses are now taking notice as well and seriously considering which transaction type provides the better experience for customers.
Taking fees, limits, usability and data practices into account, here are some of the top apps your business should know about:
Large payments. For any payment that is larger than $10,000, PayPal still reigns as king. There are no hefty fees and you are not charged for payments unless you pay internationally or use a credit card.
Instant transfers. Instant transfers have grown in popularity, especially in recent months. Zelle, a digital payments tool, is the only option on the long list that doesn’t charge a fee for instant transfers to a user’s bank account.
Privacy. Security is an ever-growing problem for both business owners and consumers. Unfortunately, there isn’t an option that has a perfect score for this category. All of these apps collect and store personal information, including name, location, payment history and the type of phone you use. All in all, Apple Cash seems to have the best privacy protections on the list.
How to Incorporate the Best Payment Apps
Are you looking for a provider to help you integrate the best payment apps into your payment system? Be sure to browse the many reviews available via bestpaymentproviders.com. Find everything you need to choose a provider that understands your unique needs and that provides the support and tools to create a seamless customer experience.