Facebook Pay | How to Receive or Send Payments on Facebook
Facebook Pay is a part of Facebook payment options created through the Facebook messenger. Messenger app doesn’t just let you chat, share files and organize group events, it also allows you to send payments or gift money to friends and also receive payments. It can be from anyone who owes you money that is your friend on facebook.
Facebook is an online social media and social networking service available in several languages. It was founded on the 4th of February, 2004 in Cambridge, Massachusetts by a group of Harvard students who were roommates; Mark Zuckerburg, Eduardo Saverin, Andrew McCollum, Dustin Moskovitz and Chris Hughes. Its headquarters is in Menlo Park, California and the app has a monthly active user rate of 2.3 billion users.
The app is a platform where information can be accessed, pictures and videos shared among family and friends and where users can chat. Other products it offers include Instagram, WhatsApp, Facebook Messenger and watch, etc.
There are several options available to send money online but if you spend a lot of time in Messenger, using Facebook to send money would be the most convenient option.
Payment Options on Facebook
Facebook and messenger provide lots of payment options. You can use them to:
- Donate to a charity or a fundraiser.
- Sell or buy products in groups or on Marketplace.
- Send money.
- Receive money.
- Buy tickets for an event.
- Promote your company, event or product through Facebook Ads.
- Buy games and make in-app upgrades.
- Confirm past purchases or access payment history.
Benefits of Facebook Pay
- It is safety backed by Facebook by encrypting your money transfers. You can also use your fingerprint to complete your transactions on your iPhone or iPad.
- Payments are free whether you send or receive.
- It offers easy payment through a familiar system.
Disadvantages of Facebook Pay
- Supports personal transactions between friends and families but not businesses.
- It is only available in the United States, UK or France.
- Up to 5 days waiting period for your bank to approve of your transaction even though the money is transferred immediately.
Requirements for Facebook Pay
- You need a debit card to fund payments but you can also use a credit card or Facebook gift card.
- Users of the Facebook messenger pay option must be over 18 years old.
- The service is only available to users residing in the United States, France, and the UK.
- You can access Messenger on your desktop or make in-app payments on your mobile phone.
- To be able to make or receive payments, you must be friends with the person you’re transacting with.
How to send Money on Facebook
- Create a Facebook account if you don’t have one or sign in to your account.
- Add a payment method to your account by going to the ‘Settings’ menu, click on ‘Payments’ and then ‘Account settings’.
- Add a U.S bank issued debit card or link your PayPal account to your Facebook account. Note that PayPal payments are only available to those using the Messenger mobile app to send money.
- Open a new message between you and who you want to send money to and click on the dollar ($) at the lower right of your screen. Input the amount you’re paying or requesting and what it’s for in the small popup window that’ll appear. If you don’t see the $ option, look for a + sign, this will give you more options for transfer.
- Choose the payment option you want to use and then tap ‘Pay’ to send the money.
Your First Payment Steps
The first time you use the messenger app payment, additional financial information is required of you. You can easily add or change funding methods whenever you update your payment settings.
To do this, you have to simply enter your debit card number and other necessary information to get started. Set up a Personal Identification Number (PIN) to prevent unauthorized payments and a code known only to you as messenger uses your debit card to make the payments from your checking account.
How to Receive Payment
It is quite simple to receive money through messenger. Simply:
- Create a new conversation with the person you want to request payment form and click the $ sign at the lower right.
- If money has been sent to you through messenger, you’ll receive a notification. If you don’t happen to have debit card information on file, card details provided will be required to accept payment.
- Once you’ve done that, the money will be going to your checking account linked to the debit card but it might take a few days for the payment to show in your account.
The following happens when a friend requests or sends money to you;
- A notification will appear on facebook messenger of your request or payment.
- Then you need to accept or deny the request. If you accept the request, the payment will be withdrawn from your checking account linked to the debit card provided but if you deny it, the person who sent the request will receive a notification.
- If you receive a payment, you can accept it and it’ll be immediately deposited to your checking account linked to the debit card provided but you can deny payment if you don’t recognize the payment sender.
It’s very important you choose your payment options wisely so that you’ll be confident of your transactions and ensure that your payment goes on successfully and you’ll be happy for making the right choice.