As most people heavily rely on their smartphones for almost everything in this day and age, it makes total sense that a substantial number of small businesses are now starting to accept payments through phone apps.
As a matter of fact, there are a lot of phone payment apps out there and both businesses and customers love how safe, convenient and fast these applications are for payments.
On that premise, the following article presents how you can send money to a small business via your smartphone anywhere.
Western Union is the oldest and largest money transfer service worldwide. Western Union offers worldwide coverage as well as a wide scope of options to receive and send money, which makes it the leading money transfer service in this day and age.
That being said, Western Union charges a transfer fee as well as exchange rate costs, and in comparison to its competitors, it is known for its higher margins. With Western Union, you can send funds to mobile wallets, bank accounts and agent channels. You can also use a debit card, cash, a business credit card or bank transfer in order to fund transactions.
Venmo is probably one of the most popular mobile payment apps.
With Venmo, you are able to add friends to make quick transactions as well as send funds to any Venmo user, a phone number and even an email address.
Also, since Venmo is owned by PayPal, you are given the option to make purchases from any online store that accepts payments through PayPal.
Zelle is a money transfer service that is available at most banks. Before, Zelle used to be a banking service for consumers only, but recently, however, it opened up for small businesses.
With Zelle, the transfers are fast and there is the immediate availability of funds, which is certainly convenient if you are receiving payments. With regards to the types of transfers that you are allowed to do on Zelle, you can send and receive money, request money as well as split the bill. With regards to fees when transferring money through Zelle, it depends entirely on the bank.
The Cash App is regarded as one of the cleanest and easiest mobile payment apps out there. The signup process is very quick and easy, and one of the great things about the Cash App is that you can receive and request money from anyone, even if they are not signed up with the app. All you have to do is send the small business a link, and from their end, all they have to do is enter their debit card information and the amount in dollars.
There are certainly a wide range of options when it comes to choosing the best phone payment application to send cash to a small business. That being said, you should always choose the mobile app that you think is the most convenient for you.