P2P Makes Person-to-Person Payments Easy!
Written by LizAdmin on June 27, 2019
by Justina Roth
Pick up the tab, pay the rent, send a birthday gift, give your kids an allowance, whatever! P2P makes person-to-person payments easy. Send and receive funds from the convenience of your mobile device or the web, on the spot. It’s never been easier to share money with friends and family. And, there are no fees.
P2P payments are so simple, you’ll be saying “Yes, please!” With Farmers & Merchants Bank, you can do it online or in an app. Here are three easy ways:
1) Debit Cards
Those sending and receiving simply need Visa or MasterCard debit cards to move funds from one bank account to another, and from one bank to another, without ever having to write a check or use cash. All you need is the other person’s debit card number and expiration date. Once the information is inputted, the debit card information of the other person goes away and cannot be retrieved.
2) Email Address
If you have someone’s email address, you can use it to transfer funds to that person. The recipient will receive an email confirming payment. Once the recipient inputs their debit card number and expiration date, funds will immediately be transferred to that account. The sender never sees the recipient’s debit card information. It’s kept confidential. Imagine the simplicity.
3) Text Message
Here’s where it really gets easy. Send or receive money via text just by knowing your friend’s or family member’s phone number! The friend or family member need only respond to the text with a debit card number and expiration date, and funds will be immediately transferred. Debit card information is kept confidential.
All Farmers & Merchants Bank customers automatically have access to P2P payments through online banking or the Bank’s app on their smartphone. However, the recipient is not required to be a customer of the Bank or have an app installed. The transfer is simply debit card to debit card!
Get started with P2P payments now:
- Log in to your online account. If you don’t yet have an online account with the Bank, sign up for online banking now. Or, you can also simply open (or download) the “Farmers & Merchants Bank NE” app on your mobile device.
- Go to the “Move Money” tab
- Click on “New Transaction” and the account from which you want to move funds.
- Either click on a Recipient already listed or click “Add New Payee.”
- If you are choosing a recipient already listed, click their name and you are ready to input the amount of money to transfer.
- If adding a new Payee, click “Person to Person.”
- If the Payee is new, you have one of three options to pay: Email Address, Mobile Phone, or Debit Card. Only one of the options is required.
- Once you transfer funds, you’ll see the transaction come through immediately as “pending.” It will then go through an overnight posting before it’s complete.
- Note: P2P payments are meant for transferring money between people who know each other, such as friends and family. Never use P2P to send money to strangers.
Imagine all the possibilities with P2P payments. The easy-pleasy way to send and receive money between family and friends. Try it today! Dinner, anyone?