How to Send Money on Facebook: What You Need to Know
Mark Zuckerburg first founded Facebook as a way to connect with classmates in 2004, but the platform has grown well beyond a social media site. Facebook now has a feature that allows people to send and request money via the Facebook Messenger app. As an entrepreneur or freelancer, you may be wondering how to send money on Facebook.
Today, we’re here to provide you with everything you need to know about this money transfer option. This article will not only cover how to send money on Facebook, but also whether doing so is safe. We’ve also included some alternative transfer options that you can consider as well.
By the end of this article, you will have a clear understanding of whether Messenger Payments is the right platform for your growing business.
What Is Messenger?
To learn how to send money on Facebook, you first must understand what the Messenger app is. Messenger is a direct-chat tool that’s integrated directly into the Facebook platform. Whereas the Facebook app provides you with access to a News Feed and your friends’ profiles, Messenger allows you to chat with friends directly.
Although Messenger is a direct part of the Facebook platform, it runs in its own app. For instance, when you download Facebook on your iPhone or Android smartphone, you’ll receive a prompt that also directs you to download the Messenger app.
This Messenger app contains numerous useful features, including direct video and voice calling. One of the other most valuable features is the ability to send money. Let’s take a look at how to send money through Facebook Messenger.
How to Send Money on Facebook
Sending money on Facebook is relatively straightforward, but it takes a little bit of time beforehand to set up. Before you start setting up your account, make sure that you meet the following criteria, which are required to send money on Facebook. To transmit money for the first time, you must:
- Live in the United States
- Have a Facebook account
- Be at least 18 years old
- Have a MasterCard or Visa debit card issued by a U.S. bank
- Set your preferred currency to U.S. dollars
- Activate your Facebook Payments account
Assuming you meet all of these requirements, you can start transferring money. You’ll first need to set up your account to do so.
Setting Up Your Account
To start, head into your settings and select “Payment Settings.” In there, you can add a new debit or credit card. It’s only possible to make payments in Messenger right now with a debit card.
If you add a credit card, you can use it for other things on your Facebook account, such as Marketplace purchases. If you wish to use the card to send or receive money, you’ll need to enter debit card information. Facebook Payments also recently added PayPal compatibility as well. So, you can use a debit card or PayPal account to transfer money on the social network, but you cannot use a credit card.
After you add card details, you have the option of setting up a PIN. The PIN is a four-digit number that can help keep your account safe. If you were to lose your mobile device or someone were to gain improper access to your Facebook account, they could not send money since they don’t have the PIN.
The PIN option is only available on smartphones. If you elect to use this feature, you’ll need to enter a PIN every time you transfer money.
Sending and Requesting Money
Now that you’ve linked a payment method, you can start transferring money. To start, open the Facebook Messenger app. If you’re on your mobile device, open Messenger, and find the Facebook friend you wish to pay. Start a new chat. Upon doing so, you’ll see a “+” sign in the bottom left-hand corner.
When you tap this button, an entire menu of options will appear. One of the options will be a green dollar sign that says, “Payments.” Click this button and then enter the amount that you’d like to pay. You can also include a memo to describe what the payment is for. Then, when you’re ready to complete the transaction, tap Pay in the top right corner.
Sending money is quite similar when using the platform on your computer. Instead of a “+” button, you’ll see a dollar sign. After clicking this dollar sign, you can proceed as usual, adding a payment amount and memo. Click Pay and your transaction is complete.
You can also request money from multiple people at once. For instance, imagine you go out to dinner with three other people and the bill is $100. You want to split it evenly, so you need to request $25 from each person. All you need to do is start a group chat with the people you need money from.
Then, proceed as usual with the above steps. The only difference is that you’ll opt to “Request Money” when a prompt appears. Note that all individuals will need to have a Facebook account for this to work.
The last critical thing to note is that you cannot undo payments on Facebook. If you send money by mistake, you’ll need to reach out to the other party and request that they cancel the transaction or, if they already processed it, send the funds back to you. Adding a PIN is an excellent buffer that helps prevent you from making accidental payments.
Paying Fees and Receiving Your Funds
One of the most significant benefits of Facebook Messenger payments is that there are no fees associated with doing so. Facebook does not charge any fees when sending or receiving money on the payment system.
Most people report that they see the money in their bank account within 24 hours. If you don’t see the money in your checking account or PayPal account within five days, call the respective financial institution to find out why the transaction hasn’t posted.
Is It Safe to Send Money on Facebook?
There is always an inherent risk that comes with putting your financial information online. Not only are cyber hackers prevalent, but it’s easy to fall victim to scams as well. But Facebook does everything possible to keep your information secure when using its peer payment system.
Whenever you’re on Facebook, your information is encrypted. The site adds an additional layer of encryption when you transfer money. This dual-level encryption, coupled with the optional PIN, will go a long way toward keeping your money safe when using Facebook Payments.
Alternative Apps That You Can Use to Send Money
Facebook Payments is not the only way for you to send money online. There are other platforms that you can use to do so. Some of the most common ones include:
- Venmo — Venmo operates like a social media platform, showing you a “feed” of social payments. Venmo is excellent for use on mobile.
- Apple Pay — Those with iOS are likely familiar with Apple Pay. You can send and request money directly in text messages. It is only compatible with other iOS users.
- Cash App — The Cash App is a product of Square. It only works on mobile and allows you to receive payments instantly.
- Google Pay — If you have a Google account, Google Pay is a useful option. It syncs with your Gmail so that you can send and request money via email.
- PayPal — PayPal is one of the most extensive peer-to-peer payment networks available, hosting more than 250 million active users. It works well on mobile and desktop.
Find Ways to Send and Receive Money From Clients
If you are a freelancer or entrepreneur, you want to make it as easy as possible for clients to pay you. Doing so ensures revenue, which provides you with the capital needed to expand your business. You may want to make yourself available on as many different apps as possible. If clients have to set up a new payment method, you could see lengthy delays.
Facebook App is a useful option to send money online. The platform is secure, and you’ll receive money quickly. We also like that users can request payment as well. We wish that you could add more than a debit card number, but Facebook says that credit card compatibility is coming.
Overall, the platform is quite easy to use, especially if you already have Facebook. It’s an option that entrepreneurs and freelancers alike can use to grow their business.
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