Peer-to-peer payment apps are great for sending money to friends, but they’re typically lacking in functionality when it comes to business use. Learn how FINSYNC Pay is changing that.

By FINSYNC

Peer-to-peer (P2P) payment apps are easy to use, typically free to download and can be used for anything from splitting up a dinner bill to paying a friend for your half of the rent. You’ve probably experienced the ease and convenience of Venmo, Zelle, PayPal and other P2P apps when paying friends. While these solutions are great for personal use, they don’t generally provide the same advantages to small businesses. 

In this article you’ll learn how peer-to-peer payments work and how FINSYNC Pay is bringing the ease and convenience of P2P to the world of business payments. 

How Do Peer-to-Peer Payments Work?

 

P2P payment apps enable the transfer of funds between two parties using their individual banking accounts or credit cards through an online or mobile app. They’re designed to make life easier. The typical steps for a P2P payment are:

 

  1. Download the app and create an account
  2. Link your bank account
  3. Locate the account of the person you’d like to send payment to
  4. Send payment

The recipient will generally receive the money in their Venmo or PayPal account immediately, and transferring to a bank account typically takes 1-3 days.

P2P payment solutions have grown in popularity for several important reasons:

Convenience

Traditional bank transfers can become complicated and take up unnecessary time. Writing a paper check requires you to mail it to the recipient and wait 7 to 10 business days for processing.

Compared to making a payment via check, cash or ACH, P2P apps significantly cut down the number of steps and the time it takes to send and receive funds. 

P2P payments are extremely convenient for paying people that aren’t set up with merchant accounts (this generally includes all of your friends, but it also includes a lot of the vendors you may be doing business with).

Security

Unlike direct payments made by check, ACH or credit card, P2P apps don’t share bank or credit card information between the people sending and receiving money. You only need to know the recipient’s account name within the specific app you are using. This helps keep your personal information more secure.

FINSYNC Pay: Streamlined Like a P2P App with Enhancements for Business Payments

What if there was a payments platform with Venmo-like convenience for your business? That would be like having your cake and eating it, too. If paying a vendor for a service was as easy as paying a friend for dinner, you’d be able to focus on growing your business instead of writing, collecting and processing paper checks.

 

FINSYNC Pay is a payments solution that makes paying your vendors easier than paying a friend for your half of the check. That’s because FINSYNC Pay is like no other B2B payments platform.

 

FINSYNC Pay gives your business the power to pay vendors faster, easier and with less processing. You can even use your credit card for traditionally cash-only payments, which enables you to maximize credit card rewards and simplify your business finances. 

 

Using FINSYNC Pay is as simple as the P2P payments you’re probably familiar with. You can send a payment in three simple steps, and the recipient doesn’t even need to be a member of the network. To send a payment:

 

  1. Sign into FINSYNC account
  2. Enter a vendor email
  3. Optional: attach the vendor’s invoice or other remittance detail
  4. Send payment

 

Bring Business Benefits to P2P Convenience

 

Increasing the convenience of your B2B payments can provide significant value to your business, but what makes FINSYNC different from traditional P2P payments apps? Why aren’t all small businesses using Venmo to pay their vendors?

 

Simplifying Vendor Payments

 

Unlike traditional P2P payment apps, your recipient doesn’t need to be a member of a network. They simply click on the link in the email and enter where they’d like to receive the money, which could be a direct deposit or even a check, if they still prefer a mail-based process. If they’d like, they can create a free account to streamline this process even further and keep a historical record of transactions and their supporting documentation.

 

Simplicity for your vendors means simplicity for your business. With FINSYNC Pay, no “switching” is required. Your vendor’s integrated email notifications, free portal and access to related documents only enhance their ability to be efficient.

Integrate with Accounting Software

 

FINSYNC is an all-in-one payments, cash flow, accounting and payroll platform that makes it easy to centralize control of all your small business finances. Tying your payment solution into a single, consolidated platform makes it easy to track payments, forecast cash flow, and automate a significant portion of your bookkeeping.


Contact FINSYNC today for  more information on the advantages FINSYNC Pay can provide to your business.