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Peer-to Peer Payment Systems Explained

In an increasingly cashless society, person-to-person—or P2P—payment systems offer people the ability to send money to their friends, family, colleagues, acquaintances, landlords, and anyone else they might need to pay—online, instantaneously. Consumers use P2P for paying rent, pitching in for gas money, travel, birthday cash, splitting restaurant bills, and more.

The P2P concept isn’t new, and several companies offer the service. Today we’re going to share some information on how P2P works and what you should look for when using it.

How It Works

You start by selecting the system you want to use. There are several key players in the market, and NerdWallet outlines them here. Vantage West also offers a very simple P2P solution, accessible via our mobile app (available in the App Store and Google Play) and online banking. Keep reading to learn more about Vantage West’s “Pay Anyone” and tips to keep in mind when considering P2P options.

Next, you link your bank account or debit card to the account.

Then, every time you need to pay or accept a payment, you manage it from the P2P account. If you think about how you can transfer funds electronically between your own accounts, it’s the same idea—it’s just transferring to or from other people’s accounts.

Keep Your Data Safe

NerdWallet reports:

“Though all of the major P2P systems encrypt, or shield, your financial information, some have been subjected to hacks and scams. But many apps have fraud monitoring and support teams to help resolve unauthorized transactions. Review a provider’s security procedures and fraud policies before signing up.”

Pay Anyone: A P2P Service for Vantage West Members

Vantage West is delighted to offer Pay Anyone, a P2P system built into your Vantage West mobile banking app. Here’s what you should know about this feature:

  1. Pay Anyone is available to all Vantage West Members
  2. Pay Anyone will send money to any financial institution (so if your friend or family member doesn’t have a Vantage West account, they can still get paid)
  3. The recipients of your P2P transfer will receive a text message or email (depending on which you provide)
  4. We do everything possible to protect your data with enhanced security measures
  5. Just log into your online banking account (or create one if you haven’t yet) at VantageWest.org and look for “Pay Anyone” on the left side of your screen

For More Information …

You are always welcome to call us at 800.888.7882 for help on setting up your online banking profile or navigating Pay Anyone. We wish you the best in your P2P endeavors, and we’re here to support you!

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Disclosures

To view Vantage West’s P2P Terms and Conditions, please click here.