Square Cash vs Venmo vs Paypal vs....?

[Kelemvor]

Howdy,

Just wondering what online/mobile service people use to send or receive money from people.

My wife runs a Buying Club where she places one big order for various products to get a better deal. Then each person pays her back when the products arrive.

She had been using Square Cash (Cash.me) and it had been working great. Funds are deposited automatically every night and no one gets charged any fees as long as they use a Debit Card.

However, she suddenly had her account flagged as a "Business" account so now Square wants to collect a fee on every transfer. All the transfers are simple reimbursements from friend but they don't seem to see if that way as if she was actually selling something.

Anyway, we won't use a service that charges her a fee so we're looking for other options.

Ideally we want something where people can pay via their phone or website, the money comes to her, and goes right into the bank account automatically. We'd also prefer that people can pay for free using some method but if it has to charge the SENDER a fee, that's fine. It just can't charge the RECEIVER a fee.

Options I've looked at are:

VENMO
Free to pay with some national debit cards but not most local ones.
Fee charged to the sender for some payment methods
Requires manually transferring the funds to your bank account (usually available next day)

PAYPAL
Fee charged to sender to pay with anything other thank linking your bank account
Requires manually transferring the funds to your bank account (takes 3-4 days)

GOOGLE WALLET
Just installed the new Google Wallet and it looks like it also works the same way as Venmo, Square Cash, etc.
Looks like you can only use a Debit Card, Bank account, or Wallet Balance to pay people and there are no fees. Looks like a definite possibility.

Anyone else know of any other services we should consider?

Thanks!

 

[dullard]

Wells Fargo does that for free (assuming the other bank doesn't charge a fee). https://www.wellsfargo.com/online-banking/transfers/surepay/

Lets you split bills at restaurants or similar things with friends.

 

[Kelemvor]

Just installed the new Google Wallet and it looks like it also works the same way as Venmo, Square Cash, etc.

Haven't found anything that shows if it charges a fee for certain payment types or who it would charge them too but looks like a definite possibility.

 

[Crusty]

Well even if your wife isn't turning a profit she is still providing a business like service so I can understand why Square is taking the stance they are.

Perhaps it would be easier to just assume that there are fees as part of the deal and bake that into the price that people pay your wife for the goods.

If it turns out that it won't be cost effective, as in you can buy the goods cheaper at retail after including fees, then I think the only option is cash or checks.

 

[AznAnarchy99]

Facebook money is instant.