How To Use Facebook Pay | How To Receive Facebook Money

While Facebook no longer has the advantage it once had as a social media, it still has a staggering number of monthly active users: over 2.9 billion, compared to 1.3 billion for Instagram, one billion for TikTok, and 396 million for Twitter.

In the past, Facebook users have attempted to make money by doing everything from affiliate marketing to running ads through Messenger to selling items on Facebook Marketplace.

Making money on Facebook, however, is not without difficulties: The average reach of an organic post is around 5% of a page’s fans—down from 7% in 2018—and those who pay-to-play through ads and sponsored content see their reach dwindle.

If you are curious about how to receive Facebook money, Facebook has announced a new feature called Facebook Pay. This is a way to send and receive money through the Facebook platform.

You can use Facebook Pay to send money to friends, family, or businesses. You can also use it to make in-app purchases or donate to fundraisers.

This post will show you how to use Facebook Pay and receive Facebook money.

What Is Facebook Pay?

Facebook Pay should make payments more convenient across Facebook, Messenger, Instagram, and WhatsApp. According to Facebook, the move is part of the company’s “ongoing efforts to make commerce more convenient, accessible, and secure” for its users.

Initially, Facebook pay was only available for fundraisers, person-to-person payments, ticket purchases, in-game purchases, and some purchases from Facebook Marketplace pages and businesses. In supported countries, it is now fully integrated with Instagram and Messenger, and WhatsApp support is on its way.

According to Facebook, the service is “built on existing financial infrastructure and partnerships,” as opposed to Facebook’s Calibra and Libra efforts. It accepts payments through Stripe, PayPal, and other processors.

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How Does Facebook Pay work?

Customers who use Facebook can use Facebook Pay automatically while on Facebook, Instagram, Messenger, or Portal. As long as users have their debit card, credit card, or another payment option saved on their Facebook account, the process is simple.

Customers check out, show that they want to use Facebook Pay, and then enter their PIN to complete the transaction. Besides PINs, users can use biometric identification methods. Customers don’t have to enter their payment card number for every transaction with Facebook Pay.

Facebook Pay is just as simple for small business owners. It works with most payment processing and e-commerce platforms. Online payments become much more efficient because customers only need to be logged in to their Facebook profiles to use Facebook Pay.

It’s no longer necessary to enter payment information or addresses; a simple click or two will suffice. Customers can use Facebook Pay to purchase almost any type of product or service.

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How Much Does Facebook Pay Cost?

Facebook Pay is completely free. If you already accept credit cards, you and your customers can use them spending no money.

Your current credit card payment processor will meet all of your Facebook Pay requirements. Facebook Pay fees are included in your credit card processing fees.

Is Facebook Pay Secure?

Credit card security risks and other security threats abound in the world of payment processing. Most payment processing companies have reliable safeguards in place.

On the other hand, Facebook has had several high-profile data scandals. This brings up an important point: Is Facebook Pay safe to use?

Yes, the answer is yes. Facebook Pay has top-notch security. When it is added to the Facebook app, it encrypts all debit and credit card data.

Likewise, Facebook Pay will never share a user’s payment information with third parties without their permission. Furthermore, all Facebook account data is kept separate from payment information.

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How To Receive Facebook Money Using Facebook Pay

It’s even easier to receive money through Facebook Messenger payment than it is to send it. When a friend sends you money, you get a Facebook notification, just like when a friend sends you a regular massage.

If your debit card information is already stored in the app, no action is required on your part. The money is transferred immediately; the notification informs you it is on its way.

When a Facebook friend sends you money, and you have yet to provide your debit card information, the notification you receive includes an Add Card button. The same prompt to enter your card information appears when you tap or click it.

The app completes the transaction once you enter this information. If you send or receive money in the future, your card will be saved and you will not have to enter it again.

Although the funds are transferred instantly, it may take a day or longer for them to appear in your available balance, depending on your bank. Different banks have different electronic deposit hold time rules.

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How Does Meta Profit From This Feature?

Meta does not charge a fee to send or receive money through Facebook Messenger. This feature generates no direct revenue for the company. However, the financial incentive of the first move was to encourage and make it easier for users to store their payment information on the site and process transactions.

Facebook Pay was launched on November 12, 2019, allowing transactions to be processed across its platforms, including Instagram and WhatsApp. The service was made available “for fundraisers, in-game purchases, event tickets, person-to-person payments, and select Pages and businesses on Facebook Marketplace” the same week it was announced, with plans to expand services.

Users who used the send and receive money feature and thus had their payment information saved on the site can purchase the advertised product with a single click of the mouse or tap of the screen.

When users do not have to pull their credit cards from their wallets and enter payment information for every purchase, impulse purchases become much easier and much more appealing.

In this regard, Meta stands to make a lot of money from its send-and-receive money feature, albeit indirectly.

Facebook Pay vs. PayPal

Despite having billions of users, Facebook’s business payment processing platform has yet to become as ubiquitous as PayPal. This is because almost any customer can use PayPal, whereas Facebook Pay’s audience is limited to Facebook and Instagram users.

Having said that, Facebook Pay has one significant advantage over PayPal. It does not charge fees on any of its transactions, whereas PayPal is notorious for charging fees.

While PayPal is available to everyone, Facebook Pay is an excellent PayPal alternative for customers who are tech-savvy and frequently use social media. Many social media users may already have Facebook Pay set up.

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The Benefits And Drawbacks Of Using Facebook Pay For Business

Facebook Pay, like any other payment processing method, has advantages and disadvantages. (The same can be said for using Facebook for business in general.)

Here are some interesting reasons to use Facebook Pay for your company:

1. A larger pool of potential customers: According to data, 46% of customers consider mobile wallet use to be extremely important when shopping. With Facebook Pay in your arsenal, your business may appeal to these customers more strongly. The Facebook App is essentially a digital wallet because it stores a user’s credit and debit cards.

2. Customers will benefit from faster checkout: Conversions can be increased by nearly 36% when your online checkout process is optimized. Facebook Pay is an excellent way to accomplish this. It’s more user-friendly and less time-consuming than filling out a form with payment information and addresses. If your checkout process is particularly user-friendly, your reputation may strengthen, resulting in increased brand awareness.

3. Customers can buy from you through social media sites: The conversion rate mentioned above suggests that you should do everything possible to expedite the checkout process. This could include allowing customers to check out as soon as they see your products on your social media pages. You can do exactly that with Facebook Pay. You will be able to transform your social media pages into instant payment services.

4. The ability to include an additional payment method on your website: If you use Shopify for your website’s backend, you can integrate Facebook Pay with it. (Facebook Pay integrations with third-party websites will be available in July 2021.)

5. Transactions are fee-free: Facebook Pay is a completely free service. PayPal, on the other hand, will charge you inconvenient fees that quickly add up. Because the business models of the two platforms are nearly identical, the free option wins.

Drawbacks Of Using Facebook Pay For Business

The following are some drawbacks of using Facebook Pay for your business:

1. It is not available to all customers: Even though Facebook has billions of users, some people do not use it. These people are unable to use Facebook Pay. Furthermore, some Facebook users prefer to avoid using the platform when they don’t have to. As a result, if you invest in promoting your Facebook Pay option, you may see a lower ROI than anticipated.

2. It is not compatible with all websites: If you built your website on a platform other than Shopify, Facebook Pay is not yet available to you. Facebook does intend to make Facebook Pay available for websites hosted by other services, but many businesses will be out of luck until then.

3. It is not yet as complete as PayPal: Almost all of our customers have a PayPal account. Access is easy, and the company has dominated the digital wallet market for decades. Unless your company primarily interacts with customers via Facebook or Instagram, you should not replace PayPal with Facebook Pay.

What You Will Require To Begin Using Facebook Pay

Accepting payments on Facebook Pay is simple, as is creating a business account on Facebook Pay. You only need to sign up through Facebook.

You should probably have a Facebook shop, a PayPal account, an active Messenger presence, and a credit card processing account before you do.

With these components in place, you can connect Facebook Pay to your Facebook shop and, if applicable, your website.

During the checkout process, your customers will see the option to use Facebook Pay and will be able to complete their purchase with just a few clicks.

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Frequently Asked Questions

Conclusion

Facebook Pay is a low-cost payment option that can easily receive Facebook money and is also integrated into your eCommerce store. Customers will appreciate more payment options that are simple to use.

One risk you may take by using Facebook Pay is the possibility of a data breach. If you’re still not convinced of Facebook Pay’s security, consider a full-service online payment solution with fraud protection.

To protect card and transaction information, you can connect a payment gateway to your website and configure fraud settings.

References

• businessnewsdaily.com – What Is Facebook Pay?
• wise.com – What is Facebook Pay and how does it work?
• advertisemint.com – How to Set Up Facebook Pay on Facebook and Messenger

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