All three of these P2P (person to person) payment systems are great but which one is the best?
I’ve used Paypal since 2007 when I first opened my eBay account. At first glance the service seems really good and the website has a smooth interface to make any transaction, whether to accept money or withdraw. When it comes to fees and especially if you make a sale on eBay, you will see a drastic cut in your overall profits. I give Paypal a 3 out of 5 because of its ease of use and my only complaint would be the fees. Either eBay cuts back on the fees or Paypal or just set a standard low cost fee, so we the sellers can take home a little more money at the end of the day.
The next service I signed up for is Dwolla. The name may sounds funny but they mean business. The main reason I signed up was as a payment alternative on Cashcrate, which is a website where they pay you to take online surveys. So, instead of waiting for a paycheck to arrive in the mail I opted for this alternative. At first, I thought it was going to be a long process to sign up but it only took a few moments. When you get into your Dwolla account you want to link your bank so you can transfer money back and forth. Dwolla deposits two small amounts into your bank account and two business days later you log into your Dwolla account and confirm the deposits and your account is all set up, ease as that. I highly recommend this service and I give it a 4 out of 5.
And last but certainly not least is Venmo. I downloaded the app on the iPhone App Store one gloomy day because I had heard so much about their service that I wanted to give it a spin. By far this is the most simple to use of all three services and you can be up and running in a matter of minutes. Just like the other two services, you have to link a bank account to transfer between accounts. Venmo is prided as a social platform to pay back your friends for lunch or other oddities. You even get a social timeline with the type of transaction you completed, however, as for me I choose to keep private who and where I transact with. I give Venmo a 5 out of 5 for its clean ‘twitter’ like interface and super ease of use.
In today’s world everything is fast past, you want to be in and out as quick as possible and Venmo helps you achieve that.