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Money

I found an alternative to Paypal that I really like. It’s called Popmoney! Similar to Paypal, you do add your bank account info and go through the verification process, but then you can send and receive payments that work like an echeck or bank transfer. So, it can take up to three days for the transaction to complete, but if you register a debit card and get instant verification, you might be able to get next day payments.

I also found out that my bank already had Popmoney available through online bill pay. Each bank/credit union will have their own fee rates…some offer prices below the usual 95 cents you will pay if you use Popmoney at their website: https://www.popmoney.com

I was thinking this could be a great alternative for us to use on these classified sites. However, since we could really rack up a lot of transactions, I was looking for the best way to avoid the 95 cent fees. I learned that Ally Bank, where we already have our vehicle financed, offers free checking and as an extra perk, no fees for Popmoney transactions! I thought that was great, so I signed up for an account. The process was not painful, but you do have to allow some time to get set up (they sent me a welcome kit in the mail with a card to sign/return, etc). Also, there was a postage-paid envelope to send in the first deposit (using a check from my local bank). From here on, I can either mail checks to deposit at Ally, or I can do a bank transfer from my local bank to Ally, using online bill pay. I did all the verification steps at my banks and did a test transfer, which worked out great. It does take three days to complete the transaction, but I was thinking it would be a nice option if I was sick or snowed in, etc. (instead of worrying about getting to the bank in bad weather/traffic). Anyway, it also works great for making a deposit to Ally Bank.

After all that, I went back to my Popmoney account and verified my Ally Bank account. If you have more than one bank account verified, you can select one as your primary, which will automatically send Popmoney funds to that bank…I really love that!

So, in my own situation, since I closed my Paypal account, I would need buyers to send a Popmoney payment, which is super easy…they just need my name, and mobile phone or email. Then I will get a message regarding the payment. If I had not already set up everything for the automatic bank deposit, I could’ve just logged in at Popmoney.com to accept the payment there by adding my bank account info to receive the payment (so it works like any other bank transfer process). Anyway, you can find out more directly at the website: https://www.popmoney.com
Also, you can find plenty of videos on YouTube to help understand how it works.

In my case, when I am ready to sell/ship, I will have to make sure I receive funds before shipment; a 3-day wait for Popmoney payments or bank transfers through online bill pay is an acceptable alternative to Paypal, in my opinion.

Maybe you already know about Popmoney…maybe I’m the one “behind the times” here…I don’t know…ha ha…but I’m glad I found out about it and thought I would share.

PS: Popmoney is only for US bank transactions, to the best of my understanding.

 

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