The Fallacy of Accepting Payments Via a Money App
Early December 2021, our CEO and a few employees went to NYC for a finance conference. Goldberg Pay was one of many companies present at the conference. Long story short, we bumped into who would become one of our new vendors. A few days later, one of our executives gives the new vendor a call and he says that he wants to get paid through a money app. He asked, what’s your username? It seemed odd for a seasoned business to ask for payment using an app, but Andrew (one of our executives) tried to pay the vendor anyway using an app he downloaded just for that transaction. The app said there was a fee to send funds and it would have to verify bank and credit card details. Andrew went through all the hassle only to find out he was unable to pay, he needed to call the app company to update his profile. Andrew ended up asking for the vendor’s account and routing number to send a wire transfer (by the way, banks charge anywhere from $15 dollars up to do so).
Moral of the story? If you have to ask your customer for their username on an app to receive payment, you’re doing something wrong. You really can’t expect your customers to download an app to send you money and then, on top of that, pay a fee to send you the funds. We can’t say the name of the companies due to legal reasons, but anyway here’s a hint. One has a “P” and it is not your “Pal”, there are tons of apps that do the same thing. But, in reality, it’s a rip off for your customers to pay a fee in order to pay you, and then that same company takes a cut of the money that your customer already paid a fee to send you.
If your business requires that you send invoices over the internet to your customers email address or even via text, Goldberg Pay offers that same service for FREE! We won’t charge your customers to pay you, your customers don’t have to download an app, it’s just like if you buy a pair of shoes online: easy and done. In fact, you can connect the service to your website, social media, etc. It literally couldn’t be easier to run an online business. If you recently found out that your payment app isn’t really your “pal” anymore, apply online today. It’s free and we will get back to you in 24 hours at most.
Ready to use Goldberg Pay? Let’s see how much money we can save your business.
