Sending and Receiving Payments (2024)

FAQs

What is it called when you send a payment? ›

A remittance is money that is sent from one party to another. Broadly speaking, any payment of an invoice or a bill can be called a remittance.

The safest way to receive money from a stranger online is to use secure and reputable payment methods that prioritize user protection. For instance, you can use a platform like PayPal to receive money from someone you haven't met before. You can also use cryptocurrency—it is a practical way.

To "remit" is to send money or make a payment and what you send is called remittance.

Venmo, Cash App, Google Pay, Zelle, PayPal, and wire transfer are some of the safest way to send money digitally. Money transfer apps are inexpensive and convenient options for paying family and friends. Wire transfers at a bank are ideal for securely sending large amounts domestically or internationally.

EFT: What's the difference? The terms “ACH transfers” and “EFT” are not interchangeable, but they are strongly related. ACH transfers are a type of EFT, and EFTs include ACH transfers but are not limited to them. While wire transfers are processed individually in real time, ACH transfers are settled in batches.

A payee is a person or organization that receives payment, such as for goods or services. Payment can be in any form, including cash, a check, a money order, or an electronic transfer of funds. You typically encounter payees when banking. On a check, the payee is the person or organization to whom the check is written.

According to the FDIC, “Using a bank or a money transfer company to “wire” funds electronically is an easy and convenient way to send cash to someone. And when consumers wire money to people they know, the transaction typically takes place without a problem.

ACH payments go through clearinghouses that enforce strict regulations, making it a secure payment method. ACH also typically offers lower fees because it's all digital and eliminates many of the processing fees associated with cards or checks.

Other words for income

1. interest, annuity, gains, return. 2. salary, wages, earnings.

Automated clearing house (ACH) is a network that moves money electronically between bank accounts in the United States. This is how you receive money if you're ever paid by direct deposit. To accept payments via ACH transfer, you generally don't need any special capabilities.

Is Zelle safe to use with strangers? ›

Only Send Money to Those You Trust

With Zelle^®, you can send money from your account to someone else's within minutes¹. It's a great way to pay friends, family, your coworkers and almost anyone else you trust, but it shouldn't be used to pay strangers.

Since Venmo is not designed to be used with strangers, you should never do business with strangers through the Venmo app. While some scammers disguise themselves as someone you know, they also use fake profiles and made-up personas when interacting with potential victims online.

Unlike a debit or credit card, Cash App does not have robust protections for fraudulent transactions. It's safe to receive money on Cash App from strangers (when you're expecting it) because no sensitive details are revealed.

Is PayPal safer than bank transfers? PayPal is considered a safe payment method and offers advantages over bank transfers. It provides an extra layer of protection, allowing you to make payments without directly exposing your bank account or card details to the merchant.