Popmoney Basics
Popmoney is a payment service. It allows individuals and businesses to pay each other electronically -- no cash or checks needed. Funds are zapped from one bank account to another within a few days using ACH transfers.
Yes, the service is legitimate. However, there’s always a risk that you’ll receive an impostor email. Make sure you only access the service at the official Popmoney website, or through a secure area on your bank’s website.
What’s the Point?
Payment services like Popmoney allow you to pay electronically. Instead of getting a splitting headache from splitting a bill with friends (everybody has $20 bills -- does everybody need change?), you can settle up using your mobile phone.
The service is secure because you don’t need to share bank account information with anybody. Remember that when you write a check (or endorse one that was written to you) somebody else can see sensitive account details. Your bank may already use Popmoney so your account is automatically ready to send and receive payments.
Yes, you may have to provide banking information to Popmoney if your bank does not use the service, but you don’t have to share that information with everybody who wants to pay you. Plenty of banks and credit unions are already signed up with Popmoney.
If You Received a Payment
When somebody pays you using Popmoney, you’ll get a message (text or email) explaining that you’ve received a payment and what you need to do. If you’ve never used the service, you’ll have to tell Popmoney where to send the money. You can claim the funds at your bank if your bank has an existing relationship with Popmoney, or you can visit Popmoney.com, where you’ll provide bank account information.
Making Payments
You can make payments using your bank’s website or mobile phone application (again, if and only if your bank works with Popmoney). You cannot send payments from Popmoney.com.
