Every day, millions of individuals around the world are looking for ways to pay for their needs. And as we are switching to more digital methods in transferring money, consumers are concerned as to where to store their money securely.
If you choose a good electronic payment platform, you will usually have multiple optional security features to choose from. Just some of these features are two-factor authorizations, encrypted passwords and information, and one-time pins. Some apps like Paxum, Paypal, Venmo, and CashApp offer these services, and it’s just a matter of looking closely at its other features.
So, aside from security features, what else should we be looking at for money transfer platforms?
Cost
As much as possible, we would like to have minimal to zero convenience fees when transferring money, especially for multiple transfers and big amounts. Go for platforms and apps that offer low convenience fees. Even if it is unavoidable, at least go for a platform where you can save a lot more.
Transfer Speed
Ease of business is king nowadays. No one likes to line up at banks and wait for their queueing numbers to be called. As much as possible, money transfers should not take more than five minutes to complete. Many consumers now consider the time spent in transferring the money to its recipient. Though sometimes it may cost more, many are willing to pay for the convenience of not lining up and waiting for more than a day to transfer money.
International transfer capabilities
Many businesses and employees rely on international transfers from their overseas clients. One of the more known apps for having this feature is Paypal which allows money transfers from different countries without worrying about foreign exchange rates as they are already predetermined by the app. The transfers are also instantaneous so you do not have to worry about waiting for days before you receive your money. Though most platforms charge a fee, it does not take more than 5% of the amount you are transferring.
Good UI/UX experience
Even though your app possesses the features above if the app design is not understandable even by a tech novice, then it is no use. Users would like an app that does not challenge them in terms of navigating the application and using its features. It is also vital to catch up with design trends that attract new audiences and give the application a wider reach.
Readily available customer service
When there are any issues encountered in the app, there should be readily available customer service. Most platforms have 24/7 customer service representatives that assist in resolving any issues raised and help in disputing any transactions that you have a problem with.
In summary
Over all, it’s up to the consumers as to what app to use for the money transfers and up to the businesses to accommodate most, if not all of these. But before investing in a money transferring app, be sure to consider these features so you can make the most out of this amazing and contactless technology.