Is P2P Right for Me?

Recently, we had the opportunity to connect a valued customer with Erin McHugh, our Payment Operations Manager, to learn more about Person-to-Person Payments (P2P).
In today’s fast paced world with hectic work weeks, family obligations, social outings, and unexpected hassles, we all need simple banking solutions. Running to the ATM and writing checks is not always an easy option and cuts into your well-deserved free time. With Person-to-Person Payments (P2P), you can save yourself--and others--time and effort by sending payments within Florence Bank’s Online Banking or Mobile Banking App. And as always, Florence Bank is here to answer your questions to help figure out if P2P is right for you!
“Person to Person (P2P) payments are a safe way to send money directly to any person’s bank account. It’s a great way to pay a sitter, split the check at a restaurant, contribute to a group gift, or pay your portion of rent and utilities. At Florence Bank we are always working to adopt innovative solutions to stay on top of the latest payment trends and technologies while ultimately making our customers’ lives easier.” - Erin McHugh, Payment Operations Manager
I’ve heard of P2P, but I’m not sure how it works. Could you tell me more?
Erin: Of course! With P2P, you can pay anyone at any time, using our Mobile Banking App or via Online Banking. You can easily transfer money from your account to the recipient’s account, whether or not they are a Florence Bank customer. Simply log into the Mobile Banking App or log in via Online Banking and select the “Pay a Person” option, choose the amount, and send. The money will come out of your eligible Florence Bank account and get sent electronically to the recipient as early as the next morning.
I’m not sure who I’d pay with P2P. Are there some “real life” examples?
Erin: You can make payments to just about anyone you can think of, as long as you have their email address or cell phone number. It’s that simple. You can pay your babysitter at the end of the night, and save yourself the hassle of writing a check (and save them the trouble of cashing/depositing it!). You can pay a roommate your half of the rent and utilities for the first of the month. Need to repay a co-worker for buying lunch at work? No problem. Forgot to pay your dog-sitter before you left the country on vacation? These are all examples of the convenience of P2P.
I like to keep my checking and play money separate. Can I pay myself back between accounts for items I’ve purchased?
Erin: Yes! For instance, a customer recently used her debit card while enjoying a weekend away with her girlfriends. When she wanted to repay herself from another account, she simply replaced it by using the “pay a person” option. Whether it’s a splurge or a much needed item for your household, it’s a convenient way to “pay yourself back” between your accounts at different banks! Whether it’s a splurge or a much needed item for your household, it’s a convenient way to “pay yourself back” between your accounts at different banks!
I’m a little concerned about safety when it comes to new mobile payment options. Is it really a secure way to pay?
Erin: We respect and understand that concern. P2P is completely safe and secure, as you can only access this service after logging into your account via Online Banking or your Florence Bank Mobile Banking App. The only information required to send money is a valid email address or mobile phone number, so sensitive account information is never shared. The sender creates a security question for the recipient that only the recipient would know, and it changes every time you send a new payment. (Some customers get pretty creative with their trivia questions or silly inside jokes!) The question must be answered correctly before any transfer of funds takes place. P2P payments are also secure because they’re encrypted and have fraud monitoring capabilities, so there’s no need to worry about sensitive information being seen by others.

Is P2P becoming more widespread by other established entities?
Erin: Yes! More and more companies are recognizing how important fast and convenient payments are to their customers and users. Also, there’s no transaction, processing, or service fees involved with Florence Bank P2P, which makes it an even more desirable way to pay.
P2P Payments are just another way to both simplify and enhance your lifestyle, as you can pay anyone, anywhere, at any time. At Florence Bank, we’re constantly working to bring you new services that will change the way you bank--and live--every day. If you have more questions about P2P or would like to share your personal experiences using this great way to pay, don’t hesitate to call or stop by one of our branches. We’re always here to help make your life a little bit easier!
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