Sometimes, it feels like every few months, there’s a new way for customers to pay you online. These methods are rarely the result of some new genius technology. They often stem from big tech companies creating their own versions of tools that other big names have already developed. Case in point: Just as Google Pay followed Apple Pay, now Facebook Pay is an option. This new service can be a huge benefit to your business. Here’s what you need to know about Facebook Pay. Show
What is Facebook Pay?Facebook Pay is a payment method customers can use to buy your products. Facebook users who want to use Facebook Pay start by adding their payment, shipping and personal information to the Facebook app. Then, when they buy your products on social media or your business website, they can choose Facebook Pay at checkout. You’ll need to add the Facebook Pay option to your company’s website to get started. How does Facebook Pay work?Any customers who use Facebook can automatically use Facebook Pay while on Facebook, Instagram, Messenger or Portal. The process is seamless as long as users have their debit card, credit card or another payment option stored in their Facebook account. To use Facebook Pay, customers check out, indicate they want to use Facebook Pay, and enter their PIN to complete the transaction. Users can also opt for biometric identification methods in place of PINs. Either way, with Facebook Pay, customers don’t have to enter their payment card number for every transaction. For small business owners, Facebook Pay works just as simply. It integrates seamlessly with most payment processing and e-commerce platforms. Since customers only need to be logged in to their Facebook profiles to use Facebook Pay, online payments become much more efficient. No more entering payment information and addresses – a click or two is all it takes. Customers can use Facebook Pay to buy almost all types of goods and services. What does Facebook Pay cost?Facebook Pay is free. Both you and your customers can implement it without paying any money if you already accept credit cards. Your current credit card payment processor will handle all your Facebook Pay needs. Facebook Pay costs are baked into your credit card processing expenses. Facebook Pay vs. PayPalAlthough Facebook has billions of users, its business payment processing platform has yet to become as ubiquitous as PayPal. That’s because virtually any customer can use PayPal, whereas Facebook Pay’s audience is limited to Facebook and Instagram users. That said, Facebook Pay has one significant advantage over PayPal. All of its transactions are fee-free, whereas PayPal is notorious for its fees. So while PayPal is accessible to all, Facebook Pay is a great PayPal alternative for a tech-savvy customer base that regularly uses social media. In fact, many social media users might already be set up with Facebook Pay. How secure is Facebook Pay?In the realm of payment processing, credit card security risks and other security perils abound. Most payment processing companies have trustworthy safeguards in place. On the other hand, Facebook has been through several highly publicized data scandals. This raises an important question: Is Facebook Pay secure? The answer is yes. Facebook Pay boasts top-tier security. It encrypts all debit card and credit card data when it is added to the Facebook app. Similarly, Facebook Pay will never share a user’s payment information with other parties without permission. Additionally, all Facebook account data is stored separately from payment information. Key takeaway: Although Facebook has gone through its fair share of data scandals, Facebook Pay is fully secure.Pros and cons of using Facebook Pay for a businessAs with any payment processing method, Facebook Pay has its pros and cons. (The same could be said of using Facebook for business as a whole.) Here are some great reasons to use Facebook Pay for your business:
These are some drawbacks of using Facebook Pay for your business:
What you need to start using Facebook PayAccepting payments on Facebook Pay is easy, and so is setting up a Facebook Pay business account. All you need to do is sign up via Facebook. Before you do, you should probably have a Facebook shop, a PayPal account, an active presence on Messenger, and a credit card processing account. With all these pieces in place, you can link Facebook Pay to your Facebook shop, and to your website if applicable. Your customers will see the option to use Facebook Pay during their checkout process and can complete their purchase with just a few clicks. How do I remove a payment method from Facebook Pay?You can follow these steps to remove a payment method:. Go to your payment settings.. In the Payment Method section, find the payment method you want to remove and then click the 3-dot icon next to it.. Select Remove.. In the Remove Payment Method section, click Remove.. Select Done.. How did Facebook Pay get my credit card info?The most likely explanation is you gave Facebook your CC number at some point. Second most likely is you gave your CC number to a company that belongs to Facebook.
Why do I have an automatic payment to Facebook?automatic billing: We automatically charge you whenever you spend a certain amount known as your payment threshold. We charge you again on your monthly bill date for any leftover costs. This is how you pay for your ads if you use PayPal or most credit and debit cards.
Can you get your money back from Facebook Pay?You can reach out to begin a refund process if your paid online event was unavailable or rescheduled by the creator. We may be unable to process refunds for purchases not made through Meta Pay. If you purchased your paid online event using Meta Pay, reach out to us to begin your refund request.
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