We all at times need to move money across platforms to make payments, savings, or just transfer money to family and friends. We have been accustomed to the old transfer ways of sending and receiving money. In this new Era where Fintech has gained momentum, we require a fast, reliable, and secure platform where we can store our money and also transfer it to others without incurring extra costs.
This is where Paysend comes into place and helps solve all these problems experienced in payment processing. Read on to know all about Paysend and what you can do using it.
What is Paysend?
Paysend is an American payment processor that offers an online card to card transfers globally. Paysend operates under a license issued from Kansas City and is sponsored by the central bank of Kansas City. It was the first platform to offer an online card to card transfers and is regarded as the pioneer of the same in finance and banking.
This Fintech company has rolled out a dedicated mobile application that you can use to register and verify your account. The application is available on the Play Store for Android users as well as Apple Store for iPhone users. By creating an app, the company made it possible for money to be transferred with a few taps and the user doesn’t have to visit any stores or offices for that.
Paysend can also be used for card-to-bank transfers or to make online payments. For this reason, the company has won several awards like Pay Tech 2018 Awards for the best consumer payments 2018, Finovate Spring 2018 for leading Fintech product 2019, and MasterCard -Top tier (5%) for processing quality.
How does Paysend work?
When you open your Paysend account, you have to link it to your Credit or Debit card as they only accept cards as a way of payment for their services.
How to send money using Paysend?
On the app, select new transfer and select the recipient’s country. Then enter the amount you need to transfer and tap on the next page where you will choose the transfer method from either to card, to account, Paysend link, or mobile airtime. Available choices may differ depending on the country you are in. Next check the charges and delivery time then fill out the recipient’s information as requested. Fill in your card’s details and your CVV and tap on send. If your card uses 3D security you will have to enter the codes sent to your phone by the bank and tap on send.
How to receive money using Paysend?
You can request payment from the Paysend app by tapping on the request payment tab, then fill in the card number you want to get payment from and the sender will receive a link on their phone that will direct them to a page where they can authorize the payment. You either get money on your card, to your bank account, or a link where you can withdraw the money from an ATM.
Paysend transaction fees
Paysend is very affordable when it comes to fees and commissions. They don’t charge for sending money to other banks. They will only charge you to transfer money to international wallets in local currency. From the USA they charge 2$ to transfer the money to an international wallet. Money that is being received in us dollars is charged a 2$ fee for amounts below 200$ and 1% of the total amount if it’s over 200$. You can visit the Paysend site to check your fees according to the currency you are using.
Is Paysend safe?
Yes, it is very safe as it is governed by Kansa City central bank. The application also uses XML-based encryption that protects your transfers. There is also a very solid SSL-based security and Top of the line encryption to make your transactions safe. Finally, they have 3D security and you get notified every time there’s a transaction.
It’s no doubt that Paysend is the next best thing when it comes to payment processing. They have removed the need for intermediaries in the transfer process making the fees go low. Also, don’t forget that you put your money only where you feel secure, somewhere like Paysend.
Q. Can I transfer money from the USA to the UK using Paysend?
A. Yes you can do the transfer at a 1.50 pounds fee and receive the money instantly on your card.
Q. Does Paysend have reliable customer care?
A. Yes, you can reach customer care by phone or via email. There is also a chatbot in the app that connects you to customer care.