January 17, 2021

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The 6 Best Payment Apps of 2020

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The 6 Best Payment Apps of 2020
CompanyFeesDomestic or Foreign TransactionsLength of Time for Transactions to Post
PayPalNo Domestic and ForeignTypically a day, sometimes longer
VenmoNo (yes for credit card usage)Only domesticUsually 30 minutes
Cash AppNo (yes for credit card usage)Only domesticWithin minutes
ZelleNo Only domesticWithin minutes
Google PayNoDomestic and some foreign transactionsUsually 24-hours. Depends on the transaction
Facebook MessengerNo Domestic and some foreign transactionsMay take up to 5 days to receive funds

What Is a Payment App?

A payment app is a tool to pay for goods and services and send money to vendors, friends, and family. People tend not to carry as much cash nowadays, so a payment app can be a quick way to reimburse a friend for a concert ticket, help a family member out with a bill, or even pay for something at a store without having your wallet with you. It’s like having a digital wallet with you on your phone.

How Does a Payment App Work?

A payment app works like a digital wallet. You link your bank account information and credit cards to the app, and it securely stores it so you can use it to send and receive money directly on the app. You don’t need to have your wallet physically with you, and some apps can even be used internationally. It’s a quick and convenient way to send and receive money and pay for things online and in stores.

How Much Does a Payment App Cost?

Some payment apps are completely free, while others have free aspects like receiving money or sending money between friends and family. Some payment apps may charge fees to receive money quicker than the standard time, currency exchange and processing fees, and credit card fees. These fees vary based on the type, amount, and location of the transaction.

You may be charged between 2.5–3% for credit card processing fees when using some payment apps. If you’re a small business, you can add these fees into the cost of your goods and services or charge an additional fee for customers to pay with a credit card. 

Is a Payment App Worth the Cost?

Free payment apps are worth using because there’s no cost, and they’re convenient and easy to use. However, if you have to pay to use the payment app, it may or may not be worth the cost. If you’re a small business who accepts credit cards, it’s usually worth it because you’re increasing your number of customers by accepting additional payment forms.

If you need to send money internationally or need your funds available the same day, you would need to find out the fees, weigh your options, and then see if it’s worth it to pay a little more for the convenience.

How We Chose the Best Payment Apps

We chose the 6 best payment apps by first reviewing and researching multiple payment apps and then selecting the top choices. We chose the best options based on their reputation, functions, ease of use, what platforms they work on, how you can send and receive money, and more.

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