Are you among those people who happily help people during a financial crunch, but feel weird to remind them constantly to pay you back? If yes, PayPal (NASDAQ: PYPL) has a new feature for you that will save you the ‘uncomfortable’ chat and still get you your money back. The latest service is called PayPal.me, and will allow its users to send customized links meant to collect money from those who owe it to them. No more feeling uncomfortable about asking for your own money be it from anyone – friends, family or co-workers!
If you think it is uncommon of people to loan out money to their known ones, you are wrong. As per a survey by PayPal, people around the world have lent each other a whopping $50 billion. With PayPal.me, it will get equally easier for people to ask for their loan to be repaid, with just the click of a button. While it had always been simple to lend money with PayPal, getting it back was much of trouble. PayPal users could lend out money to anyone by sending a link to their email id and making digital transfers by linking their debit cards. However, with PayPal.me, users can create a permanent link and send it those who owe them money. What’s more, they can also send the link through text as well as through messaging apps.
Ever since the launch of PayPal, it became much easier for people to transfer money anywhere, any time. Soon, the idea was also cashed in by other companies like Facebook (NASDAQ: FB), Snapchat and Square. Starting this year, Square has been offering a feature called $cashtag on its app, Square Cash, which is similar to PayPal’s new service – it allows users to send money through a personalized link.
The new feature by PayPal however, is likely to prove most useful to businesses that need to collect money regularly from its customers. It is also simple to use as well as free for US residents who use their bank accounts for making fund transfers. However, those who wish to make payments with their credit card will have to pay a fee of up to 3 percent on every transaction. This may make PayPal users a little hesitant about using the service because no one prefers paying extra for making a payment or transferring money. Also they have other options that work similarly – like cash or check payments, wherein they are not charged extra for fund transfers.