Person-to-Person Payments Guide


Learn All About Person-to-Person Payments


What are Person-to-Person (P2P) Payments?

P2P payments are simply payments you make to another person through an online or mobile device, such as Venmo®, etc.

Can I send or receive money using P2P and my Waukesha State Bank account, debit card or credit card?

Yes! Whatever P2P application you choose, you can conveniently attach your Waukesha State Bank account, debit card or credit card. More guidance and options are provided below.

What is Venmo, and how does it work?

Venmo is a P2P app that lets you pay and request money from your friends. You can link your Waukesha State Bank checking account, debit card or credit card to the app, search for friends using the app and easily send and request money so you don’t have to carry cash or mail checks. Plus, Venmo uses encryption so your transactions and bank account or card information are safe and secure. Venmo is owned by PayPal, Inc.

How to sign up:

  • Download the Venmo app from your app store.
  • Choose your sign-up method and create a secure password.
  • Verify your phone number and email address.
  • Add and verify your Waukesha State Bank account, debit card or credit card.*
    • You may be asked to input your online banking credentials, or your account number and the bank’s routing number (Waukesha State Bank's routing number is 075901341). If you link your bank account, Venmo will send and withdrawal up to $1 in order to verify it. 
  • Add friends.
    • You can search Venmo for friends that are also on the app, or you can let the app access your phone contacts. You can also scan a QR code from the app on your friend’s phone.

*A fee applies for using a credit card. Check your card's terms for more information. Transactions made with your bank account, debit card, or your Venmo balance are free.

How to send or request a payment:

  • Tap the “Pay/Request” button on the bottom of the app.
  • Use the Search bar to add the person, using their name, Venmo username, phone number, or email address.
  • Type in the dollar amount of the payment or request.
  • Add a description (optional).
  • Tap the “Request” or “Pay” button.
  • That’s it! Your request or payment is sent.
NOTE: The app has a timeline that shows the description of each transaction (except the dollar amount). You can choose if you want everyone to see the transaction (public), just your friends (friends) or if you don’t want your transaction to appear at all (private). You can change this default setting by going into your Settings and selecting Privacy.

How to use Venmo at merchants:

  • In stores:
    • Venmo QR codes allow you to make contactless in-store purchases from your Venmo account. Simply go to the "Me" tab in the Venmo app and tap the QR code next to your profile picture. You may need to follow the on-screen prompts to allow your camera to scan codes.
    • If the merchant is presenting you with a QR code, simply scan that code to proceed with the transaction. You’ll need to confirm the purchase in your app to complete the transaction.
    • If the merchant needs to scan your QR code, tap “Show to Pay” to present your QR code and select your payment method, if needed.
  • Online:
    • If a website or app accepts Venmo you should see a Venmo payment button or QR code. Simply tap the button or scan the QR code, select your payment method (if needed), and proceed with checking out. You may be asked for permission to link your Venmo account with the merchant.

How to transfer money from Venmo to your bank account:

When someone sends you money through Venmo, the funds stay in the app until you request a transfer to your Waukesha State Bank account. If you already have your bank account linked and verified in Venmo:

  • Tap your "Me" tab on the bottom right of the app.
  • Tap the “Wallet” toggle and select “Transfer.”
  • Enter the dollar amount you want to transfer.
  • Select “Instant” or “1-3 biz days.”**
  • Confirm your transfer details, and tap the “Transfer” button.
**Instant transfers have a 1.75% fee (with a $0.25 minimum and $25.00 maximum). 1-3 biz days (or “standard”) transfers are free.
 

For more information on Venmo, go to https://venmo.com/. 

Are there any other P2P options?

Yes, there are other P2P options.

Additionally, the Federal Reserve will be launching their new FedNow product in the near future to facilitate instant payments. At Waukesha State Bank, we are watching the development of this closely as we believe FedNow will improve the speed, safety and efficiency of the nation’s payment system. The Federal Reserve historically created the ACH (i.e. Direct Deposit) system in the U.S. dating back to the 1960s. This is the backbone of most electronic payments today. We think it likely that FedNow will eventually play the same role for instant payments. Stay tuned for further information.