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What are the Accepted Payment Methods with FastComet?

Updated on Nov 2, 2022

The accepted payment methods with FastComet are by Credit/Debit Card and via PayPal. The accepted credit/debit cards are Visa, Maestro, MasterCard, and American Express (AMEX).

Let's go over the payment methods in detail and give some thorough information about all your options.

This post includes:

What Is PayPal?

PayPal users can send money to friends, family, business associates, and others with ease. To begin sending and transferring money through PayPal, you must first create an account. PayPal accounts are free to open and only require an email address and some basic information.

You can send and receive money from anyone else who has a PayPal account once you have one. If you're attempting to send money to someone who doesn't have a PayPal account and they ask, "What is PayPal?" you can show them how to create a free account. Sending money to family and friends is completely free. If you use PayPal to send money as part of a business transaction, you will be charged a small processing fee.

PayPal is frequently used to pay for winnings in eBay auctions. While it is not required to pay for your eBay auction with PayPal, it is a common practice due to the two companies' relationship. In 2013, PayPal also purchased Venmo, another online peer-to-peer payment service. Your online payment is processed by the same company whether you use PayPal or Venmo.

PayPal Credit

PayPal Credit is marketed as a revolving credit line that can be accessed via your PayPal account. You do not have a physical credit card with PayPal Credit. Instead, you can use your PayPal Credit account anywhere PayPal is accepted. If you do not pay your balance in full each month, you will be charged interest and/or fees, as with most credit cards.

The Venmo Mastercard is a physical card that can be used at any merchant that accepts Mastercard. This makes using your Venmo balance at more traditional merchants more convenient. While the Venmo Mastercard does have some built-in overdraft functionality, it's more accurate to think of it as a debit card (linked to your Venmo balance) than a true credit card.

PayPal Cash

PayPal Cash is the account that holds all of your PayPal funds. PayPal Cash debuted as a standalone feature in 2019.

When someone sends you money through PayPal, you now have the option of transferring it to your own external bank account or keeping it in your PayPal Cash account. In some cases, you can use any money in your PayPal Cash account to send money to family and friends or to make purchases without having to connect to an external bank account. You can also use your PayPal Cash balance to pay with Google Pay or Samsung Pay.

How PayPal Works

PayPal functions as a service platform for two people (or businesses) who want to exchange money. There is no fee if you want to send money to friends and family. If you send money as part of a purchase or as payment for a service, PayPal will deduct a small processing fee before transferring the balance to the recipient.

If you own a business and want to accept PayPal as a payment method, you must first open a PayPal Business account. While a personal PayPal account can be used to sell items, if you own a business and want to streamline your operations, a PayPal Business account may make more sense. PayPal accounts provide fraud protection, enhanced security, and transaction encryption.

PayPal Pros and Cons

Here are some PayPal pros and cons to keep in mind:

Pros

  • PayPal is easy to use – it’s a very straightforward way to send money to friends and family.
  • Paying with PayPal gives you an extra level of security and fraud prevention. If you pay for a purchase using PayPal that ends up being fraudulent, PayPal can help get your money back.
  • PayPal encrypts your bank or credit card information, keeping that information safe.
  • No fees for sending money to friends and family.

Cons

  • While it is free to use PayPal to send money to friends and family, if you are sending money via PayPal as part of a business transaction, you’ll be charged fees.
  • PayPal also charges a 1% fee if you want instant access to your money; a free bank transfer takes several days.
  • PayPal has a reputation for being very aggressive with account freezes. And if they decide to freeze your account, they hold your money until you can prove that you have done nothing wrong.

Paying with Debit/Credit Cards

Paying with plastic is simple, but selecting the right type of card is critical. You can use both debit and credit cards for almost anything, including everyday spending, online shopping, and bill payment. Before you choose a card, weigh the benefits and drawbacks of each type.

Pros and Cons of Debit Cards

Pros:

  • Prevent debt;
  • No annual fees;
  • Good for a smaller purchase;
  • Easy to get.

Cons:

  • Have limited funds;
  • Have overdraft fees;
  • Complicated for big-ticket items;
  • Require a PIN.

Your checking account is linked to your debit card. When you use one, money is immediately deducted from the linked account. These cards have both benefits and drawbacks.

Prevent Debt, but Funds Run Out

The advantage of debit cards for many people is that they do not incur debt when used. They restrict your spending to the funds in your checking account. There will also be no monthly interest charges. When you run out of funds, however, the card will be declined unless you enroll in an overdraft-protection system, in which case the bank will pay for the transaction. 1 If you don't, and you have an unexpected expense, you might not have enough money in your account to make a purchase at the time.

No Annual Fees but Incur Other Fees

It is also less expensive to use debit cards. They frequently do not have annual fees like some credit cards. Furthermore, many banks provide free checking with no maintenance fees. If you need cash from an ATM, you can usually get it for free by using your debit card at ATMs affiliated with your bank. However, using ATMs from other banks may result in ATM fees.

Some checking accounts (required for a standard debit card) charge maintenance fees if you do not qualify for a waiver, but a checking account is practically required. A credit card, on the other hand, is not. Overdraft fees will apply if you sign up for overdraft protection. If you have trouble controlling your spending, you could incur significant overdraft fees.

Good for Small Purchases but Complicate Big Ones

Merchants are charged fees to process their payments, and debit card swipe fees are typically significantly lower than credit card fees (although there are exceptions). As a result, when you use a credit card, some merchants require you to meet minimum purchase thresholds, such as a $10 minimum. When you use a debit card, you can often avoid swipe fees, lowering the costs of your favorite businesses.

However, one disadvantage of debit cards is that if you make a large purchase, you are forced to spend immediately because the funds are immediately deducted from your account. Credit card purchases are loans, so you are not required to repay what you borrowed right away. This makes managing large purchases easier.

Easy to Get but Require a PIN

If you have bad (or no) credit, debit cards are easier to obtain. You can get a debit card if you have a checking account. You do not need to apply for it separately, as you would for a credit card.

In contrast, you must apply for a credit card separately, and some cards are only available to people with excellent credit. If you get a card from a bank other than the one where you do your banking, it will not be linked to a bank account, adding to the complexity of your finances. You'll frequently have an additional username and password, another card number that can be stolen, and an extra payment to make each month.

However, one disadvantage of debit cards is that they make spending slightly more difficult for the consumer. Unlike a credit card, you cannot simply swipe a debit card; instead, you must enter a personal identification number (PIN) to prevent others from stealing and misusing your card.

In some cases, you may be able to use a debit card like a credit card, avoiding the need to enter a PIN.

Pros and Cons of Credit Cards

Pros:

  • Time to notice errors;
  • Can build credit;
  • Offer rewards;
  • Have high limits.

Cons

  • Can lose up to $50 to fraud;
  • Can hurt credit;
  • Potential for overspending.

Credit cards enable you to borrow money from a financial institution to pay for goods or services. When you use one, the card company pays the recipient on your behalf, and you repay the card company later. While these cards are useful, they are not without drawbacks.

Less Risky, But Losses Occur

When you use a credit card, you have time between when you make the purchase and when you make the payment. This gives you more time to notice and dispute errors while keeping your checking account open. When you use a debit card (or thieves with your card and PIN), the money is immediately deducted from your checking account.

Credit cards also provide fraud protection. Having said that, most debit cards now provide voluntary "zero liability" coverage. Furthermore, you can still lose money (albeit a small amount) when using credit cards. You can't lose more than $50 to fraud with a credit card, but your liability with a debit card is potentially unlimited under federal law.

Can Build Credit or Hurt It

Maintaining a credit card account allows you to build or maintain a strong credit history. Debit cards do not affect your credit. Some die-hard debit card users may argue that credit scores are unimportant because they will never need to borrow, but they are. You might need to borrow money someday (to buy a house or a car, for example), and starting from scratch is difficult.

If you pay off your credit card balances in full each month, you won't have to pay any interest. However, if you fall behind on payments, your credit score may suffer, which is not usually the case with debit cards.

There are Rewards, but Debit Has Its Perks

When it comes to bonuses, credit cards generally outperform debit cards in terms of sign-up bonuses, discounts, cashback, and travel points. Some credit cards even provide extended warranties on purchased items, as well as limited travel insurance.

While the average debit card does not provide such benefits, a small subset of debit cards linked to "rewards" checking accounts do. There are numerous cashback debit cards available on the market, for example.

Some rewards debit cards have fees or spending limits that may outweigh the benefits, so read the fine print.

High Limits but Promote Overspending

Credit cards frequently have limits that exceed the amount of cash in your checking account. As a result, you won't be concerned about exceeding your limit as a result of authorizations and holds. You'll have fewer issues using your card for rental cars, hotels, gas at the pump, and dining, all of which have pre-authorization holds that keep funds locked up for several days.

If you have difficulty budgeting, it is easy to exceed your credit limit, putting you further in debt and harming your credit score. A debit card, on the other hand, can only be used to spend money that you already have, which can help to curb the desire to spend.

When Should I Use Credit Instead of Debit?

For many purchases, a credit card is preferable. When shopping online or in person, a credit card protects you in ways that a debit card does not (including sheltering your checking account, extended warranties, and more). To avoid finance charges, pay off the card's balance in full each month.

A debit card is preferable for cash withdrawals and assists in avoiding overspending and debt. Your debit card is the best option for cash withdrawals at ATMs. If you stick to safe ATMs, you'll avoid fees, and your card information will be less likely to be stolen.

Stick with a debit card if a credit card will tempt you to incur a mountain of debt. But, in the end, you must take charge of your spending. If you don't, you'll find ways to spend more than you should, regardless of how much money you have.

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