Is Facebook Pay Safe | Facebook Pay Limits | Drawbacks of Facebook Pay

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IS FACEBOOK PAY SAFE – It is now common knowledge that there’s always a new way for customers to pay for service online. This is a result of technology companies creating their own payment platforms other than the ones other companies have already developed.

This potentially makes it highly valuable for your business. Just as we have Google Pay, Apple Pay, and some other payment platforms, so also do we have Facebook Pay.

Is Facebook Pay Safe

Drawbacks of Facebook Pay

Not all customers can use it

Although billions of people are on Facebook, there are people who don’t use the network. These people can’t use Facebook Pay.

Plus, some people with Facebook accounts prefer to avoid using the platform if they don’t need to.

It can’t integrate with all websites

Facebook Pay is presently only available to websites built on Spotify. Facebook does intend to roll out Facebook Pay availability for websites that other services host.

As such, until then, many businesses are out of luck here.

Does not support international transfers

Facebook Pay hasn’t been enabled to make international deposits and transfers. It’s not a full grid international transaction-enabled digital wallet.

It’s more like a bill-splitting wallet, just to sort out little bills here and there.

What is the limit for payments on Facebook Pay?

Like every other payment platform, there is a limit to the amount of payment you can make on Facebook Pay. Although, Facebook hasn’t really published any limits to the amount of money one can transfer or receive while using Facebook pay.

This might be a result of the service still being in its early stage. Facebook has made it clear that it was for solely peer-to-peer payment. Facebook Pay does not have a minimum transfer amount but the maximum amount you can send per transfer is $9,999.

How expensive is it to use Facebook Pay?

Facebook Pay is free for both customers and businesses. This is one interesting feature this payment platform has.

Both you and your customers can implement it without paying any money if you already accept credit cards. Your current credit card payment processor will handle all your Facebook Pay needs. Its costs are baked into your credit card processing expenses.

Is Facebook Pay Safe?

It is worthy of note that credit card security risks and other security perils abound. Most payment processing companies have trustworthy safeguards in place.

Facebook, on the other hand, has been through several highly publicized data scandals. This is one of the reasons why people have always asked how safe the payment service is.

Well, the answer to this frequently asked question is as safe as any payment platform should be. Facebook Pay boasts top-tier security.

It encrypts all debit card and credit card data when it is added to the Facebook app. Similarly, Facebook Pay will never share a user’s payment information with other parties without permission. Additionally, all Facebook account data is stored in a separate location from payment information.