New York SBDC Research Network

From the Federal Trade Commission : Online peer-to-peer, or P2P, payment systems let you send money to people quickly... The use of these services is a growing trend... estimates [suggest] there will be more than $700 billion in peer-to-peer payments in the U.S. in 2018. There are several mobile peer-to-peer apps out there already and banks are also getting into the game. If you use a peer-to-peer payment system, here are some tips to keep in mind. *In many apps, when you receive a payment, the money is added to your P2P system balance. It’ll remain there until you transfer it to your bank account or use it for another transaction within the system. If you transfer the balance to your bank account, confirm that the deposit went through. The transfer could take a few days or even longer if it’s flagged for additional review. *Scammers try to get you to pay them in many different ways—including by sending money online—so make sure you know who you’re sending money to. If you use

From the Federal Reserve Bank's Business Payments Coalition: The Business Payments Coalition recently released the third version of its Small Business Payments Toolkit . This document, available as a free download, encourages the adoption of electronic business-to-business (B2B) payments by small businesses. Checks are the main way small businesses make B2B payments. This is a problem because checks are expensive, labor-intensive and prone to fraud. Using plain language, the Toolkit educates small businesses on the benefits of using electronic payment types such as Automated Clearing House credits and debits, wire transfers, and credit and debit cards instead of checks. It offers tips on working with bankers and covers what small businesses need to know to get started making and receiving electronic payments. It provides practical information on how to avoid losses due to payments fraud. An extensive resources section has links to additional information. The Toolkit isn’t just

The Remittance Coalition released the first volume of the Small Business Payments Toolkit , an educational resource to help small businesses learn more about payments. The toolkit is intended to encourage the adoption of electronic business-to-business payments and remittance information exchanges by small businesses. It explains payment types, describes electronic payments like automated clearing house (ACH) transactions, offers advice on working with bankers, and provides tips on avoiding payments fraud. It lists resources for further information and education on payments. Feel free to share this practical guide with your small business clients. The Toolkit is intended for public use, is not copyrighted, and can be shared and linked.