How Facebook Messenger Payments Work
You can use Facebook Messenger on your desktop or make in-app payments from a mobile device. Making payments is a free process whether you send or receive money. While payments feel easy and informal, there are several requirements to use Messenger for making transactions:
You need to have an active Facebook account. You need to fund payments with a U.S. bank-issued Visa or MasterCard debit card, or with a PayPal account. Some prepaid cards may work, as well. You must be 18 or older to use the service. All parties involved must live in the U.S.
How To Send Money
Sending money with Facebook is almost as easy as sending a private message. Whether you choose to send through the Messenger app or through the Facebook website, these are the steps involved: If you have never provided payment information to Facebook, you will see a “Next” button instead of the “Pay” button.
Your First Payment
To use Messenger payments for the first time, you need to provide funding information. It’s easy to submit this information as you go through the process of making a payment, but you can also add or change funding methods in Facebook’s settings. To add a funding method, enter your debit card number or PayPal account information, along with any other required information. You also have the opportunity to set up a personal identification number (PIN), which can help prevent unauthorized payments. Choose a code that is hard to guess and that nobody else knows. If you want extra security, you can require a fingerprint match or facial recognition on some devices.
How To Receive Money
When you receive a payment, Facebook sends the money to your linked debit card or PayPal account right away. That being said, it may take up to three business days for the money to appear in your bank account.
Provide Your Account Info
If you don’t yet have a linked account, you need to provide card details or your PayPal account information to accept payments. After you do this once, any future payments go to the linked account.
If You Need Money Faster
If you need the funds to be available for spending immediately, Zelle might work as an alternative to Messenger payments. Funds move directly from one bank to another, so Zelle transfers are typically available within minutes. You might already have access to Zelle through your bank, and payments clear quickly when both your bank and the sender’s bank work with Zelle.
Are Facebook Messenger Payments Safe?
Facebook claims that your money and your information are secure. Still, whenever money is involved, it’s smart to take steps to protect yourself from fraud and other problems.
Beware of Fraud
You can’t cancel Messenger payments, although recipients can voluntarily reject payments if you make a mistake. Plus, Facebook has limited consumer protection when you buy something through Messenger. Whenever you make a payment, it’s best to assume that the money is gone for good.
Account Security
To protect yourself, establish a PIN for Messenger payments (or use biometric security, if available on your device). Biometric features such as Touch ID and facial recognition are only available when using the Messenger app on certain devices. PINs and biometric security are optional, and it’s wise to take advantage of those security measures when you can.
Data Security
Facebook reports that your personal data and linked account information are encrypted, and the company employs anti-fraud technology to reduce the chances of theft. Facebook also stores your financial information separately from your basic profile data, which would ideally help if certain systems are breached. Facebook originally developed Messenger payments with help from financial industry experts, so it’s reasonable to expect relatively robust security. Still, even robust systems can get hacked.
Privacy
Privacy is always a concern online. However, if you already share everything on Facebook and you’re not concerned about privacy, a bit of your financial information might not matter. Still, data can be mined and analyzed in surprising ways, so be mindful of how you send and receive money. For example, when you make a payment in Messenger, your name, profile photo, and payment amount are shared with your payee, and the transaction information resides on Facebook’s servers.
Account Monitoring
Monitor your linked funding accounts (your checking account or your PayPal account, for example) in addition to your Facebook account. Sign up for automated alerts to stay informed about withdrawals from your bank account, and notify your bank immediately if you see transactions you don’t recognize.
