How to pay your friends when you don’t have cash

iconAs more and more people routinely use credit cards, debit cards and other forms of electronic payment for everyday monetary needs, paper cash is becoming less and less of a necessity. Why would you bother to find exact change in line at the coffee shop and hold up all other patrons in the process when you can accomplish the same thing even faster with a debit card? While that’s all well and good, there will still be certain situations where cash is a must. If you’re heading back from a night out on the town and are splitting a cab with friends, you’ll need cash to help cover your portion of the tab. In the event that a situation arises where you have to pay your friends but you don’t have cash, it’s important to understand that you aren’t without options.

The absolute best way to pay your friends when you don’t actually have any cash on hand is through the use of the right type of electronic payment service. PopMoney is one such service that allows you to move money to various locations right from your bank account with a moments notice. PopMoney is accessible online and as an app on your phone. PopMoney is also available for Belmont Savings Bank customers right in the online banking application.

Once you sign up for your PopMoney account, you can pay other people any amount of money that you’d like directly from your checking account. All you need is the email address and telephone number of the recipient. The process is over and done with in just a few seconds and all parties are happy because the money has been successfully moved along in the right direction.

Say you’re out on the town and don’t have the cash on hand required to split the check with the person with whom you are dining. In years past, you would need to promise to pay the person at a later date, which would only result in an awkward situation and the requirement that you actually remember to do so. With an electronic funds transfer service like PopMoney, you can spring into action using online banking.

After you log into your Pop Money account and select the amount of money you want to transfer, you only need to select the option labeled “Pay Other People.” Once you input the email address and telephone number of the person in question, the funds that you’ve specified will be moved out of your account and will be available to the recipient in a short period of time. It doesn’t get much simpler than that.

 

This blog post is the opinion of Belmont Savings Bank and is not to be taken as financial or investment advice. For personal financial advice, please consult a financial advisor.