Facebook is constantly improving its service and adding new features that make the entire social media experience more worthy. For instance, Facebook Pay from the social media giant is a blessing for individuals and businesses. If you are new to the payment procedure, then you are in the right place!
Today, we will learn how to set up Facebook Pay and examine why the payment procedure is beneficial.
As the name suggests, Facebook Pay is a payment application from Facebook. With this feature, users can purchase products from a business’s official page without the need to land on a different page and website.
The best example of how this can be beneficial is how you perform a transaction. Rather than initiating the transaction through your bank’s website, you can quickly make payments to your contacts through Messenger. All you need is to set up Facebook Pay, and you are ready.
Facebook Pay and Its Operation
The benefit of Facebook Pay is that anyone can use it to make payments while using Facebook, Instagram, Portal, or Messenger. After setting up Facebook Pay, which requires a debit/credit card stored in the individual’s Facebook account, they can make purchases quickly without leaving these portals.
One would use Facebook Pay at checkout, using the Facebook Pay option, and enter their PIN to complete the purchase. Facebook is also providing the possibility to use biometric identification or authentication to complete a payment rather than entering a PIN. Whether they use PIN or biometrics, users do not require entering the payment card or method details for each transaction.
For a business owner, Facebook Pay functions as simple as it appears. They can integrate the payment processing system into their website and add it as an option when selling through an e-commerce portal. The payments become effective and efficient for customers because they would sign with their Facebook accounts. Customers can avoid entering the payment details and addresses to complete a transaction. Learning how to set up Facebook Pay will be a game changer for advertising agencies, marketing agencies, and small and medium businesses.
Is Facebook Pay a Paid Service?
Facebook Pay is a free service for both the customer and a business entity. For a business entity, setting up Facebook Pay is straightforward. It does not involve paying money as long as they already accept credit cards. The existing credit card processor will handle the requirements of Facebook Pay. The costs are generally merged into credit card processing expenses.
How to set up Facebook Pay?
Learning how to set up Facebook Pay has numerous benefits for a buyer and seller. The process to set up the account is as follows:
- Click the three-line symbol.
- Select “Settings & Privacy” and then choose “Settings.”
- Next, click “Facebook Pay,” available under your “Account Settings.”
- Here, you have to add the payment method. For example, you can add your debit or credit card or link your existing PayPal account. Again, ensure to check the details of the information entered before saving.
- You will notice the transaction history, including that you made using Messenger, appear under the “Payment Method.”
- Once established, you can make payments or request money from all your contacts on Facebook or Messenger. The transactions will appear as a conversation between the payer and the recipient.
Is Facebook Pay Secure?
Given the recent scandals rocking Facebook, people are bound to ask whether Facebook Pay is secure. It is an important question because you do not want yet another payment processing to leak information.
Facebook Pay is secure, thanks to its top-tier security layers. When you add your payment details to your Facebook account, Facebook stores them in an encrypted format. The debit/credit card or PayPal details will appear as random alphanumeric values with special cases. Additionally, as the data is encrypted, even Facebook does not have the power to decrypt it. Facebook never shares these details with any third-party app developer without your permission. Additionally, Facebook stores the account and payment data in two separate locations.
The Benefits and Drawbacks of Using Facebook Pay
Like any other payment procedure, Facebook Pay has its share of pros and cons. In the previous paragraphs, we saw how to set up Facebook Pay for an individual or a business entity. Here, we will see the benefits and drawbacks of using Facebook Pay.
- Data shows that about 45% of customers use the mobile wallet as the preferred payment mode. With Facebook Pay addition, your business will attract these customers.
- Facebook Pay is a great way to increase checkout conversions by nearly 35%. In addition, paying through Facebook Pay is less tedious. It involves only a few clicks, so checkout will be faster for customers.
- As you can integrate Facebook Pay into social media sites, you can make the checkout available instantly when a customer oversees your product. You can use your official business social media handling page and convert it into a rapid payment platform.
- As a business entity, you must make multiple payment modes available to the customers. Suppose you like to add another payment option or run your website through Shopify. In that case, you can integrate Facebook Pay with simple clicks.
- PayPal and Facebook Pay operate on similar methods. However, Facebook Pay does not incur any charges. As a result, buyers and sellers can use the service without additional costs, whereas PayPal attracts pesky handling fees. Clearly, the free option has a greater advantage.
- Facebook has billions of users. However, not everyone has a Facebook account. Some do not use the network. Such individuals cannot use Facebook Pay. Additionally, a few people may try to avoid using Facebook if they do not have a requirement.
- Facebook Pay is not available readily for integration for all platforms. For example, Facebook Pay is unavailable if you built the website using a different medium than Shopify. Facebook is in plans to roll out the integration for other platforms. Until it does, several businesses cannot rely on Facebook Pay yet.
As you learn how to set up Facebook Pay, you can start creating an account and integrate it into your business profile. Customers further have the choice to add their payment method to their accounts for speedy checkouts. The convenience and ease of processing make it an attractive payment procedure. However, ensure that you have other options available in case customers lack Facebook Pay.