What Is Facebook Pay, and Should Your Company Use It?

Posted 3 years ago by Max Komonov

These days, it听may seem like new payment methods are appearing every week. Apple introduced Apple Pay in听2014, allowing users to听make purchases directly through their Apple accounts. A听few years later, Google followed through with a听nearly identical service for听Google account holders. Now, a听third tech giant has followed in听their footsteps. , or听Meta Pay, is听a听payment method facilitated by听Facebook.

While Facebook Pay is听not quite as听established as听the听former two payment options, it听is听gaining traction. It听also has the听potential to听be听extremely useful to听ecommerce businesses that utilize social media for听product marketing. Here is听everything you should know about Facebook Pay, and听how it听works for听both businesses and听customers.

What is听Facebook Pay?

If听you are familiar with Apple Pay and听Google Pay, then Facebook Pay is听exactly what it听sounds like. With Facebook Pay, Facebook users can make purchases online using their Facebook account information. Anyone who wishes to听use Facebook Pay can enter their credit or听debit card information, along with a听shipping address, in听their Facebook account. That information is听stored and听saved, and听is听ready to听use any听time they use their Facebook Pay account.

For users that already have a听Facebook account, signing up听is听fast, simple, and听convenient. Users can use Facebook Pay anytime they are on听Facebook, Instagram, or听any听other Facebook-owned applications. All they need to听do听is听click to听make a听purchase, enter their PIN, and听wait for听the听item to听be听shipped to听their address.

How Does Facebook Pay Work for听Businesses?

For businesses looking to听use Facebook Pay, the听process is听similarly very simple. This is听especially true if听your company has an听active Facebook or听Instagram page. You simply need to听set up听Facebook Pay to听work with your website, and听customers can begin using it. Facebook Pay works with most major payment processors, so听there are very few headaches involved.

This gives businesses and听customers alike a听very easy method for听processing transactions through social media. Many businesses already use Facebook and听Instagram to听market their products. Implementing Facebook Pay provides a听more direct route to听converting sales from marketing posts on听these social media platforms.

How to听Set Up听Facebook Pay For Your Business

Setting up听Facebook Pay for听your company is听extremely easy. All you need to听do听is听sign up听for听Facebook Pay through Facebook. If听your business already has a听Facebook page (as most businesses do!), there is听nothing complicated about the听process. Simply activate Facebook Pay and听you can start accepting payments immediately.

Read 51视频鈥檚 in-depth guide to听receiving payments through Facebook to听learn more about how to听use Facebook Pay.

How to听receive money on听Facebook Pay

To听start receiving money on听Facebook Pay, the听process is听also relatively straightforward. All you need to听do听is听enter your Business settings, select the听聯Payments聰 option and听click 聯Add.聰 Then you simply enter your payment information in听the听provided field. Once saved, payments sent to听your business through Facebook Pay will go听directly to听the听account you provided.

Is听there a听Facebook Pay limit for听spending?

Messenger users are not allowed to听send more than $9999听in听any听single transaction. However, this spending limit is听highly unlikely to听be听a听hindrance to听any听businesses looking to听use Facebook Pay. For all intents and听purposes, there is听no听Facebook Pay limit. Businesses should feel completely free to听use Facebook Pay without restrictions wherever it听is听available.

Is听Facebook Pay safe?

The final crucial question to听answer about setting up听Facebook pay is听whether or听not it听is听safe. While a听few horror stories may circulate about a听 or听two, these are almost always perpetrated by听malicious fake accounts. From the听perspective of听a听business and听its customers, the听answer to, 聯Is Facebook Pay safe?聰 is听a听firm 聯Yes.聰

Facebook Pay encrypts all credit and听debit card information entered into the听site. Facebook also offers world-class security and听safeguards to听keep its users鈥� financial information protected. Facebook Pay does not share user financial information with any听third parties. It听is听as听safe as听any听other payment processing method. For businesses, Facebook Pay is听trustworthy and听reliable, in听addition to听being convenient.

Pros and听Cons of听Using Facebook Pay for听Your Business

Pro: Extremely wide customer base

One of听the听most obvious benefits of听adding Facebook Pro to听your available payment options is听Facebook鈥檚 massive popularity. There are over 200听尘颈濒濒颈辞苍 Facebook users in听the听U.S. alone. Everybody who has a听Facebook account has access to听Facebook Pay. If听you integrate Facebook Pay into your ecommerce platform, millions of听potential customers have access to听a听convenient, single-click payment option.

Pro: Make sales directly from your Facebook and听Instagram pages

Social media is听already an听extremely powerful marketing tool. Imagine how much more powerful it听would be听if听users didn鈥檛 have to听leave your business page to听make a听purchase. According to听, more than 70% of听online shoppers abandon their shopping carts. That figure jumps up听above 80% for听shoppers on听mobile devices. Complicated or听untrustworthy checkout methods are a听leading culprit of听shopping cart abandonment online.

Facebook Pay completely streamlines the听checkout process for听customers who wish to听buy products they find on听your social media pages. And if听they have already signed up听for听Facebook Pay, it听means they trust it听as听a听payment method, too. Adding Facebook Pay to听your social media pages can be听one of听the听most effective ways to听convert more sales for听your business. For that alone, it听is听highly valuable to听small and听large businesses alike.

Pro: No听fees

Facebook Pay is听completely free to听use for听both businesses and听customers. Unlike a听service like PayPal, which charges fees on听most transactions, Facebook Pay does no听such thing. It听simply facilitates payments between its users and听businesses who advertise on听its platform.

Pro: Stand out from competitors

Adding extra payment methods for听your customers to听use can be听a听good way to听stand out from your competition. Suppose you have a听direct competitor in听your area. You might offer comparable products, so听that customers might choose either one of听you over the听other. What can you do听to听get an听edge? One thing you can do听is听offer more convenient payment methods.

Not every customer will use Facebook Pay. But for听those who do, having it听available for听your business could potentially make a听difference in听your favor.

Con: Only Facebook users can use it

Yes, it听is听true that hundreds of听millions of听people use Facebook. But there are still many millions of听people who don鈥檛 use the听ubiquitous social media platform. Those individuals, obviously, can鈥檛 use Facebook Pay.

Of听course, we听are not advocating that you convert to听using Facebook Pay exclusively. If听you use Facebook Pay, it听should be听integrated as听one of听the听multiple payment options for听your customers. When used in听the听right spot, it听is听an听extremely safe and听secure option that millions of听users have access to.

Facebook Pay: Final Thoughts

As听more and听more digital payment methods become available to听ecommerce businesses, customers might expect a听greater range of听options. While balancing all of听these options might seem overly complicated, this is听rarely the听reality. In听most cases, payment methods like Facebook Pay are convenient for听both customers and听businesses.

Facebook Pat does not need to听become your primary method of听handling transactions. However, the听convenience of听being able to听sell directly to听an听audience on听social media is听extremely valuable. There is听little to听no听downside to听incorporating Facebook Pay if听your business is听able to.

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About The Author

Max has been working in the ecommerce industry for the last six years helping brands to establish and level-up content marketing and SEO. Despite that, he has experience with entrepreneurship. He is a fiction writer in his free time.

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