Person to Person Payments

Person-to-Person payments, or P2P payments, are transactions that can be used for anything from splitting a dinner bill among friends to paying for maintenance projects on your home. These payments allow the transfer of funds between two parties using their individual banking accounts or credit cards through an online or mobile app.

P2P payments are generally considered safe. It is recommended to only send money to people you know and trust, and always ensure you have the correct contact details for the recipient.

P2P payment platforms use encryption technology to protect your financial information. This means your data is transformed into a code that is difficult to access or decipher without authorization. In addition, many P2P apps offer two-factor authentication, which adds an extra layer of security by requiring more than just your password to access your account.

Compared to payment apps like Venmo, P2P payment platforms offer additional safety features. P2P platforms generally have more robust security protocols, such as biometric logins, real-time transaction monitoring, and advanced fraud detection systems. P2P platforms usually offer better privacy settings.

Security is a top priority for P2P payment services. At BankSouth, we use encryption and secure servers to store your financial information, and transactions are monitored for signs of suspicious activity.

Transactions made through P2P payments are usually processed immediately, although the availability of funds in the recipient’s bank account can take until the following business day. If a transaction is initiated by 5pm, it should be expected that the funds will be received the next business day.

If our P2P payment fails, it could be due to several reasons such as insufficient funds, a problem with the recipient’s account, or a technical glitch. We will usually notify you of the failure and the reason behind it.

If you suspect a fraudulent P2P transaction, immediately contact us at BankSouth. Provide us with all the details of the transaction. We will then guide you through our process for investigating and resolving such issues.

Money sent or received through P2P payments for personal purposes (like splitting a dinner bill) is not typically taxable. However, if you’re using P2P payments for business transactions or receiving large amounts that could be seen as income, these could potentially be subject to tax. It’s always best to consult with a tax professional if you’re unsure.

No, both parties do not necessarily need to have an account with the same P2P service.

Many P2P payment apps like the one from BankSouth are free to use, especially if the payments are linked to a bank account. 

There is a daily limit of $500 with a weekly limit of $2000. All payments and transfers are subject to funds availability and system limitations. Please contact your local banker or our Customer Care team at 706.453.2265 to discuss your needs.