Payment Processing Platforms recommendations
I used Zelle once and didn’t have a problem, but I read something, I dunno, 2 or 3 months ago that said it was kind of susceptible to fraud or something. I don’t remember the details or if it even went into detail, but I’m guessing if it was unreliable the banks would have shut it down pretty fast.
The problem with Zelle is that it is instant and irreversible and completely outside third party review.
So, it is a favorite way for scammers to get money. The system itself is not the issue. It is exactly like handing someone cash, but can be done remotely.
A client recently asked if they could pay me via Zelle. I said "Sure!" and the client did a test transfer of $1.00 to make sure they had my Zelle contact right. That deposit went through, so they attempted to send the remainder. It was rejected, the error message being that my account was limited to transfers of $5,000.00 or less. They sent a check instead.
