Should Your Business Look Elsewhere for a Payment App?
Despite the changes, we wouldn’t advise businesses to abandon Zelle just yet, as most of the payments made will not be impacted. If you do use the app, we would encourage you to enroll into a financial institution that offers Zelle payments.
You may also be concerned about the risk of scams when making payments through networks such as Zelle. As money is transferred directly from bank account to bank account, there are potential security risks. This is something we have seen happening not just through Zelle, but with similar services such as PayPal.
However, if you have been concerned with using Zelle in the past, these changes could see better fraud protection and security measures put in place as payments must be made through secure financial institutions. The new educational value of the Zelle app could also be evidence of the company aiming to improve its security measures.
