Person-to-Person Payments Guide

Learn All About Person-to-Person Payments

What are Person-to-Person (P2P) Payments?

P2P payments are simply payments you make to another person through an online or mobile device, such as Venmo®, Zelle®, etc.

Can I send or receive money using P2P and my Waukesha State Bank account or credit card?

Yes! Whatever P2P application you choose, you can conveniently attach your Waukesha State Bank account, debit card or credit card. More guidance and options are provided below.

What is Venmo, and how does it work?

Venmo is a P2P app that lets you pay and request money from your friends. You can link your Waukesha State Bank checking account, debit card or credit card to the app, search for friends using the app and easily send and request money so you don’t have to carry cash or mail checks. Plus, Venmo uses encryption so your transactions and bank account or card information are safe and secure. Venmo is owned by PayPal, Inc.

How to sign up:

  • Download the Venmo app from your app store.
  • Create an account. You can use your email address or Facebook account.
  • Verify your email address.
  • Link your Waukesha State Bank account, debit card or credit card.*
    • You may be asked to input your online banking username and password, or your account number and the bank’s routing number (Waukesha State Bank’s routing number is 075901341). You can also choose to link a credit or debit card.
      • If you use your account number, Venmo will send and withdrawal up to $1 to your account in order to verify it, which you should see within three business days.
  • Add friends.
    • You can search Venmo for friends that are also on the app, or you can let the app access your contacts or Facebook friends. You can also scan a QR code from the app on your friend’s phone.

*A 3% fee applies for using a credit card. Transactions made with your bank account, debit card, or your Venmo balance are free.

How to send or request a payment:

  • Tap the “Pay or Request” button on the bottom of the app.
  • Select a friend to pay or request money from.
  • Type in the dollar amount of the payment or request.
  • Add a description (optional).
  • Select who should see the transaction in the app’s timeline.
    • NOTE: The app has a timeline that shows the description of each transaction (except the dollar amount). You can choose if you want everyone to see the transaction (public), just your friends (friends) or if you don’t want your transaction to appear at all (private). You can change this setting by tapping privacy link above the “Pay” button. To set your Default Privacy Setting, go to Settings, Privacy.
  • Tap the “Request” or “Pay” button.
  • That’s it! Your request or payment is sent.

How to use Venmo at merchants:

  • In stores:
    • Venmo QR codes allow you to make contactless in-store purchases using your Venmo account. Simply go to the "Me" tab in your Venmo app and tap the QR code next to your profile picture. You may need to follow the on-screen prompts to allow your camera to scan codes.
    • If the merchant is presenting you with a QR code, simply scan that code to proceed with the transaction. You’ll need to confirm the purchase in your app to complete the transaction.
    • If the merchant needs to scan your in-store QR code, tap “Show to Pay” to present your QR code. If you want to change your payment method, you’ll need to do so before the merchant scans your code.
    • For more information go to
  • Online:
    • As a service of PayPal, Inc., you can now pay with Venmo at many places you see the PayPal button while using your preferred mobile web browser. Simply tap the PayPal button on a mobile device to launch the PayPal checkout experience.
    • If the website accepts Venmo, a Venmo payment option will appear on the next page.
    • Or, you’ll see a Venmo payment option (i.e. a Venmo button) in a merchant app or mobile website during checkout.
    • Please note, you’ll need to opt in to pay with Venmo on the Venmo app.
    • For more information, go to

How to transfer money from Venmo to your bank account:

When someone sends you money through Venmo, the funds stay in the app until you request a transfer to your Waukesha State Bank account. If you already have your bank account linked and verified in Venmo:

  • Tap your "Me" tab on the bottom right of the app.
  • Tap the “Wallet” toggle.
  • Select “Transfer.”
  • Enter the dollar amount you want to transfer.
  • Select “Instant” or “1-3 biz days.”
    • Instant transfers have a 1.75% fee (with a $0.25 minimum and $25.00 maximum).
    • 1-3 biz days (or “standard”) transfers are free.
  • Confirm your transfer details, and tap the “Transfer” button.

Click here to read more about bank transfers.

For more information on Venmo, go to

What is Zelle, and how does it work?

Zelle is another P2P option that many banks offer, sometimes even within their own mobile banking app, that lets you send money to friends no matter where they bank (as long as it’s in the U.S.*). Plus, if they are already enrolled with Zelle, the money will go directly into their bank account, typically within minutes.* Zelle is owned by the following seven large banks: Bank of America, Capital One, BB&T, JPMorgan Chase, PNC Bank, US Bank and Wells Fargo.

At Waukesha State Bank, we have chosen not to use Zelle due to the high cost for smaller banks to participate. However, our bank customers can still use Zelle, through the Zelle app, as long as they are sending or receiving money to someone who banks at a Zelle participating bank. (Here is a list of participating banks: 

* U.S. checking or savings account required to use Zelle®. Transactions between enrolled consumers typically occur in minutes and generally do not incur transaction fees. Check with your financial institution.

How to sign up:

  • As a Waukesha State Bank customer, you can download the Zelle app from your app store.
  • Once the app is downloaded, enter your Waukesha State Bank account information, an email address, your U.S. cell phone number, and your Waukesha State Bank Mastercard® debit card. (Zelle does not accept debit cards associated with international deposit accounts nor credit cards.)

How to send or request payments:

  • After you’ve enrolled in Zelle:
    • Simply add your recipient’s email address or U.S. mobile number, the amount you’d like to send or request, review and add a memo, and hit “confirm.”
    • In most cases, the money is typically available in minutes (for transactions between enrolled consumers).
    • If the person you’re sending money to hasn’t enrolled yet:
      • They’ll receive an email or text notification letting them know you’ve sent them money and will be guided through a few simple steps to get enrolled.
      • Once they’ve enrolled their profile, they’ll receive the money directly into the bank account they have associated with their profile. If the recipient doesn’t enroll their Zelle® profile within 14 days, the payment will expire, and the funds will be returned to your account.
  • To request a payment:
    • Just share your enrolled email address or mobile number with a friend or person you trust and ask them to send you money with Zelle®.
For more information on Zelle, go to

Venmo vs. Zelle

So which one is right for you? Here is a side-by-side comparison that can help you decide.

Venmo Zelle
Do you need to enroll? Yes Yes
Can you send and request payments? Yes Yes
Can you use credit cards for payments? Yes No
Can money be kept in the app? Yes No
Can payments be made at merchants? Yes No
Are their payment limits?


If you have completed the “identity verification,” the P2P limit is $4,999.99 per week
(if not, the limit is $299.99 per week).

The merchant limit is $2,999.99 per transaction and $6,999.99 per week.

NOTE: The overall combined limit is $6,999.99.


The weekly limit is $500 if your bank is not a participating bank. If they are, contact them to learn about their spending limits through Zelle.

Is there a fee to send/receive payments?

“Standard” transfers
(1-3 business days) are free.

“Instant” transfers have a 1.75% fee,
with a $0.25 min. and $25 max.

A 3% fee applies for using a credit card. 

Zelle does not charge a fee,
but the participating bank might.
How long do payments take to be received? Recipients receive money in their Venmo account within minutes of the payment. However, transferring funds from Venmo to your bank account can take 1-3 business days for “standard” transfers, or up to 30 minutes for “instant” transfers.

For two enrolled Zelle users,
money is typically available in the
recipient’s bank account within minutes.

For users not enrolled, they will get
a notification prompting them to enroll,
and once enrolled the money is typically in
their account within minutes.

Can you cancel payments?


If the person isn’t registered with Venmo,
you can take back the payment.
Otherwise, the recipient would have to
send the money back to you.


If the recipient hasn’t yet enrolled in Zelle,
you can cancel the payment.
Otherwise, the money is transferred into
the recipient’s account instantly.

Is the money left in the app FDIC Insured? No N/A
Can you share transaction activity on social networks? Yes No

Are there any other P2P options?

Yes, there are other P2P options.

Additionally, the Federal Reserve will be launching their new FedNow product in the near future to facilitate instant payments. At Waukesha State Bank, we are watching the development of this closely as we believe FedNow will improve the speed, safety and efficiency of the nation’s payment system. The Federal Reserve historically created the ACH (i.e. Direct Deposit) system in the U.S. dating back to the 1960s. This is the backbone of most electronic payments today. We think it likely that FedNow will eventually play the same role for instant payments. Stay tuned for further information.