What Is Facebook Pay & How Does Facebook Pay Work In 2023?

Facebook Pay is an in-app accelerated payment method that’s safe to use for buying and selling. It’s an easy way to transfer money to other users, including businesses, and pay for purchases made on Facebook, Instagram, Messenger, and Portal.

Anyone who uses Facebook can access Facebook Pay, which is officially known as Meta Pay. For buyers, Facebook Pay is a quick and easy payment method that enables one-click transactions. It’s secure too, and users can link their preferred credit or debit cards. Facebook Pay is available around the globe, including Africa, Asia-Pacific, Europe, Latin America, the Caribbean, the Middle East, and North America.

Best of all, if you’re selling on Facebook Shops and Marketplace or Instagram Shoppable Posts, you won’t pay any additional fees for using Facebook Pay.

Facebook Pay is also available to US-based Shopify stores. You can try Shopify on a free trial and test it out. Keep reading to find out how to set up Facebook Pay to send or receive payments.

What Is Facebook Pay?

Facebook Pay is a secure in-app accelerated payment method that works across Facebook apps and services. That includes Instagram, Messenger, and Portal in the US, Canada, and Mexico, as well as numerous African, Asia-Pacific, European, Middle Eastern, Latin American, and Caribbean nations. Facebook Pay is rolling out payments via WhatsApp, too.

Sometimes known as Meta Pay, Facebook Pay is worth taking a look at if you’re already using Facebook or Instagram to buy and sell. After all, the easier it is to pay, the more likely your customers are to buy. Note that Facebook Pay does not work in all apps in every region of the world.

How Does Facebook Pay Work?

Facebook Pay relies on safe and established payment processors, including Stripe and PayPal, to handle payments. Payments can be processed from most debit and credit cards. And your payment information will be securely stored, so you won’t have to dig out your card each time you shop.

If you’ve used a friend-to-friend payment system like Venmo or Zelle, you’ll probably find that Facebook Pay is pretty similar. The main difference is that it works within the app you’re using: Facebook, Messenger, Instagram, Portal, or WhatsApp. And while it’s available only to users of those apps, you have to set it up just once to have it work across all these platforms.

You can set up Facebook Pay in just two simple steps:

1) Sign In To Your Favorite Platform

Remember, once you set up Facebook Pay, you can use it on Facebook, Messenger, Instagram, Portal, and WhatsApp. Facebook Pay will come up as an option while you’re in the checkout process, or you can add it by navigating to Settings and Privacy, then Payments and choosing Facebook Pay.

Noteworthy: Did you know that you can sync an online shop from Square and sell on Facebook? Square also offers a free reader to take in-person payments at your next event. Sign up free at Square and see for yourself how easy it is.

2) Enter Your Payment Info

Enter your payment card or bank account information. Your information will be stored securely, so you can buy products, make donations, and send cash to friends and family without having to reach for your wallet each time.

What Are Facebook Pay Fees?

It’s free to use Facebook Pay, whether you’re the buyer or the seller in the transaction.

Whether you use Facebook Pay to purchase items on social media sites, send money to contacts via Messenger, or make donations to charitable causes, buyers will pay $0 in fees to use this payment method.

What if you are a merchant using Facebook Pay to sell on social media? Sellers who use Facebook Pay will pay $0 in additional fees. However, it’s important to note that Facebook Pay transactions will be processed through your normal payment processing service, just like other transactions. So you will pay your normal payment processing fee when customers use Facebook Pay to buy from you.

Where Is Facebook Pay Available?

Facebook Pay is available for Facebook, Instagram, Messenger, and Portal users in many countries around the globe. (Meta is also rolling out Facebook Pay for WhatsApp, though it is not yet available in all countries yet.) That’s good news not only for people buying and selling in those countries but also for small businesses and individuals that want to sell or send money internationally.

Facebook Pay is available for buying and selling around the world, including the US and Canada in addition to multiple countries in Africa, Asia, Europe, Latin America, the Caribbean, and the Middle East. Visit the Facebook Pay international availability page for a complete list.

How Do I Set Up Facebook Pay?

It’s easy to set up Facebook Pay and to start using this payment, whether you’re the one sending or receiving money. Here are step-by-step instructions:

How To Set Up Facebook Pay As A Customer

When you want to start using Facebook Pay to buy or send money online, the first thing you’ll need to do is sign up for the service. So head to your Facebook account settings — you can get there from your Facebook landing page, by clicking on your thumbnail avatar. (It’s probably right next to the notifications icon.) Click on Settings & privacy, then Payments, and select Facebook Pay on the app or website.

Screenshot of Facebook webpage, captured 2/21/2023

From there, you’ll be prompted to enter a payment method such as a debit or credit card or your bank account number. Facebook will retain your payment information, so you’ll be able to shop in the future without entering a credit or debit card number each time. Once you’ve saved payment information to either Facebook or Instagram, that payment method will be available to Facebook Pay right away.

Facebook says that more than 99% of payments are processed immediately, and any payments that don’t process are reviewed within 24 hours. Your bank or payment processor may take up to three business days to make funds available to you.

How To Set Up Facebook Pay As A Business Owner

Setting up your own Facebook Pay account so you can receive payments is similarly easy. And, because Facebook Pay offers customers such an easy way to complete their purchases, if you’re already selling on Facebook, you definitely should invest the time it takes to set up Facebook Pay.

The first step is to sign up for Facebook Pay yourself, using the instructions listed above. Your next steps will depend on how you’re using your social media account to sell:

How To Use Facebook Pay To Sell To Your Contacts

Many small businesses sell successfully on Facebook and Instagram using simple techniques. If your sales plan involves posting information and photos about items you have for sale and then connecting with your friends and followers who indicate interest, you can ask them to pay via Facebook Pay.

How To Use Facebook Pay To Sell On Facebook

Once you connect with someone who is interested in purchasing an item from you via Facebook Marketplace, you can use Facebook Pay to arrange payment. Connect with your customers through your page (or via Messenger if you’re in the US) to set up payment using Facebook Pay.

How To Use Facebook Pay To Sell On Your Facebook Shop Or Instagram Shop

If you’ve enabled Facebook Pay on your Facebook Shop, your customers will see this payment method offered and can use it to check out faster using their saved credentials.

No matter how you arrive at the point of sale, once you have someone interested in buying something from you online, let the buyer know that you can accept Facebook Pay. The buyer can arrange payment via Messenger.

How To Use Facebook Pay To Sell On Your Shopify Store

If you use paid Facebook or Instagram advertising, your ads will direct customers to your Facebook Shop or directly to your online store. If your store is built with Shopify, you may be able to use Facebook Pay as a payment option on your own website.

Other Ways To Accept Facebook Pay On Your Online Store

Facebook Pay, or Meta Pay as its sometimes known, is widening its reach slowly. In October 2022, Facebook parent company Meta struck a deal with JP Morgan Chase Payments to make the payment option available to sellers who use Chase merchant services to process payments on their online store or mobile app. If you’re using Chase merchant services, you can set up Meta Pay as an option at checkout.

Chase merchant services aren’t the only way to accept Facebook Pay. Your point of sale (POS) system or online sales platform may offer an integration. Here are some examples of available integrations. If you don’t see our platform or app on the list, check with your provider.

Shopping Carts & POS

You’ll find Facebook Pay integrations with eCommerce platforms like these:

• WordPress
• Shopify and Shopify Plus
• Squarespace
• BigCommerce
• OpenCart
• Shift4Shop
• Lightspeed Retail

Is Facebook Pay Safe?

A payment method is only as good as it is safe, and Facebook Pay delivers in this category. Your privacy is protected, too. Here’s how:

• Purchases made via Facebook Pay will not show up in your profile or your feed.
• Sellers will see only the information needed to complete the transaction, including contact, ordering, and shipping information.
• Payment information is not shared with sellers, and it’s stored separately from the buyer’s social media account data. Facebook Pay transactions are processed using Stripe, PayPal, and other safe, reliable processors.
• Payments are monitored using anti-fraud technology, and support is available if unauthorized transactions occur.

Facebook Pay links with affiliate partners and third parties to facilitate payment transfers. However, Facebook Pay’s privacy policy emphasizes that only limited personal information from users will be shared. Specifically, Facebook Pay can share your card numbers and other payment method information, your transaction history, or a copy of your identification according to legal requirements to prevent fraud.

Beyond that, these measures have been put in place to protect Facebook Pay users’ information:

• Anti-Fraud Technology Monitoring: You’ll be alerted if unauthorized activity is detected.
• Customer Support: Report unauthorized transactions via email 24/7 or by live chat between 6 a.m. and 6 p.m., Pacific Time.
• Data Security: Payment data is encrypted for storage. Payment methods are not shared with buyers, sellers, or merchants without consent, and payment information is stored separately from account data.
• Transaction Notifications: You can choose to receive in-app notifications when transactions are processed.

How Do I Set Up A PIN?

If you choose, you can set up a personalized Facebook Pay PIN for added security, and you can use fingerprint or face ID if those are offered on your device. To add a PIN, access your privacy settings by clicking the triangle icon in the top right of your Facebook landing page.

From there, Select Settings & Privacy, then click Settings. From the left menu, click on Meta Pay and then Settings. Click next to Always Ask for PIN to Confirm Payments, and you will be prompted to add a PIN as a security check on Facebook Payments initiated from your account.

Screenshot of Facebook webpage, captured 2/24/2022

Facebook Pay VS PayPal

Facebook Pay can be a convenient payment option under some circumstances, especially for small business owners who see a significant portion of their sales coming from the social media sites Instagram and Facebook. But how does it compare to PayPal? While PayPal has an established reputation and widespread name recognition as a safe payment option, Facebook Pay is still developing and earning consumers’ trust. However, when compared to a bigger payment processing system like PayPal, Facebook Pay could save you money, because Facebook Pay does not charge any added fees for processing payments.

Of course, with Facebook Pay, you’ll still pay credit/debit card processing fees. The fees you are charged will vary depending on your choice of processor and the type of account you have. For comparison, PayPal rates for digital payments range between 3.49% + $0.49 and 2.99% + $0.49.

Of course, there are other no-fee options you can use, too. An online service like Venmo or Zelle offers many of the same benefits — quick, secure, and free payment with fast delivery — without limiting your audience to those who use Facebook and Instagram.

Should You Use Facebook Pay For Your Business?

If you’ve been weighing the pros and cons of adding Facebook Pay as a payment option, you’re in for some good news. This is one decision you really don’t need to struggle with because you can set up a free account on Facebook Pay. If your customers like that option and want to use it to buy from you, you will receive payments with no added fees. You don’t really have anything to lose by trying it out.

If you regularly connect with customers on Facebook or Instagram, let them know about all of the payment methods you can accommodate. After all, the easier you make it for the customer to pay, the more likely you are to complete the sale and pocket the money.

Facebook Pay FAQs