ZashPay User Impressions

Oct 13th, 2010 | Posted by
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While attending Fiserv Analyst Day 2010 on Thursday last week, I unwarily volunteered to participate in a live demo as part of a presentation of Fiserv’s digital channels solutions. This was a bit risky since at the time, I had been an iPhone user all of twelve hours. Fiserv launched ZashPay in July 2010 and has commitments from over 400 FIs. It’s off to a very good start.

After announcing my name and cell number to the entire crowd, I received a text message from ZashPay in seconds indicating “Steve Olson sent $25.00” and included a unique transaction identification number. Steve is Group President of Fiserv’s Digital Payments Group and was assisting with the demo. Taking all of about 10 seconds to receive the text, the demo seemed successful enough and for $25.00 it was an equitable transaction considering my risk of embarrassment. Then, I began thinking about how clearing and settlement would occur.

The following day (Friday) I reviewed the message and visited the ZashPay website to see about making Steve good for his $25.00 promise. The website was simple and intuitive, with an obvious invitation to enter a unique transaction code provided within the SMS in order to receive payment.

zashpay
As expected, I was required to enroll in ZashPay in order to process the payment, since my primary depository financial institution does not offer the product. It took a strong stomach to enter such sensitive information as my social security number, birth date and address all in one place. This would likely dissuade some consumers from using ZashPay apart from being offered by their financial institution. Steve’s payment was credited to my DDA two business days later. Since I took action on a Friday, payment was not received until the following Tuesday.

As a receiver of ZashPay payments, the experience was straightforward and did not carry a fee. I appreciated the immediacy of the SMS notification compared to PayPal which notifies using e-mail. If my primary financial institution offered it as part of its mobile banking suite, I’d be a regular user since I carry little cash and leave my check book at home. But sending carries a fee – 75 cents per transaction goes to ZashPay, plus whatever the ODFI charges for the ACH transaction. So, maybe I’ll keep sending money using PayPal.

  1. Sue
    Dec 2nd, 2010 at 11:58
    Reply | Quote | #1

    I find myself quite disenchanted with this service. It has taken on average 5 days for me to receive funds. I find that long in this day and age.

    • Keevin
      Jan 26th, 2013 at 05:09
      Reply | Quote | #2

      This site is more like an investment company earning interest off peoples money. A friend sent me $$ using their site, after not receiving it for 3 days I called them at which time they inform me that it will take 7 days for the funds to post, even though they have all my information correct. Bogus! Don’t ever use this site!

  2. Lorraine
    Dec 29th, 2010 at 04:03
    Reply | Quote | #3

    I am very impressed with the service! It took about one full business day to transfer funds from my bank account to my boyfriend’s bank.

  3. ken
    Apr 22nd, 2011 at 11:54
    Reply | Quote | #4

    I had money sent to me from Houston on Monday morning. After receiving an e-mail from zashpay explaining all the steps needed I complied. Waited for confirmation but never got it so called. Told that that was only necessary if sending money. Have now been waiting 5 days with no money. For $4.95 I could have had the check overnited by mail and had my money over 3 days ago.I DO NOT recommend this company in any way.

  4. ken
    Apr 22nd, 2011 at 16:53
    Reply | Quote | #5

    Five hours since last comment (see above) and still no money. Assume they will release money at 11:59 p.m. their time to fulfill there stated release of money on 4-22-11. DO NOT USE THIS COMPANY> MAJOR RIPOFF!!!!!!!

  5. Tara
    Jul 26th, 2011 at 10:42
    Reply | Quote | #6

    Well my first post was was not posted…however I was uncomfortable entering my full social, and account numbers to begin with. I do not enter my social security on any site..the pepole that owned me the monies told me if I did not I would not see the money I lent them (as they could stay in bed and did not have to leave home to repay the debt owed to me). I finally entered the information and it has been 9 days and still no money??? I have contact zash pay several times as I kept reading 1-3 days and this is fraud..I was told on the phone 8-12 days//DO NOT USE THIS !!! Better yet DO NOT LEND PEOPLE MONEY !! LESSON LEARNED

  6. Bonnie
    Sep 5th, 2011 at 09:01
    Reply | Quote | #7

    A friend sent me money using zashpay, and possibly her own bank. I received the email today and went to zashpay.com. All who pick up money must provide not only all banking information but also personal info such as address, phone number, DOB and SSN, which would be unnecessary in order to deposit funds in an account. When I completed the process, following their verification process, I was asked to make a copy of the enrollment form, sign and send it along with a copy of my drivers license to an address they provided in Columbus, OH. When I checked bbb for the company name in this location, they are not listed. I strongly do not recommend this web site or this service. The parent service, fiserv, is listed in bbb, but they do not answer calls.

  7. Lori
    Dec 10th, 2011 at 08:29
    Reply | Quote | #8

    DO NOT USE THIS SERVICE! My boss was traveling so I asked him if I could reimburse myself using the “quick” pay service that is new to his banking system. I processed the request through his bank on the 6th. The money was out of his account on the 7th and it’s the 10th and I don’t have the money. I could have waited till he returned and just wrote myself a check. ZashPay says I’ll get the money on the 12th. ZashPay is HOLDING OUR MONEY! I should have had the money on the 8th. Chase QuickPay is just that quick. I send money and the next day Chase delivers. ZASHPAY RIPS YOU OFF!!!