What is Venmo? Everything you need to know
What is Venmo? Everything yous need to know
I realized Venmo hit a tipping indicate a few years ago when the street musician in the park past my office — instead of having a hat on the ground to collect bills — had a sign with his Venmo address. Today, the fiscal platform has more than sixty million users across the U.S., and its meteoric rise has made it the person-to-person payment app of choice for not merely Millennials but all generations.
Like whatsoever expert tech startup, Venmo was created by a pair of college roommates trying to make their own lives easier. In this instance, one of them owed the other money and thought, Wouldn't it be dandy if I could pay you back through my phone instead of dealing with cash? And that, in a nutshell, is what Venmo is all almost.
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Venmo is an app that allows you lot to pay and asking money from your friends. Think splitting a lunch neb or cab fare or the hire. It's super uncomplicated to apply, and on top of that information technology'due south social — Venmo features a stream showing everyone's transactions — and even kind of fun, with the use of emojis to indicate what a payment is for.
As well like whatever good tech startup, Venmo has expanded on its initial utilize. Today, yous can use it to shop at any website that takes PayPal (which acquired Venmo in 2013), and you tin can even get a physical Venmo Mastercard Debit Card to pay for things in person or become cash from your Venmo account at an ATM. Venmo'due south newest product is a Visa-branded Venmo Credit Carte du jour, currently only bachelor to select customers.
From how to open a Venmo account to how to use the app to how it'south different from its sister PayPal, here's everything you need to know if you've ever wondered what is Venmo.
What is Venmo?
Venmo is a mobile payment service that provides a way to pay friends and others when you don't want to bargain with cash. Venmo account holders can transfer funds to other Venmo account holders rapidly and easily through a mobile app.
Venmo is also a way to pay for things online at authorized websites or in person with a Venmo Debit Menu or new Venmo Credit Card.
How does Venmo piece of work?
To use Venmo, you must first set upwardly an account, which y'all can practice by downloading the Venmo mobile app (bachelor for iOS and Android) or at venmo.com. In addition to the usual proper noun, address, and phone info, y'all will be asked to enter your banking company account information. You must link a bank account to your Venmo business relationship in order to use Venmo. (Note: Venmo is merely bachelor in the United States and only compatible with U.S.-based banks.)
In one case you lot are signed upwardly, it's fast and easy to pay someone or asking money from someone: Using the app (you can't pay or request coin through the website), detect the Pay or Request push on the dwelling screen—it volition either say "Pay or Request," or it will look like a pencil and a foursquare. Yous then enter as many people — by username, phone number, or e-mail — as you'd like to pay or accuse, the amount, and a note. Emojis will pop upwards as you lot type certain words in your note, and you can choose to use them or not.
All Venmo users are also assigned a personal QR code, and yous tin browse someone else's to discover them or prove yours to a person or merchant to be scanned. However you've entered the info, once you're gear up to make the transaction, tap "Request" or "Pay" depending on the action you desire to accept. If you are paying someone, they will receive an email to click on to accept the payment, and and so you will receive an e-mail confirmation.
If you are requesting coin, the other person will receive an email for the request, and you'll receive an email notifying you that you've been paid. If you are making a payment and don't have plenty money in your Venmo account, Venmo will automatically have the difference from your linked banking company account. On the other hand, if you have a lot of coin in your Venmo business relationship and want to transfer it to your bank account, on the app, simply go to the menu and click on "Transfer residual." On venmo.com, click on "Transfer coin" on the homepage.
What are the fees for using Venmo?
Venmo costs aught to set up, nothing to send or receive money, and in that location are no monthly fees. So how does Venmo make money, y'all ask? Well, it didn't for a long time. But Venmo is facilitating more and more transactions between its users and businesses, and when it does that, it charges the business organisation a pocket-size percent of the auction, similar to a credit card company. This is how Venmo makes most of its coin.
There is also a lot of potential money to exist made using the data Venmo collects, though that has still to be sorted out. Note that there are, in fact, some fees, just they are easily avoidable. For case, in that location's a three% fee for sending coin using a linked credit carte du jour and a 1% (max $10) fee for moving money between your bank business relationship and your Venmo account instantly (it normally takes ane to three days).
How do y'all reach Venmo client service?
Accidentally pay the incorrect person and they kept the money, or need help with something else? Venmo does non have a full general customer service phone number, merely at that place are a few ways to reach them. Which road to go depends in part on the topic of your question.
- You tin can ship a message about anything to support@venmo.com or by filling out this contact grade, which can exist found on the app by opening the card and clicking Get Help and and then Contact Us. To become to the form on venmo.com, click on Aid and and so click on Contact Us at the bottom of the page.
- Yous can chat almost whatever topic in the Venmo mobile app (M-F, 7:00am-i:00am EST; and Sat-Sun, 9:00am-xi:00pm EST). To start a chat, from the carte, click on Get Aid → Contact U.s.. Note in that location is no conversation function on venmo.com.
- For questions related to the Venmo Mastercard Debit Card, transport a message through this contact form, email debitcardsupport@venmo.com, chat in the mobile app, or call the phone number on the back of your card.
- For questions related to the Venmo Credit Carte du jour (powered by Visa), call Synchrony Bank at the phone number listed on the back of your bill of fare. If you lose your card, phone call Synchrony Bank at 855-878-6462
Is there a Venmo card?
As noted above, at that place are two Venmo cards, one debit and ane credit. The Venmo Debit Card, powered by Mastercard, is connected to your Venmo account and allows you lot to shop at participating merchants. Like other debit cards, you can also use information technology at an ATM to get cash from your Venmo account. (Withdrawals are limited to the funds in your Venmo residual upwards to $400 daily, and at that place is a $2.50 fee for using an out-of-network ATM.)
The Venmo Credit Carte is a Visa issued past Synchrony Bank that allows you lot to make contactless payments, split your credit card purchases with friends on Venmo, request new virtual card numbers and earn greenbacks dorsum on your purchases that goes direct into your Venmo account (iii% cash back on your peak spend category, 2% on the adjacent, and i% on everything else). The Venmo Credit Carte du jour has no annual fee. Notation: Non all Venmo account holders are currently eligible to apply for the Venmo Credit Carte — if you lot are eligible, yous'll meet a Venmo Credit Card section at the top of the main card of your Venmo app.)
Is Venmo safe?
Yes. Merely you demand to be vigilant. The transactions themselves are super safe: Like it's competitors, Venmo uses encryption to help protect your business relationship data and monitor your account activeness to aid identify unauthorized transactions. For another layer of security, you tin can add together a PIN code to the app.There take been some Venmo-related scams, but a little mutual sense can avoid them: Don't send coin to strangers or for things that look like pyramid schemes.
There is, yet, a privacy concern regarding Venmo's social feed: A lot of people brand a fuss virtually the fact that Venmo's default setting is Public, significant your transactions are visible to everyone on the internet in Venmo's emoji-filled stream. So if you're not comfortable having the world know who you had dinner with last night, you must elect to make your transactions either individual or visible simply to friends.
What are the Venmo limits?
When yous sign upwardly for Venmo, your person-to-person sending limit is $299.99. One time Venmo has confirmed your identity, your weekly rolling person-to-person spending limit is $iv,999.99. The overall combined spending limit for person-to-person, authorized merchant payments, and Venmo Debit Menu purchases is $6,999.99 per week. Click here for details.
Venmo vs. PayPal vs. Zelle: What's the departure?
PayPal started out as an east-commerce payment platform and added person-to-person payments; Venmo started out every bit a person-to-person payment platform and added eastward-commerce capabilities. Then you might suspect that each platform is stronger in its original purpose — and yous'd be right.
PayPal works internationally, has a better security rails tape and higher spending limits, whereas Venmo makes it simpler, faster, and more than fun--emojis!--to pay and request money. Zelle, meanwhile, is the big banks' answer to Venmo and PayPal. The main differences are that Zelle is a function within your bank'south app rather than its own app, the coin transfers instantly as opposed to one to three days, and its security is as solid as the steel vaults in the banks behind it.
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Source: https://www.tomsguide.com/news/what-is-venmo
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