The flexibility mobile payment services have brought to the finance industry cannot be overemphasized. With most financial transactions taking place via the mobile payment platform, it is no longer news that this mode of payment has come to stay. One of such platforms is Venmo, which is a subsidiary company of PayPal that makes it easy for account holders to transfer funds via its mobile application.
The company has been in operation since 2008, however, Venmo is only accessible to US residents only. Before now any transfer made via Venmo could take up to 3 business days before the money can be reflected on the receiver’s bank but this came to an end on early 2018 where PayPal introduced the venmo instant transfer feature. This feature allows users to instantly send and receive payments on Venmo.
What Is Venmo?
Venmo is simply a digital payment platform that allows you to send and receive payments from friends that are also on Venmo. Luckily, Venmo has now been integrated with other apps, thus, allowing you to shop, pay bills, buy tickets, right on the Venmo app. Worrying about what websites accept Venmo? Worry no more! There are virtually millions of websites that accept Venmo as a payment option via PayPal.
All you need do is to shop and pay with your Venmo account at checkout. If you’re the type that finds it hard to keep track of your finances, you’ve come to the right place. Venmo lets you keep track on your expenses — on what item you’ve purchased, how and when it was bought.
How Does Venmo Work?
Venmo allows you to send and receive payment from anyone with a Venmo account. You also have the opportunity to link your local bank debit card to your Venmo account, therefore, transferring money from your account to your bank account.
What I like in particular about the Venmo app is that you can easily integrate it with other apps where you could shop, buy tickets, request a ride, etc.
Venmo has partnered with top brands like UBER, Seamless, Forever 21, Lululemon amongst others to provide you that unique seamless experience. Additionally, Venmo app has a social networking platform where you could connect with friends that are also on Venmo where you can easily split bills and share it on your feed.
There are other ways you can perform transactions on your Venmo account apart from paying via the Venmo app. You can either link your bank card with venmo or you could order for the Venmo MasterCard which you can use for your everyday transactions provided you’ve loaded funds into your venmo account.
Is It Safe To Use Venmo?
Absolutely yes! Venmo is very safe to use. I think this is a very sensitive section as nobody is ready is to enter their financial information on a platform that isn’t secured. Therefore, its good to hear from the horse’s mouth about how safe their platform is and what measures they’ve kept in place to keep our minds at ease.
I’ll suggest you take a look at the authorized merchant payment protection plan that Venmo has kept in place. On the company’s website, they claim to use an encryption technology which protects the client’s financial information and help identify unauthorized transactions.
In case you’ve misplaced your phone and you fear someone else might use your phone to access your Venmo account, you can quickly prevent unauthorized use of your account by following the guide below. Head over to Venmo.com then navigate to the settings>>>security to remove your Venmo account from your missing/stolen phone.
How Do I Join?
Currently, Venmo is only available to US residents. You can sign up by creating an account online or by downloading the mobile application. The app can be downloaded on both the Google Play store or App store. In order to create an account, you’ll need an active email address and a phone that is capable of receiving SMS as you’ll be sent an SMS for verification upon registering.
PS: You’ll need to verify your email and phone number first before you’ll be able to receive payments.
How Can I Sign In To My Account?
You can sign in to your Venmo account online or via the mobile app. If you’re signing in with a new device, you’ll need to verify your identity before you will be able to access your account. You’ll need to enter the code sent to the number registered with your account in order to verify your identity. Alternatively, you can verify your identity by confirming your financial information.
Making Purchases With Venmo
Just like I said earlier, Venmo is fully integrated with other apps in order to provide you the seamless experience when shopping, making payments and ordering UBER. Currently, the “pay with Venmo” option does not support all merchants so you’ll need to check with your favorite merchant first if they accept Venmo.
To see the “pay with Venmo” option, you’ll need to update your app to the latest version. Additionally, make sure you’re browsing with Google Chrome(for Android users) or Safari (for iOS users).
To enable the pay with Venmo at checkout, you’ll need to toggle on the “Enable Mobile Web Purchase” option under settings by clicking on the ☰ icon in the app.
How to Transfer Money to a Bank Account
You can transfer money to your bank account via Venmo either using the “Instant transfer” or “Standard bank transfer” option. You’ll need to add a bank before you can transfer money to it. Additionally, it is strongly advised that you verify your bank to make sure your money arrives successfully. You can read this guide on how to verify your bank on Venmo.
Follow the guide below to learn how to transfer money to your bank account:
- First, launch your Venmo app and click on the “☰” icon
- Next, click on the “Transfer to Bank” option to proceed.
- Enter the amount you wish to send and click on the “Next” button to proceed.
- Finally, tap on the “Confirm Transfer” button to complete the task.
The money sent will reflect on your account based on the mode of transfer you opted for. For the “Instant transfer” option, payments typically arrive within 30 minutes and a 1% fee ($0.25 Minimum, and $10 maximum) is applied to each transfer requested. In contrast, transfers made via the Standard bank transfer option are free and typically arrive within 1-3 business days.
How Do I Cancel Payment?
Currently, you cannot cancel a payment made to a registered user. However, if the money is still in Venmo’s system, you can reach out to the recipient to request a reversal. This can only be when if the recipient’s account is in good standing. In case you sent the money to a new user, there is still a way you can cancel your payment. You simply need to click on the “☰” icon on the app, then tap on “Incomplete” button to proceed. Now proceed by going to the “payments” tab and click on the “Take Back” button under the payment you wish to reverse. The reversed fund should reflect on your account within 3-7 business days.
Why Was My Payment Declined?
Venmo does not have anything to do with your payment being declined. Instead, you simply need to contact the company or bank that issued
What Is The Transfer Limit?
As a newly registered user on Venmo, your transactions limit is set at
$999.99 on a weekly basis until you’ve verified your account. You’ll need to verify your identity with your SSN,
- Increase your transfer limit from $999.99 to up to $19,999.99 in a seven-day period. However, the maximum amount you can transfer to your bank in a single transaction is $2,999.99
How To View Your Balance
You can view your remaining balance by visiting your profile page online or by using the Venmo app. While you’re on the app, simply click on the “☰” icon to view your remaining Venmo balance.
About The Venmo Card
Venmo card comes at no cost to you and it’s absolutely free to apply for one. All you need to do is to navigate to settings>>Venmo app to apply for one. Once you’ve received your card, go to settings>>Venmo card to activate it via the app.
You can use your card to make purchases at virtually anywhere card payment is accepted. Additionally, you can use your card to withdraw funds at ATM displaying the Mastercard®, Cirrus®, PULSE®, and MoneyPass® logo.
In the situation where you’ve lost or misplaced your card, you need to quickly disable it by calling the 855-204-4090 to protect against unauthorized use.
How To Reload Your Card
Once you’ve enabled reload, payments will be automatically drawn from your bank account when you’re trying to make a Venmo card purchase that exceeds your Venmo balance.
Venmo Card Fees
You’ll not be charged any fee when you withdraw funds from ATM displaying the MoneyPass logo. However, you’ll be charged a $2.50 fee if you’re making your withdrawal from other ATMs and a $3.00
You can use venmo on Android by downloading the app on Google play store and if you’re an iOS user, you can also get it on App store. The app allows you to share and receive payments, split bills, track your finances and snoop on your friends’ recent activity.
Currently, Venmo only supports Apple iOS 10.0 or above and Android Lollipop (API 21) or higher.
How Do I Contact The Customer Service?
If you’ve noticed any anomaly or you have an inquiry or complaints to make, you can email firstname.lastname@example.org for help. Additionally, you can place a call directly to the venmo customer service number at 1-855-812-4430 for a prompt response.
There are other alternatives to Venmo that’ll give you a value for your money. Examples include the Chime card and Cash App which works just like Venmo. Cash app is faster, more convenient and you get occasional discounts when you shop with the Cash app card.
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