Venmo
About Venmo
Venmo is a digital wallet and payment gateway that allows customers to make payments and transfer money via mobile device. Businesses are able to offer a new social currency to a mobile-first audience, as well as generate exposure for the brand as users share their purchases on the Venmo feed.
The solution allows users to make payments by linking their bank accounts or debit cards directly via the app, or by transferring the money stored within their Venmo account. Besides initiating payments, consumers can send and receive payments from friends and contacts by selecting a contact's name, @username, phone number or email. All transfers can be stored as a Venmo balance for use at a later time, or cashed out immediately to a bank account.
The platform provides an intuitive user experience and speedy checkout system that enables customers to buy event tickets and pay for items with a few taps. Users can share their purchases with friends on their Venmo feed, as well as make comments and add emojis to payment descriptions and other contact’s shared purchases.
Users must link a credit card, debit card or checking account in order to use the service. Venmo safeguards payment data with encryption, allowing customers to pay safely and securely.
Key benefits of Venmo
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Samsung Pay
Square for Retail
Eventbrite
Meta for Business
Reviews
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- Industry: Marketing & Advertising
- Company size: 2–10 Employees
- Used Weekly for 1-5 months
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Review Source
Overall rating
- Value for Money
- Ease of Use
- Customer Support
- Likelihood to recommend 10.0 /10
Easy way to send and receive money
Reviewed on 27/09/2021
Venmo does not charge recurring fees, such as monthly or yearly fees, like other payment services....
Venmo does not charge recurring fees, such as monthly or yearly fees, like other payment services. When sending money from a bank account, debit card, or your Venmo balance, there are no fees charged. Payment apps charge a 3 percent fee for credit card transactions, which is typical throughout the industry. There are also no fees associated with receiving money or transferring it to your bank account, unless you choose an immediate transfer rather than a regular transfer.
Venmo has a unique selling point in that it is not your normal payment app. Likes, comments, and messages are linked to each payment in this payments software, which incorporates popular social network elements such as likes, comments, and messages. Others, on the other hand, believe that it makes money transfers more enjoyable, which some users find to be true.
Pros
It is quick and simple to use. Finally, but certainly not least, it has a large user base, which means that many of your connections may already be using it. Venmo's success may be attributed in large part to its simplicity of use. There is very little of a learning curve. You may download it and begin sending and receiving money within minutes of installing it. Using Venmo to divide costs is also a breeze since it provides an on-screen calculator when you transfer or request money from someone. You may also send or request the same amount from several people at the same time if you're sharing a bill with a group of people.
Cons
Once you've made a payment via Venmo, there is no way to reverse it. The money is sent promptly to the intended recipient. If you need a payment to be refunded, Venmo advises that you contact the receiver and request the money back. Other than that, you may request that Venmo's customer service reverse the payment on your behalf; however, they can only do so if the receiver accepts, if their account is in good shape, and if they still have the cash in the bank.
Alternatives Considered
PayoneerReasons for Choosing Venmo
Venmo had more features and a better mobile user interface.Switched From
Cash AppReasons for Switching to Venmo
Personal transactions can be made using Venmo, instantly.- Industry: E-Learning
- Company size: 501–1,000 Employees
- Used Daily for 2+ years
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Review Source
Overall rating
- Ease of Use
- Likelihood to recommend 9.0 /10
Venmo, it's a great app!
Reviewed on 4/02/2024
Overall, Venmo is a great app, especially for an app that is free. I have had little to no issues...
Overall, Venmo is a great app, especially for an app that is free. I have had little to no issues while using Venmo for the many years that I have and I only have great words to say about it!
Pros
I like that Venmo makes it super easy to collect payments from customers, and refund them at the same time. I've never used a platform that also makes it easier to track payments.
Cons
The user design is not super intuitive, which can cause issues at times, but otherwise I have had no issues!
Reasons for Switching to Venmo
The price point of Venmo could not have been beaten, it is just so much cheaper and without fees.
- Industry: Health, Wellness & Fitness
- Company size: 501–1,000 Employees
- Used Daily for 2+ years
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Review Source
Overall rating
- Value for Money
- Ease of Use
- Customer Support
- Likelihood to recommend 0.0 /10
Do Not Use Venmo!
Reviewed on 17/06/2022
Pros
You can pay people quickly. There are no other pros.
Cons
I purchased concert tickers from a Venmo user after they had offered them on Facebook. I investigated the person before purchasing and felt like they were legitimate. Turns out, they were a scammer so I spent over $400 using the balance I had on my Venmo and did not receive the tickets. I IMMEDIATELY called Venmo to try to get my money back. The first Customer Service representative that I talked to said that the best they could do was submit a ticket to an Account Specialist and that they would get back to me in the next 24 hours. The rep. also told me that if the scammers move that money into their personal bank account that it would be out of their hands and they would not be able to give me a refund. I asked if they could expedite my ticket since I only had a day or 2 before it will go into their bank account. He said they can't do that. I said "You can't even call and just ask if that's a possibility?" He said no.
24 hours pass by and I hadn't heard anything so I called Customer Service again and the second representative I talked to said that I was given false information and it's going to take 6-7 days for them to investigate the situation. I asked her if there is anyway to expedite my ticket, especially since I was told it would be taken care of already. She said no. I ask again, "Can you call them and just ask since this is time sensitive and by tomorrow you guys won't be able to help me at all?" She says no.
I will never use Venmo again.
- Industry: E-Learning
- Company size: 2–10 Employees
- Used Weekly for 1+ year
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Review Source
Overall rating
- Ease of Use
- Likelihood to recommend 10.0 /10
Quick Payments, Minimal Features
Reviewed on 4/06/2024
Venmo allows you to send and receive payments, and that’s about it. The social media element is odd...
Venmo allows you to send and receive payments, and that’s about it. The social media element is odd and unnecessary. If you’re a very small business with minimal bookkeeping and data needs, Venmo works perfectly well and is often very convenient for customers.
Pros
Venmo allows me to receive payments from customer quickly and conveniently. Venmo offers buyer and merchant protection for a relatively small fee.
Cons
Venmo had very minimal features and a somewhat strange social media element. You can make your payments private, but I find it odd that this is not the default.
- Industry: Food Production
- Company size: 11–50 Employees
- Used Weekly for 2+ years
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Review Source
Overall rating
- Ease of Use
- Likelihood to recommend 10.0 /10
Venmo is my go to
Reviewed on 31/01/2024
Pros
The instant verification of a transaction is my favorite, with the capabilities to instantly transfer funds to my bank account.
Cons
Zero problems ever with Venmo. It's my favorite app to use for payment processing.
Venmo FAQs
Below are some frequently asked questions for Venmo.Q. What type of pricing plans does Venmo offer?
Venmo offers the following pricing plans:
- Pricing model: Free Version
- Free Trial: Not Available
Contact Venmo for detailed pricing information.
Q. Who are the typical users of Venmo?
Venmo has the following typical customers:
Self Employed, 2–10, 11–50, 51–200, 201–500, 501–1,000
Q. What languages does Venmo support?
Venmo supports the following languages:
English
Q. Does Venmo support mobile devices?
Venmo supports the following devices:
Android (Mobile), iPhone (Mobile), iPad (Mobile)
Q. What other apps does Venmo integrate with?
Venmo integrates with the following applications:
Braintree, PayPal
Q. What level of support does Venmo offer?
Venmo offers the following support options:
Email/Help Desk, FAQs/Forum, Knowledge Base, Phone Support
Related categories
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