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.
Pricing starting from:
N/A
- Free Version
- Free Trial
- Subscription
Top 5 alternatives to Venmo
Key benefits of Venmo
Devices
Business size
Markets
Supported Languages
Pricing starting from:
N/A
- Free Version
- Free Trial
- Subscription
Top 5 alternatives to Venmo
Images
Features
Total features of Venmo: 16
- ACH Payment Processing
- Customer Engagement
- Data Security
- Data Synchronization
- Debit/Credit Card Processing
- Electronic Payments
- In-Person Payments
- Mobile Access
- Mobile Payments
- Online Payments
- Partial Payments
- Point of Sale (POS)
- Promotions Management
- Reporting/Analytics
- Secure Data Storage
- Transaction History
Alternatives
PayPal
Marketing 360
Biller Genie
Helcim
Reviews
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- Industry: Internet
- Company size: 2-10 Employees
- Used Weekly for 2+ years
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Review Source
Overall rating
- Value for Money
- Ease of Use
- Likelihood to recommend 9.0 /10
Venmo is a great consumer product with limited use for business
Reviewed on 07/06/2021
Venmo's incredible ease of use makes it essential for interacting with other people with whom I...
Venmo's incredible ease of use makes it essential for interacting with other people with whom I might loan or pay money for simple things. For vendors, it's a solid way to get access to credit card payments with okay fees.
Pros
Venmo is dead simple to use, with the QR code scan and effortless options to ask for payments or send them. The number of people who signed up for Venmo also helps - most younger folks are on it.
Cons
The social aspect of the software is a bit odd in that I'm not in the least bit interested in what my friends are paying one another for. When people get funny, I suppose it could be entertaining but too much of the feed is people paying each other for rent, groceries and other mundane stuff. Additionally, this present a business challenge where you need to be cautious about posting your purchases if it's a private purchase for your business.
Alternatives Considered
PayPalReasons for Choosing Venmo
Venmo is easier and in use by more people than PayPal.Switched From
PayPalReasons for Switching to Venmo
More people have Venmo and it's not tied to Zelle's limited bank list.
- 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.Reasons for Switching to Venmo
Personal transactions can be made using Venmo, instantly.
- Industry: Arts & Crafts
- Company size: 2-10 Employees
- Used for 1+ year
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Review Source
Overall rating
- Value for Money
- Ease of Use
- Customer Support
- Likelihood to recommend 4.0 /10
Middle of the Road
Reviewed on 06/08/2019
Well, given whatI've written above not a good time at all.
Well, given whatI've written above not a good time at all.
Pros
The user base is pervasive. Too many customers had Venmo, and not PayPal (but not both like me).
No problems with the interface.
Cons
Main problem being the company's communications regarding my dispute of a via Venmo purchase:
>>Your account is on hold.
There wasn't enough money in your bank account for some payments you made, so Venmo covered the amount for you.
You won't be able to pay people or transfer money to your bank account until you pay Venmo back.
Pay Venmo back
Amount you still owe
$35.00<<o recourse to dispute or contend the charge because Venmo handled the transaction but refused to it when the didn't go through and I canceled the payment.o one to speak to, no one to contact, robot menus that cover all options except the reason you're calling, call centers with employees with no powers to do anything about a problem without asking their supervisor.
This usually involves another long wait on hold and transfer to someone who must be explained the issue all over again from scratch. I estimate that I have had to explain my sometimes simple issue over and over 4 times. Because no one can be bothered to brief the person you're transferring the call to!
To me this reeks of bad management bad training and a faulty power sructure.
Reasons for Switching to Venmo
I didn't. I use both products. I just use PayPal a lot more than Venmo.- Industry: Music
- Company size: 2-10 Employees
- Used Weekly for 2+ years
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Review Source
Overall rating
- Value for Money
- Ease of Use
- Customer Support
- Likelihood to recommend 7.0 /10
Fast and Easy Payment Processing
Reviewed on 05/10/2021
Pros
I like the ease of credit/debit card charging through this app. It is widely used, at least across the United States, so many people already have an account created and linked to a card or bank account. Transferring the payment to your account is quick, usually faster than they estimate, and has a very low processing fee compared to other business platforms.
Cons
I dislike that you must be specific about using the business side of Venmo instead of a personal account. There are different rules about how much money can be transferred in a month and you can be shut down if you forget to use the business side.
Alternatives Considered
PayPalReasons for Choosing Venmo
I switched because the fees and processing times were a burden and Venmo offers easier use for both the client and company.Switched From
Square Payments
- Industry: E-Learning
- Company size: 1,001-5,000 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 7.0 /10
Venmo is a great choice for online banking and sharing expenses
Reviewed on 06/10/2021
Venmo has been great for my business and for my career but I do feel that customer service should...
Venmo has been great for my business and for my career but I do feel that customer service should be easier to access in times of troubles or when errors occur. Sometimes they take a bit of time to get back to you and resolve your issue.
Pros
I enjoy that the product is linked to a very successful parent company that offers the same protection and management system.
Cons
I feel that Venmo could offer more features and allow for quicker processing times when sending and receiving money.
Alternatives Considered
PayPalReasons for Switching to Venmo
Venmo has a more simplistic straight-to-the-point means of transferring money between people and businesses.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:
Facebook for Business
Q. What level of support does Venmo offer?
Venmo offers the following support options:
Email/Help Desk, FAQs/Forum, Knowledge Base, Phone Support
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