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:

Not provided by vendor

  • Free Version
  • Free Trial
  • Subscription

Key benefits of Venmo

  • Brands are able to generate exposure as users share their purchases with friends or contacts via the Venmo feed.

  • Venmo helps users stay in control of what they owe, what others owe them, and what they've bought.

  • Organizations can allow customers to pay them as easily as they pay their friends, with fewer taps and a speedy checkout system.

  • Venmo safeguards payment information using data encryption, enabling customers to securely pay contacts and transfer money to bank accounts.

  • Customers are able to find contacts automatically by syncing their Facebook account or phone contacts, and split and share payments.
  • Typical Customers

    • Freelancers
    • Small Businesses (2-50)
    • Mid-size Companies (51-500)
    • Large enterprises (500 and more)

    Deployment

    • Cloud-based
    • On-premise

    Markets

    United States

    Supported Languages

    English

    Pricing starting from:

    Not provided by vendor

    • Free Version
    • Free Trial
    • Subscription

    Images

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    Features

    Total features of Venmo: 17

    • 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
    • Payment Processing
    • Point of Sale (POS)
    • Promotions Management
    • Reporting/Analytics
    • Secure Data Storage
    • Transaction History

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    Reviews

    Overall rating

    4.7 /5
    (8,877)
    Value for Money
    4.8/5
    Features
    4.6/5
    Ease of Use
    4.8/5
    Customer Support
    4.4/5

    Already have Venmo?

    Software buyers need your help! Product reviews help the rest of us make great decisions.

    Showing 5 reviews of 8,877
    Gina
    Overall rating
    • Industry: Executive Office
    • Company size: 2-10 Employees
    • Used Weekly for 6-12 months
    • Review Source

    Overall rating

    • Value for Money
    • Ease of Use
    • Customer Support
    • Likelihood to recommend 10.0 /10

    Venmo is For the new aged business person.

    Reviewed on 22/01/2022

    Overall my experience like I said has been good with venmo I like it that it's versatile it's...

    Overall my experience like I said has been good with venmo I like it that it's versatile it's mobile everything is pretty much self-explanatory you know now there's Bitcoin you can buy I like it that I can use it for my business I can use it for personal I can use it anyway that I need to to fit the particular situation that I'm dealing with that's a great option I don't like that to cash a check you have to use the one particular service it would be nice if they offered several services so that you could choose which one you wanted to go through what rate you paid and then again like I said if you don't get accepted through one because they have issues or glitches or technical issues there is a backup that you can go through cuz some clients pay with checks and then that means we have to have a separate bank account to cash checks and I like the point of keeping everything together so that I can keep all my business stuff in one place

    Pros

    The features that I like most about them always is mostly that it's a very mobile and very versatile service that I can offer not only to my clients but that I use myself I not only use this in my business but I use it personally as well and it just makes it so much easier for me to be able to do all my banking or payments in one spot I can cash a check I can get a direct deposit I can take payments I can send money all of this while I'm still moving around and doing everything that I can for my business it's a great program a great payment option and a great way to be able to look at what you're doing financially while you're on the go.

    Cons

    I guess the feature that I least liked is that they use Ingo for their check cashing services and I have had issues as well as other people that I know with Ingo because they will shut you out of their system and not really give you a reason and getting through to customer service and getting it sorted is almost impossible and very time-consuming and in my field that's something I do not have time for is to sit down and talk for hours and try and figure out something that I have no idea was a problem and it usually turns out that it's a technical error or it's a glitch or it takes a long time to fix and by the time they do that you found an alternative to doing what you needed to do anyway so that's my only con with venmo is that they use that one check cashing service so if you want to cash a check and you can't use Ingo then you can't use that feature of venmo and that's that's a downplay

    Lena
    Overall rating
    • Industry: Veterinary
    • Company size: 2-10 Employees
    • Used Daily for 2+ years
    • Review Source

    Overall rating

    • Value for Money
    • Ease of Use
    • Customer Support
    • Likelihood to recommend 7.0 /10

    Venmo for business is a must

    Reviewed on 06/01/2022

    I think Venmo is a great option for businesses to accept payments. It has trust, security, and...

    I think Venmo is a great option for businesses to accept payments. It has trust, security, and financial stability, so I don’t have to worry about mine or my customers information being stolen or my money being lost. I like that I am able to use across everything I need, from mobile payments to pos. It is so easy to use and I can track all of my sales and history easily.

    Pros

    I like the many payment options, the ease of use, and the trust I have for the company.

    Cons

    There are some features that should be more customizable, and the fees could be a bit more competitive.

    Alternatives Considered

    PayPal

    Reasons for Choosing Venmo

    The features were more convenient and it is easier to use and control my money.

    Switched From

    PayPal

    Reasons for Switching to Venmo

    It has more versatility
    Cicily
    Overall rating
    • Industry: Apparel & Fashion
    • Company size: 11-50 Employees
    • Used Daily for 2+ years
    • Review Source

    Overall rating

    • Value for Money
    • Ease of Use
    • Customer Support
    • Likelihood to recommend 10.0 /10

    Venmo Review

    Reviewed on 05/01/2022

    I love that it is really simple to use from offering the expense of a dinner to a companion to...

    I love that it is really simple to use from offering the expense of a dinner to a companion to paying for products bought from a companion or merchant. No expenses, not all that much or obscure.

    Pros

    Speedy, helpful installments
    Allowed to send cash from a financial balance or charge card
    Low charge for Mastercard installments
    Can pay for buys at select organizations
    Offers a check card and a Mastercard
    Adds a social component to sending and getting cash

    Cons

    At present, Venmo is just accessible in the United States. Along these lines, don't anticipate utilizing it on any of your impending worldwide voyages. It depends on an informal community of known companions and individuals in close geographic nearness to convey advanced installments.

    What's another impediment you really want to know about with the application? It's just accessible for individual use when connected to a Visa or ledger. Along these lines, even those organizations that pay an expense to acknowledge it can't straightforwardly utilize it.

    The organization likewise puts a cap on client exchanges of $4,999.99 each week. This breaking point is applied on a moving premise. The equivalent goes for getting reserves.

    At the end of the day, on the off chance that you really want to send a huge amount of cash, look somewhere else. Or on the other hand separate enormous exchanges into more modest aggregates paid more than a little while.

    At long last, pundits have raised worries with Venmo's present security conventions. They stay wary with regards to the portable application's capacity to secure individuals' accounts. All things considered, the organization has questioned these reactions various occasions by stressing security settings.

    Brian
    Overall rating
    • Industry: Consumer Services
    • Company size: 2-10 Employees
    • Used Weekly for 2+ years
    • Review Source

    Overall rating

    • Value for Money
    • Ease of Use
    • Customer Support
    • Likelihood to recommend 10.0 /10

    Why your business needs Venmo!

    Reviewed on 22/12/2021

    I love using Venmo and prefer it to any other payment method - its just so darn easy to use! I love...

    I love using Venmo and prefer it to any other payment method - its just so darn easy to use! I love it and you will too!

    Pros

    With Venmo your business never has to sacrifice an order for payment issues!
    Venmo remains a top competitor in the payment processing market because of its versatility, ease of use, reliability, support and recognition - if you don’t have Venmo these days people start wondering what rock you’ve been hiding under!
    Venmo’s user analytics and usability are top of the line and will make the payment of every sale the easiest part of the process!

    Cons

    I have nothing bad to report, the app is practically flawless for the purpose it serves! If there’s anything to perhaps improve upon initially it would be the inclusion of crypto currency as crypto will continue to rise in popularity around the world.

    Alternatives Considered

    PayPal and Meta for Business

    Reasons for Choosing Venmo

    I use both but prefer Venmo for the fee structure, ease of use, and social acceptance - PayPal is great but it’s also potentially more dated and less popular with the younger generations.

    Switched From

    PayPal

    Reasons for Switching to Venmo

    Venmo is again just the easiest to use and most popular amongst the younger generations. It’s trusted, reliable, and so easy anyone can do it!
    Krishnamoorthy
    Overall rating
    • Industry: Marketing & Advertising
    • Company size: 2-10 Employees
    • Used Weekly for 1-5 months
    • 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

    Payoneer

    Reasons for Choosing Venmo

    Venmo had more features and a better mobile user interface.

    Switched From

    Cash App

    Reasons for Switching to Venmo

    Personal transactions can be made using Venmo, instantly.
    Showing 5 reviews of 8,877 Read all reviews

    Venmo FAQs

    Below are some frequently asked questions for Venmo.

    Venmo offers the following pricing plans:

    • Pricing model: Free Version
    • Free Trial: Not Available

    Contact Venmo for detailed pricing information.

    Venmo has the following typical customers:

    Self Employed, 2-10, 11-50, 51-200, 201-500, 501-1,000

    Venmo supports the following languages:

    English

    Venmo supports the following devices:

    Android (Mobile), iPhone (Mobile), iPad (Mobile)

    Venmo integrates with the following applications:

    Meta for Business

    Venmo offers the following support options:

    Email/Help Desk, FAQs/Forum, Knowledge Base, Phone Support

    Related categories

    See all software categories found for Venmo.