Receiving payment by Venmo?

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sw_ross

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I don’t know much about This app. Recently my nephew had a fundraiser for his hockey team where I had to use vinmeo to make payment. That was my first exposure.

Yesterday I did a service call. When I finished up the customer asked how I wanted payment and he asked if I accept payment by vinmeo. I said I’m not set up for that.

Anyone use Vinmeo for payment? I could see a benefit in that it’s like an ETF (electronic transfer funds) where funds go directly from their account into my bank account.
 
I've never used Venmo but we do use Zelle to pay for certain things. As a contractor I would think that any method that gets you your payments instantly is better than waiting for a check that might bounce when you cash it.
 
Word of caution, haven't used venmo but have used other apps that suddenly changed the collection payment method that suddenly was sending all funds thru PayPal, held up payment for weeks. They said I had to give them unfettered access to my bank account. Too many issues with PayPal fraud and security failures to trust them. Only way I got my payment was to open a seperate holding account, let them make the transfer then immediately withdrew it into my primary account. There was no way to limit the transfer to incoming only, they would have and did have access to withdraw as well, didn't like that, part of their testing connection they would make a deposit then take it back out.
AFA Zelle, am familiar with that one but there is a maximum monthly transfers that can be handled thru them and for many invoices that I charge out it would go beyond their limits, ok for small payments.
 
I’m going to look into getting setup for it.
I was told by a friend that it is commonly used and is very safe.
 
AFAIK Venmo does not transfer directly from their bank account to yours.
Venmo maintains a Venmo account for each of you.
The sender can send money either from their Venmo account or from a linked bank account. If they choose a linked bank account the money is transfered first to Venmo, since Venmo is the "merchant".
The recipient gets the money added to their Venmo account and then has a choice of a no-fee transfer to their linked bank account that may take several business days. Or for a fee you can get a same-day transfer
Zelle, on the other hand, is an App directly supported by your banks and is similar to EFT. There is no fee for a "personal" transfer, but commercial recipients are supposed to pay a fee for money received in payment for goods or labor
Zelle also has a variation which does not go through a participating bank and can be used for person to person Zelle account transfer. BUT the bank-linked and the non-linked forms cannot interact!
Both sender and recipient must use the same variation.
Both Venmo and Zelle state that their goal is to facilitate transfers among friends, not commercial banking.
In contrast, PayPal is explicitly designed for business transactions.

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GoldDigger said:
AFAIK Venmo does not transfer directly from their bank account to yours.
Venmo maintains a Venmo account for each of you.
The sender can send money either from their Venmo account or from a linked bank account. If they choose a linked bank account the money is transfered first to Venmo, since Venmo is the "merchant".
The recipient gets the money added to their Venmo account and then has a choice of a no-fee transfer to their linked bank account that may take several business days. Or for a fee you can get a same-day transfer
Zelle, on the other hand, is an App directly supported by your banks and is similar to EFT. There is no fee for a "personal" transfer, but commercial recipients are supposed to pay a fee for money received in payment for goods or labor
Zelle also has a variation which does not go through a participating bank and can be used for person to person Zelle account transfer. BUT the bank-linked and the non-linked forms cannot interact!
Both sender and recipient must use the same variation.
Both Venmo and Zelle state that their goal is to facilitate transfers among friends, not commercial banking.
In contrast, PayPal is explicitly designed for business transactions.

Sent from my Pixel 4a using Tapatalk
Click to expand...

To add: PayPal owns Venmo.
 
I use Venmo
It's owned by Paypal.

You get set up and it links to your bank account.
Payments go into your Venmo, not your bank account.

When you get paid, you have the option to leave money in your Venmo or transfer it to your bank
 
I like it, and PayPal, and cash app, because I don't need any separate equipment other than my phone.

And depending on your financial situation, if you need the money today you can have it in your real bank account within minutes

I've never kept money in my venmo long-term, but I do keep money in my PayPal. That's what I'll use when I'm buying online.
 
I’ve taken a handful of payments on Venmo from friends in the past, and for small amounts. But I only use Square now for mobile payments. No issues with Venmo, it’s just not a business payment system.


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Another thing about electronic payments. As a former landlord (just sold out after 43 years!) I was told never to accept electronic transfers for rent because if you are suing someone for non-payment, and they make a partial payment, you have to start over. If they give you a check, you can refuse to cash it, but once the electric payment for $1.00 goes in, you have to start over.

I don't know if the same holds true for suing someone for non-payment of a debt.
 
AC\DC said:
Just get cash or check. If there check bounces then they were never gonna to allow the digital currency to go through either. Cash is king
Click to expand...

A lot of customers, myself included, like to use cards to get points/miles unless there is a cash discount.


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zbang said:
(late to the party)
venmo …..also shares transfer info with "friends"
Click to expand...

You can turn that off and keep transactions private. At least those you send; not entirely sure about receiving.


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brantmacga said:
You can turn that off and keep transactions private. At least those you send; not entirely sure about receiving.


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Click to expand...

The entire transaction adopts the privacy setting assigned by the sender.

So if the sender leaves the setting as “public”, anyone can see it. The person on the receiving end cannot change it (as far as I’ve been able to tell).
 
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