Receiving payment by Venmo?

[Bengel1]

Venmo is great. If that’s how customer’s want to pay me instantly, then I’m all about it.


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[sparky1118]

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 use Venmo and love it. Haven't had an issue I have it linked to my business account so everything is recorded. I have been using it for about two years now.

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[sparky1118]

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).

If you have your settings set to private but the sender is set to public I still think it keeps default to private

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[GoldDigger]

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.

Note: Venmo is a money transfer App. Vimeo is a picture and video sharing site.
Vinmeo? Lord only knows.

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[retirede]

If you have your settings set to private but the sender is set to public I still think it keeps default to private

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Upon further review, I think that’s correct. I see you can even change past transactions to private. I’m not sure if it’s always had that capability or if it’s an enhancement.
Thanks.

 

[ramsy]

There is no fee for a (Zelle) "personal" transfer, but commercial recipients are supposed to pay a fee for money received in payment for goods or labor

Business transactions with Zelle have no fees with Chase bank business accounts, don't know about other banks, or personal accounts.

Venmo explicitly prohibits business transactions in Terms of Service (TOS), which relies on the honor system.

Venmo, CashApp, PayPal can subject users to litigation anytime they choose to enforce business transaction fees, and reports >$600 by 1099 to the IRS starting Jan 1, 2022

 

[GoldDigger]

Business transactions with Zelle have no fees with Chase bank business accounts, don't know about other banks, or personal accounts.

Venmo explicitly prohibits business transactions in Terms of Service (TOS), which relies on the honor system.

Venmo, CashApp, PayPal can subject users to litigation anytime they choose to enforce business transaction fees, and reports >$600 by 1099 to the IRS starting Jan 1, 2022

Bysiness transaxtions are not allowed with a free Venmo (personal) account. But a business can set up a business profile which allows them to receive payments from ordinary Venmo users. But Venmo charges the business a fee of 1.9% + $ .10 per transaction.

 

[sparky1118]

Business transactions with Zelle have no fees with Chase bank business accounts, don't know about other banks, or personal accounts.

Venmo explicitly prohibits business transactions in Terms of Service (TOS), which relies on the honor system.

Venmo, CashApp, PayPal can subject users to litigation anytime they choose to enforce business transaction fees, and reports >$600 by 1099 to the IRS starting Jan 1, 2022

I have zella but haven't had the opportunity to use it yet.


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[cdslotz]

I use Venmo all the time, however I retired from the electrical biz ten years ago, and now I play music full time. Every person I work with uses Venmo.
I love it......especially the cha-ching sound on my phone....lol

 

[GeorgeB]

I have Zelle but haven't had the opportunity to use it yet.

Several friends and family have and use Zelle. We split bills and send small gifts.

We have had 2 small businesses who have helped my wife clean who prefer Zelle; one has a business account but also 20 or 30 employees. It's been flawless, but as they emphasize, the first time with a new person you pay, check, double-check, and triple-check that their info is correct.

Our son-in-law has a VERY small business and uses it for payroll. It's an arts type business and a payment may be $10.00.

I've established the policy of paying $1.00 and having them confirm it went through before sending the balance. That only takes minutes if both are established users. Of only 4 or 5, all understand why. Once you send it, it's like cash, cannot get it back. That's good and that's bad.

 

[ramsy]

Bysiness transaxtions are not allowed with a free Venmo (personal) account. But a business can set up a business profile which allows them to receive payments from ordinary Venmo users. But Venmo charges the business a fee of 1.9% + $ .10 per transaction.

Thanks for sharing, that's that's a much better rate than my bank credit card fees, or Square.