Venmo

Venmo

Digital wallet & mobile payment gateway

4.8/5 (793 reviews)

Venmo Overview

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
Pricing options
Free Trial
Free
Value for money

Devices

Business size

S
M
L

Markets

United States

Supported Languages

English

Venmo Reviews

Overall rating
4.8/5
97% positive reviews
650
Excellent
120
Very good
18
Average
4
Poor
1
Terrible
Virginia B.

Convenient, entertaining, FREE, and fast

Used Daily for 1+ year
Reviewed on 2018/06/13
Review Source

Pros

Did you know the root of the word convenient actually stems from the Latin word “ven”? That’s exactly what Venmo is. And the inspiration behind the name Venmo actually came from the word vendo/vendere; the Latin word “to sell”. Venmo is one of my favorite apps, I use on a daily basis. It has served as a lifesaver to me on many occasions when I did not have my wallet or cash in hand. You can transfer money to someone else almost instantly and will receive a notification when they have accepted the transaction, so you don’t have to wonder. Transfers from your Venmo to your banking account will show up as quickly as the next business day (as long as it doesn’t fall on the weekend or a holiday). One of the best features of Venmo is that you are not charged a transaction fee when you transfer money between your banking account using a debit card. But, the best part is the free entertainment… If you ever want a little laugh, go and take a look at some of the reasons other people have used Venmo. It’s pretty funny (especially over the weekends). If you are looking for a free, entertaining alternative to PayPal, Venmo will definitely satisfy your needs.

Cons

If your Venmo account is connected to a credit card you will be charged a small fee when you make transfers between the two. I would not necessarily see this as a fault in Venmo because you still have the free option available to you by using a debit card.

Rating breakdown

Ease of Use

Likelihood to recommend

10.0/10
Nicholas S.

Pay People on the Go (The Young Generation's Go To)

Used Weekly for 2+ years
Reviewed on 2019/04/12
Review Source: Capterra

Overall, Venmo has been able to capture the cashless market among family and friends (instead of writing checks). I think they'll continue to own that market as long as they keep making payments easy and free (minus the cards of course).

You can sync your bank account to add funds/make payments without fees, but I know some people don't trust it.

Pros

Venmo makes sending money to your friends, family or even strangers totally seamless. In fact, there are very few people I know that don't have Venmo. It allows you to request payment from someone (because someone always doesn't pay) and it allows you to make payment from your Venmo Balance, Bank Transfer (No Fee) or your Credit/Debit Card (fee). All essentially painless.

While the feature is more for fun, I love that you can write whatever memo/emoji/etc you want in the notes section of the payment. When I see some payments hit my main feed (you can choose to keep your payments private), I love seeing the stuff people send eachother in the notes.

Cons

My biggest Gripe with Venmo is that they hit you with a fee for Credit/Debit Card payments. I get why it exists, because they have to pay the fee on their side, but it feels wrong when you need money.

There is also NO seller/buyer protection in the system. They advise you to only send $$ to people you know or trust. I've heard of cases where people pay with Venmo for a product and then realize the product is broken. They have no recourse for the funds at that point, so keep that it mind.

Also, the only way to fund without fees is by attaching your bank account. Something about leaving my account tied to the app worries me, but I know many of us do it anyway.

Rating breakdown

Value for Money
Ease of Use

Likelihood to recommend

9.0/10
Jacob G.

Review of Venmo

Used Daily for 2+ years
Reviewed on 2019/02/28
Review Source: Capterra

Overall, Venmo has been a life changing app for me. It makes settling up and tracking costs super easy and exact. I look forward to seeing it rolled out on a commercial level to the point where it can be used to buy lunch at a restaurant or a beer at the bar. China is way ahead with digital payments technology through Alipay and even Kenya has wider adoption of digital payments with something called M-PESA. Venmo can lead the way in this space in the world's richest economy.

Pros

Venmo is an amazing payments solution for the modern age of personal finance. Really look forward to seeing Venmo grow into becoming a commercial payments solution, but for the time being it's utility resides in the person to person transactions. The Venmo app streamlines settling up costs in group situations at brunch for example or even splitting costs with your roommate.

Cons

Venmo has some pretty serious privacy concerns. Notably and unfortunately, many therapists accept payment via Venmo these days, but neglect to set there privacy settings to private. By default, all transactions (minus specific transaction amounts) are public unless the user changes there settings to private. In this example with therapists, this is a big HIPAA violation.

Rating breakdown

Value for Money
Ease of Use
Customer Support

Likelihood to recommend

10.0/10

Venmo Honest Review

Used Daily for 2+ years
Reviewed on 2019/05/24
Review Source: Capterra

Overall I will use Venmo no matter what. It's an amazing app and has solved a huge problem in my life.

Pros

Venmo has completely gotten rid of the language of "can you spot me?" The idea of borrowing money from a friend because you forgot your wallet or were short on cash has completely been removed. Now I am able easily pay friends when checks have been split or there is a cost that I would like to contribute to.

Also as a freelance photographer this makes payments from clients so much easier. Receiving large payments and paying large payments have become so easy.

Cons

There are only a few cons. Whenever logging into the application it is incredibly slow. A lot of the times I have to wait to load friends name when requesting or paying money. At times it would shut down the app because it's frozen.

Also, there is a cap on how much money you're able to send per week. Although this isn't much of a problem on a daily basis when making large purchases or having large events it's a bit of a hassle having to wait an entire week in order to complete my payments.

Rating breakdown

Value for Money
Ease of Use
Customer Support

Likelihood to recommend

10.0/10
Julia C.

Perfect money-sharing app for the age of no cash

Used Daily for 2+ years
Reviewed on 2019/04/18
Review Source: Capterra

Can't imagine life without it. Used incredibly often because it is so practical and easy to use. Would recommend for anyone!

Pros

I use this app daily for so many different reasons. It makes it so easy to pay back friends, split bills, and keep track of a group's payments. In this day and age many people do not carry cash with them, and this app makes it easy to pay back a friend if they are covering a bill for you, or pay someone without needing your cash or card on you! We use it for clubs I'm involved in to collect money for merchandise, I use it with my roommates to split bill payments, and I use it daily with friends to cover food or Uber rides that were paid for by others. Beyond easy to use, and also easy to transfer the money to your bank account!

Cons

I would like a feature to request the same amount of money from multiple people all at once- if I am splitting a bill, I'd like to be able to send it to the same group of roommates that I do every month, and request the same amount from each of them instead of completing multiple requests!

Rating breakdown

Ease of Use

Likelihood to recommend

10.0/10

Venmo Pricing

Starting from
N/A
Pricing options
Free Trial
Free
Value for money

Contact Venmo for detailed pricing information.

Venmo Features

  • Electronic Payments
  • SSL Security

  • API
  • Access Control
  • Activity Dashboard
  • Automatic Notifications
  • Content Management
  • Custom Forms
  • Customizable Branding
  • Customizable Templates
  • Data Import/Export
  • Discount Management
  • Drag & Drop Interface
  • Product Catalog
  • Reporting & Statistics
  • Search Functionality
  • Social Media Integration
  • Third Party Integration
  • eCommerce Integration
  • eCommerce Management

Additional information for Venmo

Key features of Venmo

  • Account settings
  • Commenting
  • Data encryption
  • Data storage
  • E-tickets sent via email
  • Emojis
  • LInk bank accounts and debit cards
  • Make payments
  • Mobile-first
  • Money transfers
  • PIN code
  • POS (point of sale)
  • Passwords & authorizations
  • Payment check-out
  • Purchases
  • Request money
  • Share payments
  • Social currency
  • Split bills
  • Sync with Facebook and phone contacts
  • Track payments

Benefits

  • 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.

  • 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

    Free Trial: Not Available

    Contact Venmo for detailed pricing information.

    Q. What are the main features of Venmo?

    Venmo offers the following features:

    • Account settings
    • Commenting
    • Data encryption
    • Data storage
    • E-tickets sent via email
    • Emojis
    • LInk bank accounts and debit cards
    • Make payments
    • Mobile-first
    • Money transfers
    • PIN code
    • POS (point of sale)
    • Passwords & authorizations
    • Payment check-out
    • Purchases
    • Request money
    • Share payments
    • Social currency
    • Split bills
    • Sync with Facebook and phone contacts
    • Track payments

    Q. Who are the typical users of Venmo?

    Venmo has the following typical customers:

    Freelancers, Mid Size Business, Small Business

    Q. What languages does Venmo support?

    Venmo supports the following languages:

    English

    Q. What type of pricing plans does Venmo offer?

    Venmo has the following pricing plans:

    Free

    Q. Does Venmo support mobile devices?

    Venmo supports the following devices:

    Android, iPhone, iPad

    Q. What other apps does Venmo integrate with?

    Venmo integrates with the following applications:

    Facebook, Givebutter

    Q. What level of support does Venmo offer?

    Venmo offers the following support options:

    FAQs, Knowledge Base, Online Support, Phone Support