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Venmo remains one of the most popular mobile payment systems in the United States. Here’s a look at how you can pay someone with the payment service. Venmo remains one of the most popular person-to-person or person-to-business mobile payment systems in the United States. With ease, you can send money using your iPhone or Android-based smartphone. There’s also a Venmo Debit Card available. Here’s how to do it. What Do You Need?Completing a payment transaction with Venmo requires having a balance in your account. Otherwise, it must be backed up by an external payment method, either a bank account or card. Venmo BalanceWhen another Venmo user pays you using the service, the money is kept in your account unless you transfer it to an outside source. You can use your Venmo balance to make payments to individuals or authorized merchants. External SourceTo add an external source in the Venmo app:
Next:
About Payment SelectionsVenmo balances that fully cover payments will be taken first. Otherwise, your backup source is used. For example, if you attempt to make a payment for $100 and you have a $150 Venmo cash balance, $100 of that balance will be made to make your purchase leaving you with a balance of $50. If, however, you have only an $80 Venmo balance, your $100 payment will come entirely from the backup source. Note: You can set different default payment methods for purchases and payments to friends. You’ll be prompted to set up these payment methods when you make a purchase for the first time. You can choose a default payment source in the Venmo app:
Paying Through VenmoYou can make payments using the Venmo app or Venmo debit card. The easiest way to do so is person-to-person.
Paying MerchantsVenmo is now part of PayPal, which means more merchants than ever before that support Venmo payments. Merchants that accept PayPal don’t necessarily also accept Venmo payments, however. Unfortunately, finding a merchant that accepts these payments isn’t nearly as simple as it should be. Currently, Venmo is available as a payment option in select merchant apps and for select merchants on a mobile browser. To check out at these supported merchants using Venmo, you will need to have the Venmo app installed on your mobile phone and will need to opt-in to make purchases. From there, you can make your purchase. To opt-in:
To Make a Merchant PurchaseThrough your native mobile browser, you’ll see a PayPal button or Venmo button.
In apps:
You can find a current listing of companies that support Venmo as payment through the Venmo website. What About the Venmo Debit Card?Another way to make payments using your Venmo balance is through the free Venmo Debit Card. You can apply to receive a card directly through the Venmo app; the card works like any other debit card. It also includes a rewards system, which allows you to earn money on purchases at specific brick and mortar stores. Once you have the Venmo Debit Card, you can track purchases in the app, change your PIN, or temporarily disable the card. You can also Reload Automatically, which allows you to add money in $10 increments from your external account(s) to cover any purchase amount that exceeds your Venmo balance. With the card, you can also withdraw cash from your balance at supported ATMs. About FeesIn most cases, Venmo doesn’t charge a fee for basic service. As it explains:
There’s no ATM withdrawal fee using the debit card in-network. However, Venmo does charge $2.50 when using an out-of-network ATM. Other fees:
Worth ConsideringYou can find more information about Venmo through the official website or app. You can also check out our report on how to use Venmo. Can you pay people on Venmo with your balance?If you have access to a balance, you can use your balance to make payments to friends. You can also use Venmo at checkout on authorized merchants' apps or mobile websites. Some merchants also allow purchases using Venmo QR codes at their in-store checkout.
Why can't I use my Venmo balance to pay?If we're unable to verify your identity by the date specified in the email you received, we won't be able to continue offering you the use of a Venmo balance for making payments. You'll still be able to receive payments and transfer the money you receive out to a bank account.
How do I pay a friend from my Venmo balance?You can find the Pay/Request button at the bottom of your Venmo app. After tapping there, add as many friends as you'd like to pay or charge, enter an amount, and add a note. Once you're ready, tap “Request” or “Pay”, and you should be all set!
Can I send money from my Venmo balance to another Venmo?It's free to send money to other Venmo users using your Venmo balance or your bank account. However, if you decide to send money using your credit card, Venmo will charge you a 3% fee. For example, if you are sending your friend $100 using the credit card linked to your account, you will be charged $103.
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