Everything You Need to Know About HOW DOES VENMO WORK

Before we Answer how does Venmo work? We should probably talk about what it is actually? Developing technology is shaping the future of financial services. Every form of new technology will make a significant impact on services right away. One such biggest market innovation comes in the form of Mobile devices. Smartphones and tablets have grown out to become much more than everything. Online payment is booming these days, and it starts the transition to the mobile ecosystem. It feels convenient to check the bank balance on the fingertips. Money transfer arrangements are likewise wandering into the versatile world. Giving clients a chance to check whether their cash move has been gotten is an incredible method to monitor cash being sent far and wide. One such great innovation is “Vemo”. Venmo is not just a money transfer platform but along with it leaves a cut notes. The idea was to make online payment faster which sounds like a conversation. The co-founder Andrew Kortina & Iqram Magdon-Ismail were thinking to build the Venmo business model as a stage to share music. Originally the word is an amalgamation of two words, “vendere” means sell & “mo” stood for “mobile”. The main prototype of ‘how does Venmo work’ is to make a payment via text messages. But then they realized that inboxes are started to look like a news feed regarding the details of the payment as a short note describing what the payment is all about. 

Years down the line, the Venmo app has now become so popular that you will only listen “Just Venmo me” instead of “pay or payment”. No need to rush to the bank or nearby ATM or write a cheque that would take days to get cleared, all these things are just on fingertips with the help of Venmo. The difference between other Online merchants and Venmo is that there is a social feed that shows posts about who paid whom among your companions. It additionally demonstrates the adorable notes with emoticons that your friends composed and in addition, you can remark on it also.

After knowing the concept of Venmo, let’s throw some lights on ‘how does Venmo work?’

How does Venmo work?

First and foremost you need to sign in to Venmo to pay or receive the money. Venmo works by linking the bank account or credit card or debit card(optionally). Transactions that are made either with your bank, credit card or debit card or with Venmo balance are free, while a transaction with a credit card as a source they will charge up to 3% of the amount you pay. You don’t need to add any money to your Venmo account, but if one of your friends pays you, you need to request for the withdrawal, the money will directly be deposited into your account in the next working day.

You can use Venmo for the selected friends and the business. Venmo app uses encryption to secure your data & transactions. If you have not verified yourself with Venmo, then you can only send or receive $299 per week. This is the limitation of the Venmo Business Model. You can find the recipient based on the contacts, email ID or Venmo ID. Along with the transferring of online payment, you can leave a note describing for what purpose is this money for.

Another exciting feature of the Venmo app is its social aspect in which you will find a news feed into your home screen which shows who paid who. They don’t display any amount but they do display the purpose behind it. This seems to be the famous feature and something that keeps the Vemno business model apart from all other online payment apps. You can also keep privacy in the transaction, that way none of the activities will show up to your friends in the news feeds. Out of all this, one more feature that keeps Venmo booming these days is, if one of your friends owes you some cash and has totally forgotten about it, there is one feature that allows you to request you, a friend for payment. Instead of tapping on “pay” click on the “request” after entering the amount. This sends a notification to your friend with the reminder note.  

In spite of all the other things, Venmo is looking really in a high position to compete in the payment business in the nearby future.