If you are interested in quick and easy money transfer, you must have heard of the Venmo payment platform. However, there has been a lot of concern about how it works and if it’s really safe.

Since PayPal has acquired the money transfer app in 2013 under Braintree for $800 million, Venmo has been the go-to for many users to send and receive money easily on their mobile devices.

If you are eager to know the Venmo payment platform in and out, read on.

• What is Venmo
• How Does Venmo Work With Banks
• How Does Venmo Work With Credit Card
• How Does Venmo Work With PayPal
• How Does Venmo Work For Businesses
• How do You Pay Someone on Venmo
• What Are The Risk of Using Venmo
• Can You Get Scammed on Venmo
• Which is Easier Venmo or PayPal
• What do You Need to Open a Venmo
• How do I Get My Money Out of Venmo
• Can I Receive Money on Venmo Without Bank Account
• What is The Safest Way to Use Venmo
• Is There a Venmo Transfer Limit
• How Does Venmo Make Money
• PayPal Subsidiaries

What is Venmo

Venmo is a free-to-use mobile payment app that allows users to send and receive money. The app is owned by PayPal and connects with users’ and businesses’ bank accounts or credit cards to send and receive funds online, and is currently only available for users inside the U.S. 

The app was founded in 2009 by University of Pennsylvania roommates Andrew Kortina and Iqram Magdon-Ismail as a text-only money transfer service.

Read Also: Using Paypal To Earn Money Online

However, in 2012 the startup was released to the public as an app for iPhone and Android users to transfer money. Venmo capitalized on the peer-to-peer (P2P) market by allowing users to connect credit cards or bank accounts to the app and send or receive funds directly on their mobile devices. 

In order to send money for free, users must connect their bank account to the app. However, there are small transaction fees for sending money with a credit card.

The name “Venmo” is an amalgamation of two words: “vendere,” which means “to sell” in Latin, and “mo” which is short for the word mobile.

How Does Venmo Work With Banks?

Venmo works by linking with your bank account and (optionally) a credit or debit card. Transactions made with either your bank account, debit card, or with your Venmo balance are free, while a standard 3 percent fee is added to credit card transactions.

You don’t need to add any money to your Venmo account, but if a friend pays you, you will need to request to withdraw those funds; that money is then typically deposited into your account the next business day.

You can use Venmo with contacts, as well as with select businesses. Venmo uses encryption to keep transactions and app data secure

How Does Venmo Work With Credit Card?

Venmo charges a 3% fee when you use your credit card to send money to family and friends, but there is no fee if using your credit card to make an online purchase from a business that accepts Venmo.

Online merchants who accept Venmo typically will have a Venmo-branded payment button on the site or there will be a Venmo option after first selecting PayPal as the payment method.

While you can use a credit card to send payments, you can’t transfer funds from your Venmo account to your credit card. Instead, you must transfer funds to your bank account or your debit card, and there’s a fee to transfer funds to your debit card.

Cash advances with a credit card typically carry an upfront fee and a higher interest rate while beginning to accrue interest immediately.

So, you may want to check with your credit card issuer before sending a payment to determine whether or not the transaction will be treated as a cash advance.

How Does Venmo Work With PayPal?

If you see a PayPal button: 

• Simply tap the PayPal button while shopping in a mobile browser to launch the checkout experience. A Venmo payment option will appear on the next screen, if it is available.
  • Please keep in mind that in order to see the option to pay with Venmo, you will need to have Venmo currently installed on your phone, be checking out with an eligible PayPal/Venmo merchant, and not have configured PayPal OneTouch. For more information about how to change PayPal OneTouch settings, please see this support article: https://www.paypal.com/us/webapps/mpp/one-touch-checkout/faq

How Does Venmo Work For Businesses?

There are plenty of reasons small business owners are jumping on the Venmo train. We interviewed a few entrepreneurs and checked out Venmo’s business features ourselves. Here’s the best of what Venmo offers. 

Online integration

Because it is easily integrated online, Venmo is a great option for online retailers. Using Venmo means opening a new way to drive sales. It provides a familiar, easy-to-use payment method that younger customers will understand and utilize.

“We decided [to use] Venmo about a month ago, after a few customers asked and told us they were more comfortable using Venmo versus using their card to swipe,” said Rekha Panda, founder of RAEKA Beauty. “Venmo is easy, fun and safe. Clients feel protected and comfortable not having to share their credit card [or] debit card data with online stores.” 

It’s also a good option for conducting limited sales at a storefront where an expensive POS system isn’t necessary. Tyler Browne, owner of California-based To the Cloud Vapor Store, said that while Venmo only accounts for about 1% of his store’s sales, it’s a vital tool for in-store purchases. 

“We are primarily an e-commerce store, but our SEO gives us many local customers who will pop up at our office,” he said. “Rather than turn them away or install a pricey POS for a small amount of transitions a month, we just use Venmo.” 

Speed

The biggest draw for both customers and businesses is how quickly users can transfer money to their bank. The business version of Venmo provides instant transfer, allowing businesses to receive money or issue payments on the same day.

Sarah Zurell, co-founder and executive vice president of peer-to-peer parking business Pavemint, said that a lot of her company’s clients use Venmo because it is quick, easy and familiar. 

“Venmo has allowed Pavemint to provide our hosts (those renting parking spaces) a payout option that many of them use already,” Zurell told Business News Daily in an email. “Venmo is also faster than paying hosts via their bank accounts.” 

Venmo’s speed is also advantageous for business owners who need to pay freelancers after their project is complete.

Zack Bates, CEO of Private Club Marketing, said his business has an established network of freelance photographers and videographers around the nation who collaborate on projects to promote private members’ clubs.

He said most of these freelancers are millennials who want to be paid as soon as possible, so he transitioned from using PayPal to Venmo.

“Venmo offers an instant solution for us to accommodate their requests and get projects turned around fast,” Bates said. “We work on projects all over North America, [and] it makes it so much easier for us to get vendors paid for … To not have to mail checks and cut checks and deal with reordering or ordering those through our banks, it allows us to access a much bigger network of freelancers.”

Connection to customers

Venmo’s comment and like features give businesses the opportunity to interact with customers on another level. You can break down barriers, encourage customers to reach out with questions and interact with your business through a social-style platform.

“The social media features on Venmo are great,” Panda said. “When we can engage our clients and interact, they feel more comfortable reaching out to us with questions and are more likely to purchase again.”

Venmo’s social features can be a big draw for businesses. Josh Criscoe, head of communications for Venmo, said it has millions of users who can view the feed.

“Accepting Venmo payments allows a merchant to welcome Venmo’s millions of highly engaged users who love sharing their purchase activity on Venmo’s social feed, a powerful recommendation engine to other Venmo users.”

Security

Venmo is a subsidiary of PayPal, so it has security backing from a major company. While some users are wary of linking their bank accounts to an app, Browne said most of his millennial customers have no problem using it.

“The ones who use Venmo are younger customers who show up at our door and already have Venmo installed. They love it as we do,” he said. “We tell older customers about it and they are very skeptical. None of them download it and do not want their bank account hooked up to an app.”

Despite apprehension from some customers, Venmo seems to be a safe and secure option for customers and businesses. Criscoe said that it uses an encryption system to protect users.

“As a service of PayPal Inc., Venmo has the benefit of nearly 20 years of experience in payments security and fraud prevention,” he said in an email. “Personal and financial data is encrypted and protected on our secure servers to guard against unauthorized transactions.”

How do You Pay Someone on Venmo?

You can make payments using the Venmo app or Venmo debit card. The easiest way to do so is person-to-person.

1. Tap on the Venmo app on your mobile device.
2. Choose the payment icon at the top right.
3. Select a recipient from your list of Venmo contacts or add a recipient. You can add by Venmo username, phone, or email. You can also scan a Venmo user’s QR code.
4. Add the payment amount.
5. Include a note to the payment, which can include emoji, Snapchat’s Bitmoji, and Holler stickers.
6. Tap Pay. You’ll see your Venmo balance or default backup account. Choose the currently select account to make a change.
7. Confirm payment.

What Are The Risk of Using Venmo?

Receiving payments is risky, no matter what tool you use. To manage that risk, only accept payments from people you know and trust—that’s what Venmo is designed for Venmo is not meant to be used for your small business or informal sales on Craigslist.

Unfortunately, Venmo payments you receive can be reversed by the company after they hit your account. When you receive a payment, it looks as if the transaction is complete.

The money appears in your Venmo account instantly, and you might even be able to use the funds. However, that money is only made available under the assumption that everything is fine.

What could go wrong? It’s possible that the person who paid you will file a claim with Venmo, or even use a stolen credit card number to fund the payment. Eventually, the card’s legitimate owner might complain, and the payment will be canceled.

This might surprise you because other payment platforms provide consumer (and seller) protections, but Venmo doesn’t. You might also believe it’s impossible to cancel a payment—because that’s what Venmo says on its website: “At this time, it’s not possible to cancel a payment that’s been sent to a registered user in Venmo.”

However, payments can be reversed. Your buyer doesn’t “cancel” the payment. They may “dispute” the payment—or somebody else does after finding unauthorized activity in their account

Can You Get Scammed on Venmo?

Con artists discovered they can take advantage of the details mentioned above. Just like with cashier’s check scams, they may exploit your assumptions about how money moves. You think the payment is complete, so you give up whatever you’re selling.

It takes several days for payments to be processed (for the money to move from a buyer’s bank account or card to Venmo unless the recipient pays a fee to speed things up).

But payments appear to be instant. In most cases, they might as well be, because there’s no fraud going on. Venmo tells you that you just got paid and shows a little plus sign that suggests the funds are in your account instantly.

In a typical Venmo scam, a “buyer” contacts you about something you’re selling on Craigslist. They ask to pay with Venmo and promptly make the payment if you accept.

At that point, you provide whatever you’re selling (whether you ship it, hand it over in-person, or transfer Bitcoin to the buyer), thinking all is well. After a few days, Venmo reverses the transaction, and your buyer is nowhere to be found.

In addition to losing your merchandise, if you spend that money, you’ll have to replace the money you thought you received (by transferring it back into Venmo from your bank account, for example).

Which is Easier Venmo or PayPal

For individuals who are primarily paying relatively small amounts to connections or friends (basically, people you know), Venmo offers low fees and a simple format that widely appeals to users of all ages – specifically millennials.

The app’s design and features are best suited for smaller, daily transactions than big purchases or transfers, and is designed to be used between friends. 

On the other hand, PayPal is probably best suited for users who are either businesses and merchants or users who need to send larger transfers or exchange funds with people they may not know.

The payment service is also prime for online shopping and has a wider range of products and offers (like loans and even a MasterCard). 

Additionally, if you are one to use cash apps or payment services for purchases, PayPal has a wider range of retailers that accept it. 

While both services essentially perform similar functions, Venmo is potentially better for users who just want to send and receive smaller amounts of money with low or no fees daily, while small businesses or customers who make a lot of online or large purchases and transactions may want to opt for PayPal. 

What do You Need to Open a Venmo

Follow the instructions below to sign up for Venmo:

1. Download the Venmo mobile apps: iOS & Android (Venmo does not have a Windows app)
2. Open the Venmo app
3. Choose your sign up method and create a secure password (between 8 and 32 characters long). 
4. Verify your phone number and email address 
5. Add and verify your bank account 

Venmo is only available in the United States and only compatible with U.S. based bank accounts and phone numbers. You must also be able to send and receive SMS/text messages from short codes.

How Long Can You Leave Money in Venmo

30 days

In that case, your authorization of the payment will remain valid until the merchant completes the transaction and venmo may place a temporary hold on the money in your Venmo account for the payment amount (but no longer than 30 days).

How do I Get My Money Out of Venmo?

1. Add a bank account

For more information on how to link a new bank account, please see our help article about linking a bank account. 

2. Verify your bank account (RECOMMENDED)

For more information on how to verify your bank account, please see our help article about verifying your bank account.

We strongly recommend that you verify your account before transferring funds to your bank account to ensure that the funds arrive successfully. Venmo is not responsible for lost transfers to bank as a result of incorrectly entered bank credentials.

3. Transfer funds to bank account

Once you have added your bank account and verified it, transfer funds to your bank account if you’re using a computer.

In the app:

1. Tap the “☰” icon at the top of the app
2. Tap “Transfer to Bank” or “Transfer Money.” (Alternately: Tap “Manage Balance” and then “Transfer to Bank”)  
3. Enter the amount you would like to transfer to your bank
4. Tap “Instant” (for a small fee) or “1-3 Biz Days” (for no fee), and select your preferred bank account or debit card
5. Confirm your transfer details, and tap the green “Transfer” button

Can I Receive Money on Venmo Without Bank Account

Venmo lets you transfer money via a mobile app. You and your recipient just have to sign up for free accounts. From there, you can send money using  someone’s email address and phone number. 

A recipient doesn’t necessarily need a bank account to get funds through Venmo. For instance, that person can order a Venmo card that functions much like a prepaid debit card to load up Venmo funds.

What Does it Cost to Use Venmo?

The most common fee you are likely to encounter with Venmo is when you make a purchase or send money to another person.

If you send money using a credit card, Venmo adds a three percent fee (which is the fee from the credit card company being passed on to you).

You can avoid the three percent purchase fee by only sending money from your Venmo balance, bank account, or debit card. As long as you’re not using a credit card directly, Venmo does not charge a fee to send money.

Venmo may also charge a fee if you use Instant Transfer, or have a Venmo Card

What is The Safest Way to Use Venmo?

The app allows you to add another layer of protection by creating a PIN code in the app and setting up multifactor authentication.

Enabling a PIN means that code has to be entered each time the app is opened in order to access it. You can pair a PIN code with fingerprint identification if your device has that feature. 

Multifactor authentication is a two-step verification process that requires a unique code to access your account. Venmo does this by texting or emailing you a unique code that you’ll need to enter in order to log in.

If you lose your phone or you suspect someone is trying to access it, you can block your Venmo account from your phone.

You can go into your Venmo settings from a laptop or other mobile device and remove the session associated with your phone. This automatically logs your device out of the app. 

As well, you may inadvertently reveal payments, recipients, and payment reasons to anyone on the internet, due to Venmo’s social-sharing capabilities

1. Choose a Unique Password

When setting up your Venmo account password, steer clear of passwords that might be easy to guess. Use a combination of upper and lowercase letters, numbers, and special symbols.

Instead of choosing a complete word, consider using a unique and uncommon acronym or phrase, which could make it harder for a hacker to identify. A password manager may also help.

2. Enable PIN Protection and Multifactor Authentication

These two steps take just a few minutes to complete but they can be helpful in securing your Venmo account if your mobile device is lost or stolen. And if you don’t have a password or lock for your phone, you may want to set that up as well.

3. Link Credit Cards, Not Debit Cards

Venmo allows you to link both credit and debit cards to your account to use as payment methods. In terms of security, you’re better off using a credit card in place of debit, as credit cards have more legal protections governing fraud compared to debit cards.

4. Only Deal With Trusted Payers and Payees

It should go without saying, but Venmo advises users to only send and receive money from friends and family they know and trust. If you’re accepting payment or sending payment to someone you don’t know, those transactions could be much riskier.

According to the Wall Street Journal, which obtained and reviewed internal documents from Venmo’s parent company PayPal, Venmo reportedly lost $40 million in the first three months of 2018 due to fake payment transactions that were processed through the app.

If you’re worried about fraud, you can cancel payments to new Venmo users who don’t yet have active accounts.

5. Use Push Notifications to Monitor Venmo Account Activity

Setting up alerts can help you keep tabs on your account and when money moves in or out. These are under “Settings” and then “Notifications.”

Email notifications will let you know if a login was attempted, in addition to payments and charges, but there are also push and text notifications for payments received, payments sent, and more. 

6. Avoid Public Wi-Fi

If you’re sending or receiving money through Venmo anywhere other than home, make sure you’re using a secured Wi-Fi network to do so.

Using public Wi-Fi that isn’t password-protected could potentially expose your account details to hackers if they’re able to tap into the network. 

7. Don’t Stay Logged In

It’s not always easy to remember to log out of Venmo with every session (in the app go to “Settings” and then “Sign Out”), but logging out ends your session and can reduce the odds of someone being able to steal your information. 

Which is Better Venmo or Cashapp?

Although both Cash App and Venmo can send and receive money from nearly any bank account in the US, both have their individual pros and cons to consider.

We recommend Cash App for:

• The versatility of the app: Send and receive money, buy and sell stocks and more.
• Private transfers by default to email, phone number or $Cashtag.
• Its ability to accept direct deposit payments and make purchases using the Cash Card debit card.

We recommend Venmo for:

• Paying your friends in a socially-focused way that includes emojis and personalized messages.
• Making and receiving payments between friends and family.
• Keeping your money in a digital wallet, which means you don’t have to shift money to and from your bank account.

If you just want to send money privately to your friends with no flair, Cash App’s transfer service might be the better choice. However, Cash App’s additional features can be a bit distracting compared to Venmo’s simple design.

Overall, the Venmo app is the more straightforward option because it only does one thing and it does it well: it allows you to send and receive money.

However, if you don’t want to have to adjust your privacy settings to keep your transfers just to yourself and the person you are paying, then use Cash App.

The added features that Cash App boasts — buying and selling stocks, buying Bitcoin, direct depositing checks and the like — are all great. However, they aren’t necessary if you’re just looking to pay your friend back after ordering some takeout.

Does Venmo Require SSN?

Venmo is a money transfer business regulated by the United States Treasury Department. As such, they are obligated to collect certain information from our users to verify their identities.  

They may ask for your SSN to verify your identity if you try to do any of the following:

• send $300 or more in one week (rolling 7 day period)
• transfer $1000 or more to your bank in one week
• create a group account

Is There a Venmo Transfer Limit

When you sign up for Venmo, your person-to-person sending limit is $299.99. Once we have confirmed your identity, your weekly rolling limit is $4,999.99.

Your limit will be set at $299.99 if you haven’t.

Does IRS Look at Venmo?

Payments made through Venmo to vendors also are still subject to IRS information reporting rules. Vendor payments over $600 in a calendar year must be reported on IRS Form 1099-MISC, regardless of the mechanism by which the payment is made.

Earnings to the individual receiving payment through Venmo are taxable to that individual and must be reported in compliance with tax law.

Further, vendors receiving payment through Venmo for goods or services must also be cognizant of sales tax laws imposed at the state level. If a business is paying payroll through Venmo, then all of the withholding tax rules still apply, as well.

Failure to report activity transacted through a peer-to-peer app will create tax problems. From the government’s perspective, Venmo activity is no different from any other transaction conducted through a traditional bank account.

Payments received through Venmo must be reported on the appropriate tax returns and must be included in taxable income.

Despite all this, not all transactions executed through Venmo are automatically taxable. For example, simply reimbursing a friend for your share of a group dinner or taxicab ride is generally not a taxable transaction.

How Much Does Venmo Take Out to Verify?

When you add your bank account to Venmo manually (with your routing and account number), we’ll send microtransfers to your bank account to verify ownership (these will be less than $1 each).

When we issue these microtransfers to your account, we issue two small withdrawals and to offset those withdrawals we issue two small deposits simultaneously. To avoid any overdraft or other bank fees make sure you have at least $2 in your bank account.

You’ll see these deposits/debits in your bank account within 1-3 business days as separate items on your bank statement. Once you do, you can visit www.venmo.com/verifybank to verify your bank account.

How Does Venmo Make Money?

Venmo derives a more significant pot of revenue from the per-transaction fees it charges merchants. Thanks to PayPal’s infrastructure, Venmo is compatible with at least two million merchants, consequently enabling Venmo to rake in two discrete types of income streams.

The first type of revenue is facilitated through a “smart payment button” that can be integrated into other apps, for in-app purchases.

In 2018, Uber added a service that allows its app users to pay for rides and Uber Eats using Venmo, without ever leaving the Uber app. Furthermore, the cost of rides and food items can be divided among multiple users via the Uber app.

The second source of merchant revenue is derived from the Venmo debit card, which draws directly from a user’s Venmo balance. This card operates through Mastercard and can be used at any business that accepts Mastercard.

This function has helped Venmo expand beyond its exclusive P2P platform, empowering customers to transact directly with online retailers and brick-and-mortar establishments.

In both revenue-generating scenarios, Venmo charges merchants a 2.9% fee, plus $0.30 per transaction. Companies are willing to pay these higher-than-average rates, due to the wealth of new customers Venmo brings to their doors.

Furthermore, Venmo users are more likely to elevate the profiles of participating companies, over their social media accounts.

“Partnering with Venmo is like partnering with a credit card processor, but with much more upside,” notes consultant Richard Crone. “Retailers spend a lot of money trying to get you to like them on Facebook and follow them on Twitter.

But they could get these things for free, as a byproduct of allowing Venmo payments. People can see where their friends have been and what they’ve been buying, which turns users into advertisements for businesses, among a highly desirable target demographic.”

Venmo boasted 40 million by the end of the fourth quarter of 2919. Its net payments volume grew to $29 billion, representing a 56% year-over-year climb. Projected revenues for 2019 were approximately $300 million. 

PayPal Subsidiaries

PayPal Holdings Inc. (PYPL) is a dominant player in digital payments through its web and mobile app payment platforms. It’s maintained its strong position against a rising number of fintech startups and technology giants such as Apple Inc. (AAPL) and Alphabet Inc. (GOOG).

The company provides a variety of digital payments services to 305 million account holders worldwide, enabling them to send and receive money, hold balances, withdraw funds, and perform other functions.

PayPal has made a number of key acquisitions in recent years to fuel its growth. In most cases, these deals have expanded PayPal’s customer base or its service offerings.

Read Also: Calculator

Together, these acquisitions have helped PayPal to sharply boost its payments volume, a key metric used by investors to measure the company’s health and progress.

Below, we’ll look at eight significant PayPal acquisitions. A special note that PayPal does not provide revenue and profit figures by subsidiary.

Xoom Corp.

• Type of Business: Payment Processing
• Acquisition Price: Approximately $890 million
• Date it was Purchased: November 12, 2015

Founded in 2001, Xoom is an international payment processing company that allows users to send money, pay bills, reload phones, and accomplish other tasks for friends and family in other countries.

At the time of the deal, Xoom had more than 1.3 million active U.S. customers who used its platform to send international remittances totaling $7 billion annually.

PayPal’s acquisition of Xoom helps it to expand into new markets worldwide, including building its remittances business.

Braintree

• Type of Business: Mobile Payments
• Acquisition Price: Approximately $800 million
• Date it was Purchased: September 26, 2013

PayPal parent eBay acquired Chicago-based Braintree for $800 million in cash in 2013, helping PayPal to become a global one-stop shop for merchant account services and payment processing.

Founded in 2007, Braintree has developed a payments gateway that powers and automates online payments for merchants and online businesses, serving 45 countries and 130 currencies.

The acquisition also included peer-to-peer mobile payments app Venmo, which Braintree had bought a year earlier. Braintree remained part of PayPal after its spinoff from eBay

Honey Science Corp.

• Type of Business: Online Coupons and Discounting
• Acquisition Price: Approximately $4 billion
• Date it was Purchased: November 20, 2019

Honey is an online coupon and discounting company that provides a browser extension app that automatically applies coupons on e-commerce sites.

Founded in 2012, Honey now has more than 17 million members and has provided more than $1 billion in savings to members since its launch. More recently, the company has expanded to offer a mobile shopping assistant, price-tracking tools, and other services.

PayPal’s roughly $4 billion purchase of Honey was its largest acquisition ever. The acquisition fulfills a double goal: to streamline the online shopping and payments experience for PayPal customers, and drive consumer engagement and sales for merchants.

iZettle

• Type of Business: Payments Processing
• Acquisition Price: Approximately $2.2 billion
• Date it was Purchased: September 20, 2018

Sweden-based iZettle was founded in 2010 as a mobile credit card payment service. It also boasted the first-ever mini chip card reader.

Over time, the company has grown to offer small businesses a gamut of services such as software support and financing solutions across Europe and Latin America.

iZettle is a major competitor of PayPal rival Square Inc. (SQ). PayPal acquired iZettle mainly to expand its in-store presence with small businesses to compete with Square, and to grow its presence in the European and Latin American markets.

Hyperwallet Systems Inc.

• Type of Business: Global Payouts
• Acquisition Price: Approximately $400 million
• Date it was Purchased: November 15, 2018

Hyperwallet was founded in 2000 as a global payouts company that provides small organizations a seamless way to distribute funds to payees.

Hyperwallet’s unique platform allows companies to send and receive payments in any currency to nearly every country in the world. PayPal’s purchase of Hyperwallet represents a key move in the company’s growing efforts to streamline and enhance its e-commerce platform offerings.

Paydiant

• Type of Business: Global Payouts
• Acquisition Price: Approximately $280 million
• Date it was Purchased: November 15, 2018

Paydiant, Inc. is a financial services company owned by PayPal. It provides cloud-based services for merchants, banks, and point-of-sale and ATM providers. The company was incorporated in 2010 and is based in Auburndale, Massachusetts.

Final Thought

Venmo is popular, but it’s worthwhile to give it — and any other app — some consideration before jumping in.

Venmo charges are low for most users, making it an appealing platform. However, you want to weigh the risks of using any platform.

This financial service works well for many people, but it’s not recommended for someone who won’t be vigilant about protecting his/her information.