How To Pay With Venmo Balance?

How To Pay With Venmo Balance?



Venmo is an extremely popular digital wallet from PayPal. Venmo happens to be one of the most reliable and widely used payment options for daily transactions. As a matter of fact, there are over 80 million users which surpasses several big banks in terms of ranking for the customer base.

You can use Venmo balance for peer-to-peer transactions, merchant payments, and transfer money across different mediums.  We will illustrate how to pay with Venmo Balance and let you know everything you need to know about Venmo.

How Can You Pay Using Venmo Balance?

First of all, you need to download and install the Venmo app on your phone. Thereafter, you need to create an account with all your personal details and verify your account. Now, you need to link your Venmo account with your bank account or your credit card. The choice is up to you and whichever you are comfortable, you can go ahead.

Once you have linked your bank account or credit card, you can transfer money to the Venmo balance from them. You can use Venmo balance for online purchases. Furthermore, you can apply for a Venmo debit card from its websites. Once you get the debit card, you can transfer money from your linked bank account or credit card to the debit card easily. Thereafter, you can use the debit card for payment in retail stores.

Most importantly, you can transfer money from your Venmo account to any other Venmo account holder. It is very similar to PayPal. Paying via Venmo balance is easy and similar to any digital wallet as well as any debit card you might have used sometime.

How Does Venmo Work?

In order to use Venmo balance properly, you need to understand how Venmo works. The app should be installed on your phone. You should link your bank account and get the funds for Venmo for monetary transactions. You can exchange your fund with another Venmo user.

However, Venmo is not a bank and hence, it comes with certain limitations. Certain limitations are imposed for transferring funds from Venmo to any bank and people outside Venmo universe.

In order to pay through the Venmo app, you have to tap on the payment button. You can instantly transfer the required fund. If you want funds from another Venmo user, you can tap on the Request button. You can also send funds using the recipient’s email address, phone number as well as username.

There are two options you have to send a payment. If you choose the free mode, the transfer of funds can take one to three days. If you agree to pay the Venmo fee, you can transfer the fund instantly. We will discuss Venom fees charged during transactions in the next section.

How Much Does Venmo Charge?

It is important for Venmo users to know the fees charged by Venmo before starting to use the app regularly. First of all, opening a Venmo account is completely free. There is no one-time fee or no subscription fee.

But if you want to transfer your fund to the recipient instantly, you have to pay a fee of 1.75% of the total amount. However, there is a free option available where you can transfer funds and it gets credited to the recipient’s account in one to three days’ time.

If you pay using your credit card, Venmo charges a 3% fee of the total amount. If you request a cash advance, the charge can vary from 5% to 10% of the amount.

How Safe Is Venmo App?

Venmo app is a product of PayPal. PayPal happens to be one of the most secured payment platforms in the world. Naturally, PayPal’s in-house product should have the same security and safety features as PayPal itself.

Venmo undoubtedly has the best security features and the company constantly monitors in order to detect frauds and hackers and take action promptly. Therefore, if you are planning to use the app for monetary transactions, you can blindly rely on the app.

What To Do When Venmo Payment Declined?

There are times when you may encounter a “payment declined” message. There are many reasons behind this message to appear. You should understand the reasons instead of getting frustrated or start panicking.

You may see the message when your account gets temporarily frozen. Therefore, when you see the message on the app, you should check your email to see if you got any intimation. In fact, when a transaction fails, you will get an email explaining why the transaction failed and what you can do to fix it.

Your transaction can also fail when you cross your daily payment limit. Generally, Venmo applies a weekly limit on your transaction until your identity is verified. However, you can make 30 transactions per day.

Moreover, when you do not have sufficient balance in your Venmo wallet or bank account or credit card, your payment will be declined. Therefore, make sure that you have entered the correct amount and you have enough balance to make the transaction.

Conclusion

Venmo app has taken over US citizens and they use it for daily transactions. The popularity of Venmo is increasing rapidly thanks to its easy operation. We have stated all the details that you need to know about how to pay with Venmo balance. Check the payment-related fees before paying and transferring funds. You will also get to know why you see payment declined messages on the Venmo app and how you can get over the issue.



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