Do you Venmo? (1 Viewer)

[NFL-ons]

I rent a couple 4 bedroom apartments near a college. Collecting rent is generally not a problem but for some reason, these kids used to drive me crazy. About a year and a half ago, one of the students turned me on the Venmo app.

Venmo is a peer to peer app with NO fees. Funds are transferred to users accounts immediately. The only minor draw back is that it takes a business day to move into your bank account.

Since then, I have made it the standard for the students' payments and have been expanding to my tenants who have a modicum of tech savvy, and this year I'm going to try to use it to collect the management fees for the ff leagues I commish.

I'm sure everyone has an experience with Apple pay and now we're being flooded with Samsung pay marketing, but I have not seen Venmo anywhere in the mainstream.

Maybe it could be beneficial for some of you out there.

 

[eoMMan]

I've heard of it but never really had a need to use it or even set it up.

 

[AnonymousBob]

Love it. Use it all the time.

 

[AcerFC]

How does it work? Do other people need my bank acct info

 

[boots11234]

Use it with my daughter. She's 25 and on my cell phone account. Sends me money venmo every month. Couldn't be easier.

Other people don't need your account. Give it to venmo then when people pay you it goes into your account after a day or so.

Great for young people when they go out and split a bill. One person pays the others then pay their share to that person.

 

[AnonymousBob]

How does it work? Do other people need my bank acct info

Essentially you just click on their name and select pay or request payment then enter the amount.

The only information they really have is your user name.

 

[fantasycurse42]

Yes... Went to Vegas with a group of 15 people - Ended up taking on a nightclub bill of like 10 racks, collected through Venmo with no issues whatsoever.

Actually just paid $400 for Super Bowl boxes for them today.

Venmo is great.

 

[Workhorse]

Does Venmo still have issues with security vulnerabilities? Last spring, it seemed to be a major problem.

 

[Moe.]

I use it all the time but I don't understand how they make money. As far as I can tell there are no fees charged and there are no ads.

 

[VA703]

Sounds bettthan paypal

 

[NFL-ons]

I think the purchase security that paypal offers for anonymous buy and sell transaction makes it worth while to use in those instances. But for face to face transactions or collections, Venmo is great.

There is a commercial with some 3rd world kid selling stuff on the side of the road with one of those credit card swipers. I think he is paying something like 3% for each transaction. Venmo...instantaneous and free.

My tenants pay on average $500 each. Every time they make a payment my phone goes ch-ching. They usually make their payments at night on the 1st and me and the old lady are usually just hanging out. Every time my phone goes off, it's like being in Vegas!

 

[Binky The Doormat]

I think the purchase security that paypal offers for anonymous buy and sell transaction makes it worth while to use in those instances. But for face to face transactions or collections, Venmo is great.

There is a commercial with some 3rd world kid selling stuff on the side of the road with one of those credit card swipers. I think he is paying something like 3% for each transaction. Venmo...instantaneous and free.

My tenants pay on average $500 each. Every time they make a payment my phone goes ch-ching. They usually make their payments at night on the 1st and me and the old lady are usually just hanging out. Every time my phone goes off, it's like being in Vegas!

So how do they make their money?

 

[NFL-ons]

Does Venmo still have issues with security vulnerabilities? Last spring, it seemed to be a major problem.

Not sure about that.

After having an issue with a debit purchase at the Home Dump, I instituted an insulation plan, which I use for both Venmo and Paypal. I keep the bulk of my savings completely separate, and I have 2 accounts with Bank of America. The account I use for Venmo, debit purchases and Paypal is a buffer and I maintain a relatively low balance, while I keep the bulk of my disposable funds in the other account. When I receive funds in the buffer account, I immediately transfer them into the other and whenever I need to spend money, I transfer to the buffer account.

 

[bologna]

Sounds bettthan paypal

PayPal owns Venmo

 

[shadrap]

No I don't think so. I do drink & smoke quite heavily on occasion.