Venmo is one of the most popular Peer-to-Peer payment apps for iPhones and Android phones that allows users to send and receive money quickly and easily. At first, Venmo was launched as a messaging-based payment system, Later on, this company launched a platform with an integrated social network in March 2012.
So as we all know During pandemics many people started using online payment apps to do transactions by giving cash. According to research, we found many users trust the Paypal payment method because of its best security and safe transactions features. However, some might face an issue of PayPal won’t let you send money
So rather than finding solutions, you can also use Venmo which is a great alternative to PayPal today in this article we’re going to discuss How to pay with a Venmo balance.
How To Pay With Venmo Balance On iPhone and Android Mobile
Paying with Venmo balance is very easy and it works the same as PayPal ,to do any payments you need to link your account with a bank account and to do so you can follow the instructions given below:-
Step 1:- Open Venmo app on your mobile phone and Login with your details.
Step 2:- So, like any other payment app you have to verify your account and to verify your account you need to KYC after that, you can do your transactions easily.
Step 3:- If you want to send or receive money just Tap on the Request or Pay button and then add another user account and send.
Step 4:- After then you will be redirected to the payment option where you have to select Venmo balance.
Step 5:- Tap on Confirm button and it’s done. But make sure to add money to your Venmo balance.
What Are The Payment Options On The Venmo App?
Venmo allows you to receive payments, send money, and manage your finances all from your mobile device. Venmo is designed to be as simple as possible to use, but because most users send money using a linked credit card or debit card.
But many users are unaware that they can move dollars and withdraw money using their Venmo balance. It functions in a similar way to PayPal.
Here are some payment options mentioned below to do transactions Within the app.
1. Pay with Venmo Balance
You can use your Venmo balance to receive payments from friends or colleagues and it will be stored in your Venmo balance. So if you do any type of payment using your Venmo balance your payment will be debited from your Venmo balance.
But only if your Venmo balance is not enough to fulfill that transaction the rest of the money would be debited from a bank account.
2. Paying with Linked Bank Account or any Card
When you link a new bank account to your profile, you’ll be able to send money to contacts within seconds.
Venmo supports cards from almost any financial institution, so establishing your bank account to use Venmo shouldn’t be an issue.
Moreover, when funds are received in your Venmo profile, you can easily withdraw them. So a regular transaction can take about 5 working days, whereas a quick transfer is fast with some fee.
3. Pay with Venmo Debit Card
Venmo Debit Card is a Mastercard debit card that works with Venmo. It’s linked to your Venmo account and lets you spend Venmo balance funds anywhere. Till now Mastercard is accepted in the United States and its territories. You can easily apply for a Venmo Debit card from inside the app and it would cost you no money to apply.
Frequently Asked Questions [FAQs]
1. Can I transfer money from Venmo to Paypal?
There’s no direct option to transfer money from Venmo to PayPal, although you can do so with a bank account. A PayPal Balance account is required, as well as a few extra steps. It takes three to five business days to transfer money from your bank account to PayPal.
2. Why can’t I pay with the balance on Venmo?
So, as I mentioned above that if you want to do any transactions from the Venmo balance you need to make sure that you have sufficient balance and if not it won’t let you send money or it might use your bank account to do the transaction.
3. Can you use Venmo on Walmart?
In 2022, Walmart would accept Venmo as a payment method. To do so you need to Install the Venmo app and scan the Barcode. Venmo may be used online by first selecting PayPal and then Venmo from the PayPal page.
4. Is it Safe to use Venmo?
Yes, Venmo is one of the safe platforms for transactions, and to know more about its Security you can visit its official website.