Here’s the deal. You need to sign up on Venmo to pay or receive money. There are two ways to connect this money to its source. You can link your Venmo account directly to your bank account or set up a credit card. If you chose credit card as a source then you’ll be charged 3% of the amount you pay. But How does Venmo work exactly? It charge this convenience fee to give you some credit.
However, if you connect your bank account with Venmo, or set up a debit card, the transactions are absolutely free. The only catch in the Venmo business model is the limit for maximum transaction amount. If you have not verified yourself on Venmo, than you can only send or receive a maximum of $299 per week. If you have verified yourself than the weekly cap is for a maximum of $2,999. You can find the recipients based on their contact names, usernames on Venmo or even email IDs.
Along with the transaction, you can leave a quick note describing what this money was for. Usually, people like to be creative with this feature and put a lot of emojis for the other person to guess. Another exciting feature in Venom is the social aspect. There’s a timeline of news feed on your home screen which shows who paid who. It does not show the amount, but it shows who paid who for what purpose based on what they write. You can make comments on this & make a conversation about it as well.
This seems to be a very famous feature & something that sets the Venmo business model apart from all its competitors. You can choose to keep your transactions private & that way none of your activities will show up in the social feed to your friends. There’s a feature that allows you to request someone for the payment. For instance if your friend owes you some money & has completely forgotten about it, you can tap his/her name, enter the amount and instead of tapping “pay”, you can tap on “request” followed by a reminder note. This sends a notification to your friend that you have requested for x mount & also displays the note.