Conventional banking has been the order of the day for most people until the introduction of the internet and smartphones. The idea of performing various transactions without having to go to a physical location or having to have an institution between you and the person you are transacting with seems like a lovely idea.
The convenience of internet banking and the ease of performing transactions with the tip of your finger have quickly become one of the most important features of modern life.
Venmo was created as a peer-to-peer digital payment platform that would make it easier for people to make transactions without having to go through an institution.
The whole concept of Venmo was to remove the third-party need for the person you are transacting with as long as they have a Venmo account. But can Venmo be used to set up a recurring payment?
This article will answer that and also show how to set up recurring payments on Venmo.
Can You Set Up Recurring Payments on Venmo?
Venmo is a digital payment platform that allows users to send and receive money with friends and family. It is available on smartphones and computers. Transactions can be made with a bank account, credit card, or Venmo balance.
Most people who are interested in the idea of mobile banking would also be interested in the idea of setting up recurring payments on their Venmo accounts. Before I answer the question of whether Venmo can be used to set up recurring payments, let us understand what recurring payments are.
Recurring payments are payments that are set by the user to be deducted from his or her account regularly. It could be set for a daily, weekly, or monthly basis. Since most of the services we rely on are mostly subscription-based, recurring payments are an interesting option to ease the stress of having to pay for the services ourselves.
There are many benefits to using Venmo, including the convenience of being able to make payments quickly and easily. However, one downside of Venmo is that it can be difficult to set up recurring payments.
Even though Venmo is a subsidiary of PayPal, it lacks most of the features that PayPal offers. The app is not designed to set up recurring payments, and it has put Venmo at a disadvantage compared to other payment apps. Aside from its inability to set up recurring payments, Venmo can not send money to other payment apps. For example, you can’t send money from a Venmo account to a PayPal account.
Even though recurring payments are not possible on Venmo, it has a feature that you can use to set up payments regularly. The Venmo trust button is a feature that allows you to set a recurring payment partially. All you have to do is to add the beneficiary of the recurring payment to your trusted cycle.
Once the cycle is set up, it saves the beneficiary info to your account. All you have to do is input the amount whenever you want to make a payment for the service. It is important to know that this Venmo trusted cycle does not work like recurring payments, as you can not set it to pay money at a stipulated time as PayPal does.
What Other Money-Sharing Apps Allow Recurring Payments?
Venmo’s inability to set up recurring payments makes it difficult to send money to other payment apps, and it makes it difficult to set up a monthly or weekly payment plan. And for this reason, it gives room for end-users to look for another option to set up recurring payments.
There are a lot of great alternatives to Venmo that allow you to make recurring payments without having to set up a trust cycle like Venmo.
We would introduce other alternative methods of payment that would be similar to Venmo in terms of functionality and services.
Without a doubt, one of the most well-known American financial institutions is PayPal. It is one of the most widely used payment options worldwide. Paypal operates in over 100 countries and is one of the best money-sharing apps to set up a recurring payment. Paypal allows you to set up an automatic payment.
It can be accessed through the phone app or web page. Unlike Venmo, it is only limited to mobile devices alone. All you have to do to set up recurring payments on your PayPal account is to go to your settings and click on the “recurring payments” tab. The rest is very much self-explanatory.
Zelle is a safe way to transfer money and receive money with ease. It also allows you to send and receive payments from other money-sharing apps. If you want to send money to someone on Zelle, all you have to do is go to Zelle by logging into your online banking account or opening your mobile app, then entering their email address or U.S. telephone number. The transfer typically takes just a few minutes if the recipient of the money has already signed up for Zelle.
And if the recipients do not have an account, they will receive an email with a link to sign up for Zelle. The transfer could take anywhere between one and three days if they need to enroll. With Zelle, you can set up automatic payments. You must first log in with your bank app to complete this.
You must enable the option to pay with Zelle in the app’s Zelle section and click on it. You merely need to choose extra information like the date, frequency, and recipient’s information after that.
Stripe was founded in 2011 and is one of the first app companies to offer users the ability to pay with their credit cards directly. Stripe is a service that processes payments for small businesses as well as big businesses like Zoom and Microsoft.
It has a recurring payment feature that allows you to set up payments for a set amount of time. All you have to do to set this up is to go to your Stripe account and set it up from there.
- Google Pay
This platform is specifically built for recurring payments. It allows you to pay for subscriptions of mostly google services and other recurring payments.
- Apple Pay
With Apple Pay, you can set up recurring payments or even make payments with just a few taps. You can set up recurring payments with Apple Pay by going to your Apple Pay account and setting it up from there.
How Do I Accept a Venmo Payment?
Venmo is a payment platform that allows users to easily and quickly send money to friends, family, and other loved ones. Venmo works by linking your bank account with the Venmo app.
When you make a payment, Venmo automatically takes out the appropriate amount of cash from your bank account and sends it to the recipient’s Venmo account.
Accepting a Venmo payment is different from sending a payment, but it is just as easy as signing up. The process is as follows:
- Open the Venmo app on your phone and sign in.
- In the app, click and hold the three lines in the upper left corner.
- select payment methods.
- Select “Add a bank or card” and tap “Bank.”
- Add your bank details and select the bank you want to use. Even though it is not required to verify the bank details, it is highly recommended.
Once you’ve done all these, any payment sent to you will automatically be processed through the bank you’ve added.
MORE ON VENMO:
Mobile banking is a great way to stay connected with your finances and keep track of your payments. With the instructions written above, you should have enough information to navigate through the app and make payments.