At first glance, Venmo might seem like a simple e-wallet app. But, as you’ll soon discover, there’s a lot more to it than you’d think. Before you can confidently accept Venmo as a payment method for your bookie account, you’ll need to arm yourself with a little knowledge.
The Basics Of Cash Transfers
At its most basic level, Venmo is just a way to send money from one place to another. That’s it. But, beyond the basics, the platform is actually a bit more complex than you’d first think. Let’s take a closer look.
What Is A Wire Transfer?
You’ll often hear people talk about wire transfers when discussing sending money overseas. A wire transfer is when you send money electronically, without using physical bills or coins. Normally, when you make a wire transfer you’ll need to provide the sending and receiving bank details as well as the amount you want to transfer. Once that’s done, the transfer can take anywhere from a few minutes to a few days to process. And, given that the process is over the counter, that can sometimes be a painfully slow process. For that reason, it’s best to use wire transfers for large amounts of money or when you need to transfer cash internationally. Otherwise, it’s usually faster and more convenient to use a service like Venmo to make smaller cash transfers.
Venmo Vs. PayPal
If you’ve used Venmo before, you’ll know that the service is very much like PayPal. Meaning, if you’ve ever used PayPal you’ll mostly have no trouble using Venmo. The two services offer pretty much the same features, apart from some slight differences in how the platforms store your information. For example, PayPal stores your personal information in a secure database that is not easily accessible by third parties. On the other hand, Venmo stores your personal information in a highly encrypted format and only shares that information with banks and credit card companies. So, in terms of security, Venmo is the clear winner.
How Do You Make A Purchase With A Credit Card On Venmo?
If you’ve ever made a purchase with a credit card on Venmo, you’ll know that the process is pretty much the same as when you use a payment service like PayPal. First, you’ll need to log in to your account. Then, you’ll have to decide which payment method you want to use. After that, you’ll have to select the merchant that you’d like to use and finally, you’ll need to enter your credit card information. As soon as you do that, the purchase will be processed and the money will be taken from your account.
There’s also a handy option within Venmo that lets you choose a default payment method. Meaning, if you don’t want to use your credit card for some reason, you can set your payment method to be the Venmo option. And, if you’re still not convinced that Venmo is the best choice for your bookie account, you can always choose to use PayPal. The two services are pretty much identical when it comes to functionality and most people have no trouble choosing between them.
Advanced Features Of Cash Transfers
Beyond the basics of payments, you’ll find a number of features on Venmo that make the service more convenient for both donors and receivers. Some of the things you’ll need to know include:
Receiving Cash On-the-Go
If you’ve ever made a donation on Venmo, you’ll know that the service also offers the ability to receive money on the go. Normally, when you use the service to make a donation, the money will be deposited in your account within a few days. But, if you choose to receive the donation on the go, the money will be transferred to your bank account as soon as you make the purchase.
Free Domestic And International Money Transfers
If you’ve ever used Venmo for shopping, you’ll know that the service offers a money transfer option that is completely free. That’s right; regardless of whether your bank account is located in the U.S., Canada or any other country, you’ll never have to pay a fee to send or receive money on Venmo. This is one of the main reasons behind Venmo’s popularity. People want to be able to send and receive money without having to break the bank.
Saving For Later Or Using The Money Now?
When you make a purchase on Venmo, you have the option to save the money you’re spending for later. Or, you can use the money now. As a donor, you’ll be presented with two buttons. One, for saving the money and the other, for using the money now. It’s up to you which option you prefer. If you choose to save the money, it will be added to a personal wallet named ‘Save For Later’. From there, you can access the money at any time. If you decide to use the money now, it will be gone, forever. So, be careful what you choose when making a purchase on Venmo!
One of the unique things about Venmo is that it allows you to choose multiple recipients for your money. Normally, when you use the service to make a purchase, the money will be deposited in your account in the same manner as when you use a payment service like PayPal. But, on Venmo, when you make a purchase, you can choose to send the money to one or two, three or four, or even more recipients. This is a handy option for those who want to split the cost of something or need to share the wealth with someone else. Simply choose the recipients you’d like to share the money with and hit send. The money will be split and deposited in your accounts as soon as all of the recipients finish paying. So, needless to say, this is one feature that can make Venmo very popular among shoppers.
Reducing The Fee For Large Cash Transfers
One of the things that makes Venmo so convenient is that it has a large number of users who have saved a lot of money by using the service. As a donor, you’ll often see three or four boxes show up when you make a large cash transfer. One for the sender, one for the receiver, and one for the fee. For larger transfers, the fee can get high. But, luckily, there’s a solution. You can always choose to use another payment method in addition to Venmo. If you have a business partner who also uses the service, you can go back to basics and use PayPal to make the transfer. But, if you want to use Venmo because it’s the most convenient option, there’s a way you can cut down on the fee. Simply choose the ‘Send and Collect’ option. This will reduce the fee to the minimum amount that’s allowed. However, keep in mind that this will still cost you a bit more than you’d pay if you used another payment method. But, for the sake of simplicity, choosing this option is often the best solution.
Security And Privacy
As we’ve established, at its most fundamental level, Venmo is just a way to send money from one place to another. But, beyond the basics, the service also provides a lot of security and privacy measures to protect your personal information. For example, when you make a purchase on the platform, your personal information is highly encrypted. That encryption is done using a Secure Socket Layer (SSL) protocol. So, even if someone breaks into the platform’s database, they won’t be able to access your personal information. Another important measure that Venmo takes to protect your data is two-factor authentication. Two-factor authentication is where you use a combination of something you know (a password) and something you have (a token or a clicker). So, when you log in to your account, you’ll need to provide your password as well as a code that is generated using your clicker or token. This level of security provides a great measure of protection against hackers, identity thieves and other similar bad actors. Overall, considering its security features, we consider Venmo to be one of the safest platforms to use when sending or receiving money.
And, to wrap this up, let’s take a quick look at why you should really look into using Venmo as a payment method for your bookie account: