When you want to pay a friend back, what method do you use? Do you use cash or an I.O.U.? These days, there are much simpler ways with the advent of apps at our disposal.
What payment app is best and how can it better your life? Venmo is a top player in the space for its friendly approach. The phrase, “Venmo me” has caught on with the young crowd for a reason.
In this guide, we’ll cover the pros and cons of Venmo. Read on to learn more about this popular payment app.
Pros of Venmo
There is no denying the convenience and ease of use of Venmo. Let’s look at what other pros of Venmo there are to unpack.
Free
The Venmo app is free for anyone to use. You won’t have to concern yourself with monthly or annual fees. Any transfer to and from a bank account or debit card won’t require a fee either.
If you need to send money internationally via Venmo head to transferly.com.
Online Stores and Apps
Select online stores and apps allow you to use seamlessly with Venmo. These include Uber, Hulu, and Poshmark. The checkout process is effortless when using Venmo.
Card
One of the pros of Venmo is being able to use the debit card when out and about. Your payment card is tied to your Venmo balance. There is no annual fee and has cash-back perks.
Cons of Venmo
As a free and easy way to pay friends and family, how could there be any cons? Let’s look at the disadvantages of Venmo below.
Public
All payments on Venmo are public by default. This means your username, the recipient’s username, and the message are available for all to see. The dollar amount is the only hidden thing.
The good news is that you can tweak the privacy settings so that only you and the recipient can see it. Some users won’t even realize this is a possibility. It would be nice if you could alter the privacy from the get-go.
As far as the pros and cons of Venmo go, this one is a bit of a mixed bag.
Unable to Cancel Payments
If you send a payment to someone, there is no way to cancel it. Once it’s sent it’s sent. The only way to get your money back is to ask the recipient for it.
Venmo support can reverse the payment but that is only if the recipient also agrees. The recipient’s account must be in good shape and funded with money.
Scams
One of the known disadvantages of Venmo is it is attractive for scammers making it potentially unsafe. With such a large userbase, scammers prey on people.
For example, you may get a payment request and they contact you and say it was a mistake. If you don’t sniff out the scam, you may pay them by mistake and lose money.
Pay Attention to the Pros and Cons of Venmo
Now that you have some idea of the pros and cons of Venmo, we suggest trying it on for size. Use it for a week or two to get a feel for the app. Try it with friends and family to see how you like it.
For much more financial intel, be sure to browse the blog. You’ll find tons of valuable nuggets there.