Tired of having to send payments each month manually?
Paying the same bills monthly can be tedious and time-consuming as you need to log in and make a payment each time. But did you know that there are several ways around this challenge?
Use these tips and tricks instead – set up automated recurring payment services. You’ll save both time and energy by avoiding manual transfers again!
Is There Venmo Scheduled Payments Option?
At the moment, Venmo does not have an option for recurring payments. As a result, you have to do monthly manual transactions if you want to subscribe to a product or service.
The Venmo team cares deeply about user security. Therefore, the app does not allow users to set up Venmo recurring payments. That way, you can be sure that no one can make any unauthorized transactions from your account.
Plus, if users need to make a payment more than once, they can go back into the Venmo app and set up the payment each time.
Another good reason for not allowing people to make recurring payments is that it stops them from buying too many things they do not need.
When users have to enter their payment details each time before they buy something, it makes them think about whether they want or need the item before they complete the purchase.
What Are Recurring Payments? Why Do People Need This Service?
Recurring payments are automatic payments that occur regularly. It helps pay rent, car loans, or subscriptions.
They are suitable because they allow you to make payments without having to remember to do it each month. It also allows you to spread the cost of large purchases over time.
People need this service because it makes life easier and helps them stay on budget. You can set up monthly recurring payments to ensure you don’t forget or run late paying your bills.
Saving money is also easier with recurring payments. You can set up automatic transfers to your savings account. Your savings will grow, and you will spend your money wisely.
Recurring payments are also often faster than one-time payments. It can save time and energy.
It’s easier to manage bills and finances with recurring payments. You can relax knowing your bills and savings are taken care of.
What is the maximum payment you can send on Venmo?
Venmo employs a tiered system for transactions, operating on a weekly rolling basis. Users have a weekly spending limit, initially set at $299.99 without identity verification.
Upon completing identity verification on Venmo, users unlock a higher weekly limit of $60,000. The process involves confirming your identity and includes peer-to-peer transactions and merchant payments.
The transaction limits on Venmo are structured to accommodate users’ needs, ensuring a seamless and secure experience. As users progress from initial limits to fully verified status, the maximum payment amount increases, providing flexibility for financial transactions.
PayPal’s Acquisition Of Venmo
PayPal’s acquisition of Venmo was a smart move. PayPal gains more users and payment options, enabling customers to pay anyone, anywhere.
It makes sense for PayPal not to want its two products to compete. They would enjoy different features that work well together. By doing so, people would want to use both apps.
Venmo is a mobile app that allows people to transfer money from one person to another in seconds.
It simplifies sending money between friends, family members, and businesses. It’s been a hit with millennials, and PayPal saw the potential.
Venmo’s integration with PayPal makes personal and business transactions easier. PayPal now lets users send money to friends and family and pay for things.
How Do I Accept A Venmo Payment?
You can easily accept payments through Venmo. Here’s a step-by-step guide to help you make the most of it:
- First, log in to your Venmo account through their website or app.
- Then, go to the Payments tab at the bottom right corner of the page/app.
- Next, tap the ‘Accept’ button at the top of the page/app.
- It will bring up a list of pending payments from other users.
- Select the payment you wish to accept.
- Press the ‘Accept Payment’ button in your screen’s bottom right corner.
- Once accepted, the payment will be sent to your Venmo balance.
- You can use this balance to make payments or transfer the money to your bank account.
How do I know if my Venmo payment went through?
Wondering about your Venmo payment? No worries, receive instant notifications post-transaction. Venmo notifications showcase payment details and status.
Check your Transaction History for a comprehensive overview. If you spot your name most recently, your transaction likely succeeded. Keep it simple; red for the sender, green for the recipient.
Venmo’s platform lets you control transaction visibility. Public, Friends, or Private – your choice. Ensure the recipient has an active Venmo account. Verified email or phone, necessary for a smooth payment process.
How to request payment on Venmo?
Requesting a Venmo payment is a breeze. Simply tap “Request” on the screen, select the person or people, enter the amount, and add a note.
For group expenses like brunch, request money from multiple people. Add recipients and split costs effortlessly. Include a payment note for clarity.
To track pending Venmo requests, go to your profile. Scroll down, find the icon, and select pending payments or requests.
Venmo requests may not have a clear expiration. No worries, send a reminder notification to the other party. Remind them to pay up the owed amount.
What Other Money-Sharing Apps Allow Recurring Payments?
There are many reasons why Venmo is efficient. But it does not have everything we need. For example, it cannot be used for recurring payments.
We have to use a different app for this purpose. There are a few mobile payment apps that offer recurring payments.
1. Apple Pay
Apple Pay is a contactless payment option for compatible Apple devices. You can use it online and in-store also.
Users can complete a buy by tapping iPhone or Apple Watch on a payment terminal.
Automatic Payments With Apple Pay
You can pay recurring subscription fees with Apple Pay. To set up recurring payments, users must first add their card details.
Adding card details to Apple Pay is easy and secure! Here’s a step-by-step guide to help you get started.
- Open the Settings app on your iPhone or iPad and tap “Wallet & Apple Pay”.
- Tap “Add Credit or Debit Card” and use your device’s camera to enter the card details.
- You can also add your card details manually by entering the card number, expiration date, and security code.
- Verify the payment method and follow the onscreen instructions.
- You might be asked for verification if you add a debit card from your bank.
- Once your card is verified and added, it will appear in Wallet & Apple Pay.
Select a payment type and enter your billing details. Now you can pay for recurring services.
Apple Pay better protects customers’ personal and payment details than Venmo. You can also save card details in Apple Wallet for future purchases.
Venmo does not store payment information, so customers must always add it.
2. Samsung Pay
Samsung Pay is Samsung’s secure mobile payment system. You can pay with your smartphone or other compatible devices. Adding almost any major credit or debit card to Samsung Pay is easy.
Here are the steps:
- Open the Samsung Pay app and enter your PIN or do biometric verification like fingerprint/iris scan.
- Tap “Add” and select the type of card you want to add – credit/debit or prepaid.
- Enter all the required information like name, number, expiry date, etc.
- You may need to enter a one-time password from your bank (OTP).
- After that, you must verify the card by entering an amount charged to your card as a verification fee.
- Save all the details, and your card has been successfully added to Samsung Pay!
Automatic Payments With Samsung Pay
You can set up recurring payments with Samsung Pay. It helps you manage payments over time and stay on top of them.
Samsung Pay is also safer than Venmo. You can purchase by entering a unique code instead of your card details.
You can also use fingerprint scanning, iris scanning, and facial recognition to make your account safe.
Furthermore, Samsung Pay rewards you when you use it up to certain limits. Rewards can include cashback, discounts, and points.
3. Google Pay
Google Pay is an online payment service developed by Google.
It allows users to make payments using their phones, computers, and other devices. With Google Pay, you can send money to friends or family securely.
You can also use it to pay for purchases in stores and online without needing your debit/credit card.
Adding your card details to Google Pay is super easy! All you need is an internet connection and a few minutes of your time.
- First, open the Google Pay app on your phone.
- Tap the ‘Payment’ icon in the bottom right corner to start.
- Then select ‘Add Payment Method’ and enter the required information, such as your card type, card number, expiry date, and CVC.
- You may also be asked to enter your name as it appears on the card.
- Once you’re done, tap ‘Save’; you should see a confirmation message.
The best part is you don’t have to store any payment details on your device or share them with merchants.
Automatic Payments With Google Pay
With Google Pay, you can easily set up recurring payments for bills and subscriptions.
Here’s an easy step-by-step guide to help you get set up:
- Download the Google Pay app from your device’s app store.
- Create an account and enter your payment information.
- Select “Autopay” from the menu.
- Enter your payment details, such as the company, amount, and frequency.
- Select “Save,” and you’re all set!
- Your payments will now be automatically sent on the chosen dates.
- To change or cancel your payment, go to the Autopay tab in Google Pay and make the necessary changes.
In comparison to Venmo, Google Pay offers many advantages. It provides users with an extra layer of security by not storing any payment details.
Zelle is an online money transfer service. Users can securely send, receive, and request money between their bank accounts. Banks such as Wells Fargo, Bank of America, and Chase offer Zelle.
Set Up Automatic Payments With Zelle
Zelle offers recurring payments. You can pay on a monthly or weekly basis. Also, a few clicks are all it takes to make one-time payments.
Here’s a step-by-step guide to help you get started:
- Open the Zelle app on your phone, and log into your account.
- Select “Payments” from the menu at the bottom of your screen.
- Tap “Schedule Payment” and enter the details for your recipient.
- Enter the money you want to transfer and any notes or messages.
- Confirm your payment details and click “Schedule” to finish setting up your payment.
- You can verify that your payment has been scheduled by going back to the “Payments” screen.
In many cases, Zelle is faster than Venmo because it is a direct bank-to-bank transfer.
Money sent through Venmo goes through an intermediary process, which takes time. Zelle, however, completes most transactions instantly.
5. Xoom Payment
Xoom Payment is a digital money transfer service. You can send money to family, friends, and businesses worldwide. Transfer money securely from your phone or computer with Xoom.
Set Up Automatic Payments With Xoom
Recurring payments are possible with Xoom. Paying vendors and employees on time is easier without having to remember dates.
Follow these simple steps to get started:
- First, go to the homepage of Xoom.
- Log into your account with your email address and password.
- Select “Create Automatic Payment” from the list of options on your dashboard.
- Enter the required details, such as your recipient’s name, address, and bank account details.
- Select the payment frequency and amount for your payments.
- Review all the details you entered to ensure everything is correct.
- Finally, confirm your automatic payment setup by clicking “Send.”
Xoom has a few advantages over Venmo. Xoom offers better exchange rates and lower fees than most banks.
Also, it has instant deposits and withdrawals, unlike Venmo. Lastly, Xoom supports transfers to many countries, not just the US and UK.
Stripe is a company that provides online payment services for businesses. It helps process payments, accept credit and debit cards, and more.
Stripe also offers invoicing and analysis tools to help merchants manage their finances. Moreover, it offers fraud prevention tools.
Automatic Payments With Stripe
Stripe offers recurring payments so customers can pay automatically. It eliminates the need for manual invoicing. As a result, finances are easier to manage. You can track all transactions in one place.
Here’s a step-by-step guide to help you get started:
- Log in to your Stripe account.
- Click “Settings” from the left menu on the Dashboard page.
- Select “Automatic Payments” from the “Settings” page.
- Enter the payment information and click “Submit”.
- You will receive a confirmation message after the setup is complete.
Users can send, receive and store money using PayPal online or on their mobile devices. Merchant services are provided for online and in-store sales.
Automatic Payments With Paypal
PayPal also offers recurring payment plans with merchants. Here’s a step-by-step guide to help you get started.
- First, log into your Paypal account and click the “Settings” tab.
- Then select “Payments.” Next, choose “Automatic Payments” and then turn it on.
- You must enter your credit or debit card details if you haven’t already.
- Once that’s done, you’ll be prompted to choose how much money you want to be automatically sent.
- Finally, review the terms and conditions before submitting your request.
- That’s it – you’re all set up!
Now it’s easy to pay for streaming TV, Internet providers, and gym memberships. You no longer have to enter credit card details.
Reasons not to Use Venmo for rent payments
- Venmo lacks recurring payments, causing late fees risk in rent payments.
- States require recurring payment options for lease; Venmo falls short.
- Instant transfer risks with Venmo—canceling impossible, eviction loophole for tenants.
- High merchant fees on Venmo—landlords can’t collect, costing hundreds yearly.
- No rental reporting to credit bureaus with Venmo—missed credit history opportunity.
- Trust issues in real estate transactions—Venmo lacks a purchase protection program.
- Venmo’s limitations prompt users to opt for practical rent payment apps.
- Future recurring payments on Venmo are uncertain; manual payments are needed for now.
Final Thoughts On Venmo Recurring Payments
The bottom line is that you cannot use Venmo for recurring payments. It may be a problem for some people. But remember that Venmo was made to be a quick and safe way to send money.
It offers features like multiple payment accounts and split payments with friends.
PayPal, Stripe, Google Pay, etc., are some payment services that do offer recurring payments.
But, these services may need more effort to set up and maintain than Venmo. So, you need to decide which payment service is right for you.