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Venmo Logo

Venmo

4.7
(8.8K)

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Digital wallet & mobile payment gateway

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(42)

Venmo Features

Features Summary

Functionality

4.6

/5

8.8K

Total features

17

4 categories

Venmo features

ACH Payment Processing
Customer Engagement
Data Security
Data Synchronization
Debit/Credit Card Processing
Electronic Payments
In-Person Payments
Mobile Access

Common features of eCommerce software

API
Activity Dashboard
Alerts/Notifications
CRM
Campaign Management
Cataloging/Categorization
Channel Management
Content Management

Price starts from

Free

Pricing options
Free plan
Subscription
Free trial

Screenshots

Contenders comparison

Functionality

4.6

/5

8.8K

Price starts from

Free

learn more

Total Features

17

Unique features

  • Partial Payments

  • Data Synchronization

  • Secure Data Storage

  • Customer Engagement

Functionality

4.6

/5

23.7K

Price starts from

Free

learn more

Total Features

84

Features in Common

13

Unique features

  • Fraud Detection

  • Risk Analytics

  • Receipt Management

  • Data Visualization

Functionality

4.2

/5

9.1K

Price starts from

22

Per month

visit website

Total Features

114

Features in Common

5

Unique features

  • Content Sharing

  • Membership Management

  • Inventory Management

  • Website Integration

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Reviewers who mentioned features said:

MS
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Malary S.

Consumer Services, self-employed

Used weekly for 2+ years

Review source

Overall Rating
  • Value for money
  • Ease of use
  • Features
  • Customer support
  • Likelihood to recommend9/10

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Great for backup option to processing payments

Reviewed 2 months ago

Venmo is a great resource to process payments. Many people have the app already and it’s very convenient when other payment softwares are down. You get paid pretty quick and it’s very user friendly.

Pros

I like that the app is user friendly, anyone can use it and navigate it easily. It’s a great backup option I have to processing payments and many clients are familiar with it already.

Cons

I just don’t like the feature that shows other people’s transactions. They do have a private option which I use but I still don’t like seeing other people’s Venmo activity.

LV
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Lena V.

Veterinary, 1-10 employees

Used daily for 2+ years

Review source

Overall Rating
  • Value for money
  • Ease of use
  • Features
  • Customer support
  • Likelihood to recommend7/10

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Venmo for business is a must

Reviewed a year ago

I think Venmo is a great option for businesses to accept payments. It has trust, security, and financial stability, so I don’t have to worry about mine or my customers information being stolen or my money being lost. I like that I am able to use across everything I need, from mobile payments to pos. It is so easy to use and I can track all of my sales and history easily.

Pros

I like the many payment options, the ease of use, and the trust I have for the company.

Cons

There are some features that should be more customizable, and the fees could be a bit more competitive.

BG
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Brian G.

Consumer Services, 1-10 employees

Used weekly for 2+ years

Review source

Overall Rating
  • Value for money
  • Ease of use
  • Features
  • Customer support
  • Likelihood to recommend10/10

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Why your business needs Venmo!

Reviewed a year ago

I love using Venmo and prefer it to any other payment method - its just so darn easy to use! I love it and you will too!

Pros

With Venmo your business never has to sacrifice an order for payment issues! Venmo remains a top competitor in the payment processing market because of its versatility, ease of use, reliability, support and recognition - if you don’t have Venmo these days people start wondering what rock you’ve been hiding under! Venmo’s user analytics and usability are top of the line and will make the payment of every sale the easiest part of the process!

Cons

I have nothing bad to report, the app is practically flawless for the purpose it serves! If there’s anything to perhaps improve upon initially it would be the inclusion of crypto currency as crypto will continue to rise in popularity around the world.

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Eric R. B.

Verified reviewer

Internet, 1-10 employees

Used weekly for 2+ years

Review source

Overall Rating
  • Value for money
  • Ease of use
  • Features
  • Customer support
  • Likelihood to recommend9/10

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Venmo is a great consumer product with limited use for business

Reviewed 2 years ago

Venmo's incredible ease of use makes it essential for interacting with other people with whom I might loan or pay money for simple things. For vendors, it's a solid way to get access to credit card payments with okay fees.

Pros

Venmo is dead simple to use, with the QR code scan and effortless options to ask for payments or send them. The number of people who signed up for Venmo also helps - most younger folks are on it.

Cons

The social aspect of the software is a bit odd in that I'm not in the least bit interested in what my friends are paying one another for. When people get funny, I suppose it could be entertaining but too much of the feed is people paying each other for rent, groceries and other mundane stuff. Additionally, this present a business challenge where you need to be cautious about posting your purchases if it's a private purchase for your business.

AR
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Anonymous Reviewer

Verified reviewer

Higher Education, 10,001+ employees

Used weekly for 2+ years

Review source

Overall Rating
  • Value for money
  • Ease of use
  • Features
  • Customer support
  • Likelihood to recommend10/10

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So easy and many friends, family and colleagues use this!

Reviewed 3 years ago

Love venmo! Literally use it with all my friends, family, colleagues, and businesses that accept payment via venmo. I rarely find someone who doesn't have this. It seems to be continously growing and asked of when coordinating payment of something. Highly recommend this software!

Pros

Takes a few simple steps to set up and start your account/link to your bank. So many people use this app that i rarely find someone who doesn't have it. Makes going out and splitting the bill with friends so much easier - to paying your babysitter, hairdresser, or the person who grabbed coffee for you, and so much more in a matter of seconds. People can also charge you or you can charge others when they owe you to help remind them and stay organized. Besides using the app, they push notifications to you every time someone pays or charges you, as well as when you make payment to someone. They will even send you an email to help stay on top of things.

Cons

Only down side to this working in fundraising and as someone who makes philanthropic donations, many people want to donate through venmo but the platform isn't currently set up for this capability. I believe they are in a pilot mode for this capability but doesn't feel like they are moving fast enough on it and once it does go live, will it be easy to implement? Larger organizations have trouble with this, while i see smaller, less complex organizations being able to implement well. Huge potential though for this software!

TN
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Thandile N.

Entertainment, self-employed

Used daily for 6-12 months

Review source

Overall Rating
  • Value for money
  • Ease of use
  • Features
  • Customer support
  • Likelihood to recommend9/10

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A better alternative to Paypal!

Reviewed 2 years ago

I use Venmo all an opportunity to pay loved ones. It's particularly valuable for parting bills. I additionally use Venmo for merchandise and ventures like with my stylist and back rub specialist! It's so quick and simple to send cash by means of the application. You don't have to get your wallet. out.

Pros

This is presumably the least demanding and most easy to use cash moving application that I have utilized. Venmo charges the client a tiny rate to do a moment move and there are no expenses to do an exchange that takes 1-3 business days. On the off chance that you are out for beverages and choose to put the bill on one individual's card, you can undoubtedly send them cash to cover your part and they'll have it before the check even comes. On the off chance that you need your cash moved to your bank promptly, you can include it inside under 3 minutes. Another ace is that almost everybody has it on their telephones nowadays and that keeps things basic.

Cons

There truly aren't numerous cons with Venmo. I would say one worry that clients might need to investigate is that on the off chance that they utilize a Mastercard rather than bank data as their essential wellspring of cash, the application will charge additional expenses. This is a minor grumbling, however I've known a couple of clients who had been unconscious of this and were paying an expense for every exchange.

ES
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Elena S.

Nonprofit Organization Management, 11-50 employees

Used daily for 6-12 months

Review source

Overall Rating
  • Value for money
  • Ease of use
  • Features
  • Customer support
  • Likelihood to recommend10/10

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Fast. Safe. Confident - guaranteed.

Reviewed 2 years ago

Being a non-profit organization, Border Town Betties Pinup Social Club was - just like many other similar organizations - hit hardly by covid restrictions and cancellation. Naturally, we've transferred most of our activities and events online. Those of course included raffles, online auctions, donations and also funds from our charity sales. Venmo helped us successfully provide our supporters a convenient,...

Pros

I like how easy Venmo is to operate and use, how much the developers put into users' sensitive data safety, fraud protection and guaranteed timely and prompt transactions. It's easy to use and fairly priced, perfect for a small business in our trying times.

Cons

I would like to see a credit line or other similar products available from Venmo. I would also like to have an opportunity of shared savings account and other banking products from this company.

JM
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Jared M.

Education Management, 10,001+ employees

Used daily for 2+ years

Review source

Overall Rating
  • Value for money
  • Ease of use
  • Features
  • Customer support
  • Likelihood to recommend10/10

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Venmo User Review

Reviewed 2 years ago

Venmo has made using multiple credit cards for a purchase obsolete. It has also allowed traditionally cash only transactions to be completed digitally. This app has reduced the need for me to carry cash.

Pros

Convenience is the best thing about venmo, almost all of my friends have the app and it makes sending money quick and easy. You can quickly transfer your venmo balance into your bank account which enables me to split bills with friends when doing a group activity or are out to dinner.

Cons

The worst part about venmo is that once a payment has been sent, the payment is final. Venmo has built in some features to prevent users from paying the wrong person, but it still leaves this payment system open to fraud. Someone can promise to do something for a venmo payment and not provide the goods/services, but still keep the payment as venmo will not help the sender recover the funds.

CA
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CLARK A.

Primary/Secondary Education, 1,001-5,000 employees

Used weekly for 2+ years

Review source

Overall Rating
  • Value for money
  • Ease of use
  • Features
  • Customer support
  • Likelihood to recommend9/10

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Easy Money Transfer

Reviewed 3 years ago

Venmo has been a great tool for my family to easily send money to each other, especially in a day and age where hardly anyone carries cash.

Pros

Venmo makes it extremely easy to send someone money instantly. I use it to pay my niece to cut my hair. My sister-in-law uses it to pay me for mowing their lawn. I can easily send or collect money from my siblings who live all across the country. I have also used it to collect donations from coworkers to buy flowers for a funeral. Depositing the money in your bank account is fast and easy too.

Cons

Once you send the money, you can't get it back or dispute the transaction. Venmo says it is for friends and family only and should not be used with strangers. You can request money, but people don't have to pay back. Many people use Venmo on virtual yard sales, but it is a risk to take because Venmo won't investigate fraud. One of my biggest complaints about Venmo is that a bank account can only be linked to one user. So my wife can only access our joint bank account. If someone sends me money, I have to send it to my wife first before we can deposit the money.

AP
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Amanda P.

Cosmetics, self-employed

Used daily for 2+ years

Review source

Overall Rating
  • Value for money
  • Ease of use
  • Features
  • Customer support
  • Likelihood to recommend10/10

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Good for business owners!

Reviewed a year ago

I was always worried about not receiving payments for weeks using other platforms. As a business owner, it helps to access my money quickly after I've been paid, instead of having to wait weeks.

Pros

I love how easily I'm able to get paid through Venmo and that transfers to my external bank account usually take less time that the amount of days that Venmo tells me it will take. I love that it's a platform where people can pay me back and purchase my products straight through Venmo

Cons

I once had an issue with a recurring payment through Venmo that was cancelled, but the billing went through. When I contacted customer service about the problem, it was not a quick fix and I never did get my money back because of the stated time needed to fully cancel the automatic payment.

JH
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Jason H.

Arts and Crafts, 1-10 employees

Used weekly for 6-12 months

Review source

Overall Rating
  • Value for money
  • Ease of use
  • Features
  • Customer support
  • Likelihood to recommend10/10

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Well done!

Reviewed 3 years ago

Overall, I love that it solves a problem that was never really a problem. Writing a check to a friend or going to get cash for them is really not a big deal, but the second they ask me if I have a Venmo, it solves the problem of that slight inconvenience. That is the thing that it does best. Make sure that you remember that and keep that in front of your audience. Security is also HUGE. If you ever have a slip in that department, I predict it will be the end of your company. As a consumer, I am trusting, but uninformed when it comes to your security measures. It might be a good idea to educate your customers as well as potential clientele.

Pros

Frankly, Venmo is too easy to use. I really and going to have a hard time being critical because for some reason, out of all of the apps out there that do basically the same thing, Venmo is the one that all of my friends and family are comfortable using. It was not difficult to set up. I mean that. If my mother-in-law can do it without calling me for tech support, than it is easy to do. It makes sharing the cost of other services like Youtube TV so easy, and the icing on the top of the cake is that it is free. I don't know how, but that is absolutely the best thing about this service. Well done!

Cons

I don't see much of a point to the social networking side of the software. It is great and often funny to see what family and friends will type up for the money they send me, but I see no need for the rest of my contacts to have access to those 3-4 word notes. They don't ultimately add any value to anyone else's life. I don't really care if the messaging it is there or not. To me it is just white noise. Also, I am sure that the Venmo credit card is a huge money maker for your service, but I am not nor will I ever be interested in a credit card that won't be accepted absolutely everywhere. If it is accepted everywhere, than I am woefully uninformed and it might be a good idea to promote where you can use it in your next ad campaign.

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Rohit K.

Verified reviewer

Management Consulting, 10,001+ employees

Used weekly for 2+ years

Review source

Overall Rating
  • Value for money
  • Ease of use
  • Features
  • Customer support
  • Likelihood to recommend9/10

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Ideal Payment Processing Software for Small Businesses

Reviewed a year ago

Perfect for small businesses and better than using a square device for accepting payments.

Pros

The app is just great. UI/UX, how they have defined different user personas and the ease of making a transaction is fantastic. Super quick and easy to transact with any third party, strong authentication mechanisms and auto-credit to the account on file. Making and receiving payments is the easiest I've seen, and much better than zelle, or Paypal. User support is fantastic and there have been instances where I was fully refunded back when goods/services were not delivered as agreed upon.

Cons

It would be good to look at the credit worthiness/score and how reliable they are for their services. Currently there's no way to know (other than star ratings and sparse reviews at times). Multi-lingual capabilities would be helpful too, especially when you are transacting with non-english speaking partners.

JC
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Jenny C.

Human Resources, 11-50 employees

Used monthly for 2+ years

Review source

Overall Rating
  • Value for money
  • Ease of use
  • Features
  • Customer support
  • Likelihood to recommend10/10

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Easy way to send money

Reviewed 2 years ago

Overall, Venmo has been great and I've used it for many years with my co-workers, family and friends. It is a quick and secure way to send/request money without worrying about having different bank accounts. I also like that there are no hidden fees and that transferring balances has been quick/easy. I highly recommend Venmo!

Pros

Venmo provides an easy and efficient way to pay or request money from someone without the trouble of specific bank fees. For example, I have a Chase account however my friends use TD bank. There is no easy way to transfer money from Chase bank to TD bank but Venmo is the perfect liaison for that. It also allows you to request money and there are reminders to remind the person that they have not yet...

Cons

Recently, I got an email from Venmo requiring me to verify my identity with some steps however when I tried to follow the directions of going into Settings, there was no option to "verify" my identity. It may have been a glitch or it may have been a feature that is testing. Venmo should clarify this. I have tried to look for support with no one responding to my inquiry. So their customer support is not the best.

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Cynthia T.

Verified reviewer

Computer Networking, 11-50 employees

Used daily for 2+ years

Review source

Overall Rating
  • Value for money
  • Ease of use
  • Features
  • Customer support
  • Likelihood to recommend9/10

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Great Value

Reviewed a year ago

Overall it's a great product for modern folks. Although our older clientele won't use it for payments, this is a great and secure way to make sure our payments are received quickly and seamlessly.

Pros

Venmo is a great software in the sense that anyone can download, use, and deploy. It's fairly easy to use and benefits all transactions small and large with options of both bank accounts and credit cards.

Cons

There seems to be a lag with venmo at times when trying to connect, receive, or make payments. The search function could be a little more intuitive and it should have a more clear cut dashboard.

ME
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Mu E.

Human Resources, self-employed

Used weekly for 2+ years

Review source

Overall Rating
  • Value for money
  • Ease of use
  • Features
  • Customer support
  • Likelihood to recommend10/10

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Quick and convenient payment app. A personal favorite for me.

Reviewed a year ago

Venmo has become such a natural part of my financial transactions with friends that I get completely thrown off whenever an international friend reminds me they don't have Venmo. I wish everybody in the world used it

Pros

I remember a time when paying friends was effortful. This was obviously before Venmo entered my life. Venmo is the quickest and most convenient payment app. It's easy to import my contacts, make sure who I'm paying and how much, even make the payment memo fun with emojis. I use it to pay friends, vendors, at one point I even used it to pay my rent. My Venmo account is linked to my debit account and I never have to worry about transferring money back and worth (between my bank and the app).

Cons

I don't really have any complaints about Venmo. The only feature I wish they had is the payment cancellation. When I'm sending money to a user that's not on my contact list I always worry slightly that I might end up sending it to the wrong person and not be able to cancel.

MR
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Meghan R.

Real Estate, 11-50 employees

Used weekly for 1-2 years

Review source

Overall Rating
  • Value for money
  • Ease of use
  • Features
  • Customer support
  • Likelihood to recommend9/10

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Perfect for personal use

Reviewed a year ago

Overall, I really enjoy venmo and the ease of sending payments to people you know. It is quick and easy. The only thing I would suggest is the change of how a payment can be cancelled or reversed and also how long it takes to get payments. It is a great app and I do enjoy having it.

Pros

I personally do not use this for work. I strictly use this for personal reasons. I have enjoyed using Venmo as it allows me to pay back friends and family when I need to borrow money or if I need to pay half of what we are purchasing together. For example, my mom takes me to a store and I forgot my wallet at home. She offers to buy it for me if I pay her back. I immediately Venmo her money and she can know that I have done what I said I would. Super easy and convenient. It’s also great to use when you share rent with someone as they can pay you for their half of rent. Many usages! Also I’ve bought items from farmers markets and little shops using Venmo! Super handy.

Cons

What I didn’t like is that I would receive several scammers reaching out to me after they would send me money and ask me to send it back. This is very dangerous and can lead to people losing money by being a Good Samaritan. I have had to call venmo support multiple times to get the payment reversed so the money goes back to the sender and I don’t have to do anything at all. This protects the user from being scammed by reporting the payment to venmo so they can cancel/reverse the payment. I wish that venmo had the option to say “refuse payment” so that if someone really did accidentally send money you can cancel their payment.

SM
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Stacy M.

Events Services, 11-50 employees

Used monthly for 6-12 months

Review source

Overall Rating
  • Value for money
  • Ease of use
  • Features
  • Customer support
  • Likelihood to recommend10/10

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It just works!

Reviewed 3 years ago

My company runs events at several locations. There are times that my team members need money for expenses and Venmo is always our solution. For the most part it's free, unless you need immediate access to your money, which then there is a small fee. Plus, I've found some people actually prefer to use PayPal, or in this case Venmo, as they feel they get buyer protection. Overall, this is a service we always have on reserve just in case!

Pros

Free! That's right, it's free. You can't argue with free. While there are other ways to move money between people, I find this to be the easiest. Plus, is mobile, so you can take it with on your smartphone!

Cons

It does work off of the Paypal system, and while it, works for some people, it won't for others. I wouldn't recommend this a a payment gateway for most businesses, but it does work well in a crunch.

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Troy B.

Verified reviewer

E-Learning, 1,001-5,000 employees

Used daily for 2+ years

Review source

Overall Rating
  • Value for money
  • Ease of use
  • Features
  • Customer support
  • Likelihood to recommend7/10

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Venmo is a great choice for online banking and sharing expenses

Reviewed a year ago

Venmo has been great for my business and for my career but I do feel that customer service should be easier to access in times of troubles or when errors occur. Sometimes they take a bit of time to get back to you and resolve your issue.

Pros

I enjoy that the product is linked to a very successful parent company that offers the same protection and management system.

Cons

I feel that Venmo could offer more features and allow for quicker processing times when sending and receiving money.

AR
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Anonymous Reviewer

Verified reviewer

Information Technology and Services, 5,001-10,000 employees

Used daily for 2+ years

Review source

Overall Rating
  • Value for money
  • Ease of use
  • Features
  • Customer support
  • Likelihood to recommend10/10

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Venmo Honest Review

Reviewed 4 years ago

Overall I will use Venmo no matter what. It's an amazing app and has solved a huge problem in my life.

Pros

Venmo has completely gotten rid of the language of "can you spot me?" The idea of borrowing money from a friend because you forgot your wallet or were short on cash has completely been removed. Now I am able easily pay friends when checks have been split or there is a cost that I would like to contribute to. Also as a freelance photographer this makes payments from clients so much easier. Receiving large payments and paying large payments have become so easy.

Cons

There are only a few cons. Whenever logging into the application it is incredibly slow. A lot of the times I have to wait to load friends name when requesting or paying money. At times it would shut down the app because it's frozen. Also, there is a cap on how much money you're able to send per week. Although this isn't much of a problem on a daily basis when making large purchases or having large events it's a bit of a hassle having to wait an entire week in order to complete my payments.

AS
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Amy S.

Consumer Services, 1-10 employees

Used other for 1-2 years

Review source

Overall Rating
  • Value for money
  • Ease of use
  • Features
  • Customer support
  • Likelihood to recommend10/10

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Easiest way for small businesses to accept non-cash payments!

Reviewed 3 years ago

Venmo has been a great tool for us, allowing us to easily and quickly accept payment for services from clients who do not want to pay using cash or check. We have not had to order or purchase any hardware to be able to accept payments, and we have found that most of our customers wishing to pay online via credit card already have and are familiar with the Venmo app, which is an added bonus.

Pros

It was extremely easy to set up a Venmo account using our business name, which was important to us so that it would have a professional appearance. It has been very easy for us to accept and transfer money for payment for services we provide to our customers. We nor our customers have encountered any issues using Venmo as a payment mechanism for our business.

Cons

In an ideal world, Venmo would be fee-free, but that is simply unrealistic and there are no alternative options that provide this service at no cost. Otherwise, we have no complaints, nor have we experienced any difficulties or glitches in using Venmo.

AC
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Angela C.

Entertainment, 1,001-5,000 employees

Used daily for 2+ years

Review source

Overall Rating
  • Value for money
  • Ease of use
  • Features
  • Customer support
  • Likelihood to recommend10/10

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The most convenient way to pay friends or for services

Reviewed 4 months ago

Overall my experience is very good with Venmo. It's extremely simple to send money to others and I enjoy the simplicity of how easy it is to navigate. It doesn't have the options to figure out complicated splitting but there are other apps for that. I've never had issues with lag or payments not going through. It seems very reliable to me and has gotten what I wanted to do done. I've used it between friends but also with businesses or to vendors to pay for tips. Very easy to scan the QR codes anywhere

Pros

This is my favorite method to pay friends because of how easy it is to scan or find a user in order to quickly pay them. My payments as well as withdrawals have always used. Its also very popular so most of my friends do have access to it. The QR code is very easy and quick to scan. App never lags for me.

Cons

I have never personally had this problem with this software but I have had a couple friends that had issues with Venmo before and weren't able to send me via there because Venmo was having trouble with the validation part with their bank, so instead the friend would have to send me via zelle or paypal.

AR
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Anonymous Reviewer

Verified reviewer

Internet, 51-200 employees

Used weekly for 2+ years

Review source

Overall Rating
  • Value for money
  • Ease of use
  • Features
  • Customer support
  • Likelihood to recommend8/10

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Did I say network effects?

Reviewed 3 years ago

Overall... Venmo is acceptable for consumer, P2P use cases — but has ways to go in terms of merchant adoption and true B2C solutions especially compared with Asian digital payments services.

Pros

The main reason why I use Venmo is because everyone else I know uses it, at least in the US and for peer-to-peer transactions—i.e. network effects. I like how they've implemented the "scan code" feature to help solve for the pain point of scrambling to find which variant of someone's name is the person you're trying to pay in real life. The activity feed of friends' payments also ends up being a source of guilty entertainment, and likely was the main reason why Venmo was able to acquire users faster and supercharge network effects compared to other, frankly better-designed competitors.

Cons

Oof... well Venmo is far behind a lot of payment players in Asia. There's very limited merchant payment functionality/adoption, even though I know Venmo has been starting to make nascent moves in that direction. Lack of NFC or touch payment/transfer functionality is also something that other payment players have that Venmo doesn't. Furthermore, you can only remind people about unfulfilled payments once. I recognize that's probably to avoid annoyance, but implementing something like a time limit would be more effective.

RO
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Rachel O.

Higher Education, 10,001+ employees

Used weekly for 1-2 years

Review source

Overall Rating
  • Value for money
  • Ease of use
  • Features
  • Customer support
  • Likelihood to recommend10/10

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Easy, Reliable Payment

Reviewed 2 years ago

Venmo makes going out in groups easy. For instance, it simplifies the process of going out to eat so that one person can pay the check and everyone can pay them back through Venmo; it allows group grocery shopping, easy bill pay between roommates, and simplifies the logistics behind any kind of joint payment. Venmo is a great convenience in bill paying. I can't believe I waited so long to begin using this software.

Pros

Venmo makes it astonishingly easy to pay friends. It is secure and simple to set up and use. I like that it stores any payments you have received in the 'Venmo balance' inside the app. It also pulls any payments directly from this storage first rather than pulling from your bank account. Thus, if you are using the app regularly and for relatively small amounts, this storage space is an easy place to give and receive money without impacting the balance of your bank account. It also requires a memo for each payment so that the reason for each transfer is recorded.

Cons

Initially, I did not want Venmo because I was worried that it was not secure and was a viable target for cyber attacks. However, it is as secure as any other institution which handles money online. In this age of online-shopping and money transfers, there is some possibility of a data breach. However, Venmo is as secure as possible: it uses banking institution security of encryption for your data. It also employs double-check methods such as entering the last 4 digits of someone's phone number or a particular PIN number to ensure your payment is going to the correct person.

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Matthew B.

Financial Services, self-employed

Used weekly for 2+ years

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Overall Rating
  • Value for money
  • Ease of use
  • Features
  • Customer support
  • Likelihood to recommend10/10

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Simply the Best!

Reviewed 3 years ago

I really enjoy Venmo. We use it mostly for food and drinks with friends or at work (have someone order doordash for everyone and pay them back through Venmo) or collecting fantasy football league fees, etc.

Pros

This is hands down the best software I have used to sending and receiving money from friends, family, etc. I used Paypal, Zelle, and a few other products, but definitely prefer Venmo. My wife and I use this at least a few times a week (it can make splitting a bill or paying someone back so much easier).

Cons

The only issues I've run into with this software is that occasionally the connection you create with your bank account or debit card will fail, causing you to have to go back and reconnect it manually. It's not the end of the world, but it's happened enough that it's mildly inconvenient.

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Anonymous Reviewer

Verified reviewer

Telecommunications, self-employed

Used weekly for 2+ years

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Overall Rating
  • Value for money
  • Ease of use
  • Features
  • Customer support
  • Likelihood to recommend10/10

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Mobile Banking Without the Bank

Reviewed a year ago

I'm solving the issue of physical travel to a bank or in-person transactions. Venmo provides an easy mobile banking platform for small, casual payments to freelance work, and everything else. Venmo is there when I need it and it's my go-to when I need to make a quick payment.

Pros

I like the ease and convenience of the app, its design for mobile usage, and the speed at which transactions can be conducted with others. What I feel Venmo provides is a way to do business or pay back friends without the "interruption" of the bank. The bank account is connected but typically remains on the backend of the transaction--I like knowing that I won't have to go to the bank or stop my transaction halfway to consult with them. Venmo now acts as the middleman in these types of payments, which is a huge time-saver.

Cons

I dislike the notion that you have to pay for the premium service to get instant transactions. Otherwise, there's a 3-business day waiting period, which can get annoying when making transactions right before a weekend. Additionally, I feel that there's a missing "history" feature that lets you print out an entire receipt or banking statement for my records; it'd be incredibly useful for Venmo to generate weeks, months or a year of freelance work transactions to make doing taxes easier or reporting income on other official forms.