Since the launch of the app, it has been greatly patronized by quite a large number of users due to its interesting and excellent features. It generates a lot of interesting memories as the app is used but most users are battling with this question “Can you schedule Venmo payment”? This well-explained article will give readers knowledge and answer the above question.? Keep in tune as we set the ball rolling.
HOW DOES VENMO WORK?
Venmo is a peer-to-peer money payment app, it is used in the USA and its territories. You can use Venmo to send or receive cash freely. This app can be used to pay exactly for your portion of a dinner that you had with your friends or classmates.
Venmo app supports both Android and iOS devices. You can use the app to cash some checks after your identity has been verified. You can do this by establishing or setting up direct deposit or applying for a Venmo debit card.
Purchases can be made with Venmo’s MasterCard debit card in the USA and its territories specifically to places that accept MasterCard. Venmo can also be used to pay for purchases through websites and mobile apps from partners who have been authorized by Venmo.
Venmo users can sign up for a direct deposit for their paycheck to move straight into their Venmo account, two days earlier than their usual payday. Venmo users can also easily receive price alerts on four types of cryptocurrencies that they can buy, sell or hold through Venmo.
WHAT ARE RECURRING PAYMENTS WITH VENMO?
Recurring payments which are also commonly known as recurrent billings, are whereby permission is given to a bank, organization, or an individual to deduct a fixed sum of money from a user’s bank account automatically within stipulated regular intervals.
This has really helped people who are to pay some amount to some people at regular intervals. It reduces the time that you should have spent making each payment manually.
CAN YOU SCHEDULE PAYMENTS ON VENMO?
Venmo doesn’t guarantee and provide Venmo users with the option to set up Scheduled payments. For this reason, if a Venmo user wants to schedule a payment monthly by using their Venmo balance, then they need to manually initiate the transfer each time.
Venmo also doesn’t employ any pay function and to be honest, no charges are subtracted automatically from a transfer. It does not also operate any recurring payment processing services, so in a nutshell, recurring payment Venmo is impossible.
HOW TO SET UP AUTOMATIC PAYMENTS ON VENMO?
The trust feature on Venmo aids users to complete their transactions with only a few steps. Venmo doesn’t have any option for paying automatically, however, it seems to benefit users in several ways.
For example, it can easily help in automating payment of scheduled expenses but cautiously a user needs to initially employ some steps on their own to make sure that this feature is configured.
WHAT IS VENMO TRUST BUTTON?
Venmo employs a Trust feature that allows users to easily identify or spot people within their Trusted Circle, this makes sending money to them convenient, reliable, and efficient.
This makes people on your Trusted Circle receive money from your account easily and faster. Despite its benefits, it also has some limitations which prevent users from sending money automatically.
Venmo doesn’t support a customer or a user to schedule monthly payments or set up recurring payments. So this makes it a non-complete alternative to Venmo recurring payments.
RECURRING PAYMENT ALTERNATIVES TO VENMO
Below are recurring payments that are alternatives to Venmo:
BILL PAY SERVICES
There are a lot of banks that offer bill pay services. That allows you to schedule payments to a particular recipient. This is necessary if you need to make regular payments to the same person or company.
AUTOMATED CLEARING HOUSE (ACH) PAYMENTS
There are some businesses that offer ACH payments to schedule payments. It is an electric funds transfer (EFT) system that allows people to schedule payments directly from their bank accounts.
There are a lot of different third-party apps available that are associated or integrated with Venmo to schedule payments. These third-party apps may demand a fee and they may also require you to link your bank account or credit card.
PayPal is an excellent payment service that offers a built-in feature that makes the scheduling of payments to businesses and individuals. This includes those with a Venmo account instead of processing automatically the payments.
Alternatively, you can set calendar reminders for when payments are due. You can make payments manually on the date and time that you have scheduled instead of automatically processing the payments.
FREQUENTLY ASKED QUESTIONS
ARE YOU CHARGED A FEE USING THIRD-PARTY APPS TO SCHEDULE VENMO PAYMENTS?
There are some third-party apps that may charge some fees for using their service, although others too don’t charge any fees.
IS IT POSSIBLE TO SET UP AUTOMATIC PAYMENTS ON VENMO?
No, there isn’t any way that users can set up recurring payments on Venmo. So it is not possible.
CAN YOU SCHEDULE MONTHLY PAYMENTS ON VENMO?
It is possible to automate payments on Venmo and schedule payments on Venmo by using the Trust option. You just have to add those that you have to pay monthly to your trust group.
WHAT IS VENMO PAYMENT LIMIT?
If users are not yet completed identity verification, they can send up to $999.99 to your bank per week, and if their identity is verified then you can transfer up to $19,999.99. However, the limit for a single transaction is $5,000. Although, these limits may change depending on account verification and activity.
HOW CAN I SCHEDULE PAYMENTS ON VENMO USING BILL PAY SERVICES?
There are several banks that offer bill pay services that permit you to schedule payments to some specified recipients, of which Venmo is part. A recurring payment can be set up through a user’s bank account. This can be advantageous if you decide to make a payment to the same company or person.
Venmo has gained ground in the USA and its territories because of its excellent and reliable features. It has made money sending and receiving in the USA and its territories easy. Users can split bills and pay for their portion of a taxi board or dinner with their colleagues. Apart from transacting on Venmo, Venmo also has a social communicating feed where users can interact with each other.
It has definitely met the needs of friends, families, and business associates in the USA and its territories. However, not all Venmo users and prospective Venmo users know whether they can schedule a Venmo Payment or not.
This must-read article has provided a solution to the above question. Let us get on board by reading this article to acquaint ourselves with knowledge applicable to the above question. Enjoy your experience on Venmo as you journey through this article.