Venmo is a mobile payment service owned and operated by PayPal for users to make money transfers using a mobile phone app. It’s free to use, but there is a fee for transferring money from Venmo to a bank account or debit card when you use the instant transfer option.
But can you set up recurring payments on Venmo to receive money from your friends, family, or clients? Many users of the service ask this question, and we aim to explore more about it and other alternatives to scheduling payments. Boom! Let’s get started.
How do Recurring Payments Work and what it is?
A merchant sets up recurring payments to deduct payments from someone’s bank account, usually for subscription services like paying for a car note and streaming services (like Audio-mack, Hulu, Netflix) or monthly gym memberships.
Recurring payments can be set up to happen once a month or every week or two, so you don’t have to remember to make their payment each time it’s due. It’s helpful for those with multiple subscriptions which may need help keeping track of when it’s time to pay each.
Can you set up recurring payments on Venmo?
Unfortunately, Nope! As of right now, there is no way you can set up recurring payments on Venmo. It could be a problem for people who use the app to pay bills or want to receive subscription payments from clients regularly.
Venmo at the moment, is for one-time transactions between individuals and not for recurring. Other alternatives are available to set up a recurring payment, which we will dig up.
How to set up recurring payments on venmo with friends?
Venmo is just a great way to give friends and family money, but you can’t set up recurring payments on Venmo for them or your clients, but there are a few methods you can use to remind your friends about payments.
One cut way to remind yourself (and your friend) of upcoming payments is to create a Venmo group and remind them when payment dates are due. This way, everyone in the group will be reminded of the payment and can pitch in if needed.
Another is to set a reminder in your calendar or on your phone for when the payment is due. While there’s no perfect solution for setting up recurring payments on Venmo with friends, these methods should help you remember to make timely payments.
Vemon Alternatives for recurring payments
There are many Venmo alternative services offering recurring payments for your business. Stripe, Square, Cash App, and PayPal are popular services, or you can use a more traditional way, like setting up automatic payments through your bank. Each has its unique features & benefits. Let’s go over them.
Cash App
In the United States, Cash App is the most popular option for quickly sending money to someone. It also includes a recurring payment feature that allows small businesses to bill clients. Additionally, the cash app is free to download and can only send money to someone with a US-based bank account; you can’t use it for international payments.
Square
Square is another choice of service to set up monthly payments quickly for customers. It can track spending and set up budgeting goals. With square, invoices can be automatically emailed to customers.
Square can make it easier for you to get paid on time and can help you simplify your accounting and save some overall costs.
PayPal
PayPal is a widely accepted payment method between individuals and businesses. It also offers buyers protection against fraud. PayPal enables businesses to set up automated payment schedules for customers and automatically deduct the funds from their wallets on the agreed-upon date.
Paypal service is convenient for businesses and customers, as it eliminates the need for customers to remember to make manual payments, and businesses no longer have to send out reminders or chase down late payments.
Stripe
Stripe
Stripe is also a payment technology company that assists businesses and individuals in accepting payments over the Internet. It has inbuilt fraud prevention to protect users and payments, and you can set up monthly payments with it.
Stripe has been credited with helping to increase the popularity of online payments and has been used by a lot of businesses.
Another option is to use a service like Authorize.net, which also do the same without storing sensitive information on their servers.
Finally, you can always invoice your customers manually and have them send you a payment each month. This is the least convenient option, but it gives you the most control over your finances, skipping you to pay service fees for each transaction when using a payment platform.
FAQ’s
Can I set up monthly payments on Venmo?
At first, it may appear that you can set up monthly payments on Venmo, but it’s impossible upon closer inspection.
Venmo is designed as a peer-to-peer payment platform. This means that it’s meant for one-time transactions between two individuals. There’s no built-in functionality for recurring payments.
Conclusion
In conclusion to the post, you have to use other alternatives to set up the recurring payments you want because Venmo doesn’t support automatic payments or billing as of now.
Try other available options that support this feature. Check out Cash app, PayPal or Stripe services to find the best one for you.
