Venmo, owned by PayPal, has rapidly gained popularity as a social payment service app.
Earn Haus offers fast digital payments directly to your Venmo account. Venmo's platform allows users to send and receive money in a user-friendly and social manner. If you're new to Venmo and want to use it to receive payments, this article is for you.
1. Download and Install the Venmo App
- Device Compatibility: Venmo is available for both iOS and Android devices.
- Store Access: Visit the App Store (for iOS) or Google Play Store (for Android), search for "Venmo," and download the app.
2. Sign Up for an Account
- Launch the Venmo app.
- You can sign up using your mobile phone number.
- Fill out the required information including your first and last name, phone number, and create a password.
3. Verify Your Phone Number
- You'll receive an SMS with a code. Enter this code in the Venmo app to verify your phone number.
4. Link a Bank Account, Debit Card, or Credit Card
- To receive payments and transfer money to your bank, you'll need to link a financial source.
- Go to "Settings" > "Payment Methods" > "Add a bank or card."
- Follow the prompts to add your preferred method. For bank accounts, you may need your account and routing numbers.
5. Set Up Your Venmo Profile
- Customize your username so that others can find and pay you easily.
- Adjust privacy settings based on your preference. You can decide if you want your transactions to be public, visible to friends, or private.
6. Receiving Payments
- Share Your Venmo Username: Provide your unique Venmo username to the person sending you money.
- QR Code: In the app, there's a QR code associated with your account. The payer can scan this code to send money directly.
- Payment Notification: When someone sends you money, you'll receive a notification. The funds will appear in your Venmo balance.
7. Transfer Funds to Your Bank Account
- Money you receive on Venmo will be added to your Venmo balance. To access this money, you'll need to transfer it to a linked bank account.
- Go to "Manage Balance" > "Transfer Money," and choose the amount you want to transfer.
- You can opt for a standard transfer (free and takes 1-3 business days) or an instant transfer (a fee applies, and funds are available in minutes).
8. Understand Fees
While receiving money on Venmo from friends using a linked bank account or current Venmo balance is free, there are fees for receiving payments for goods and services or if the sender uses a credit card. Familiarize yourself with these to avoid any surprises.
9. Use Venmo Responsibly
- Trust: Only transact with people you know and trust. Venmo is designed primarily for personal use with friends and family.
- Beware of Scams: Avoid payment requests from unknown parties and always double-check usernames before sending money.