More than 70 million people are Venmo users in managing their financial lives. Venmo has its pros and cons, just like any other digital payment option. Venmo users often collide with the question, “can you set up recurring payments on Venmo?” This article will take you briefly into all such FAQs by Venmo users related to monetary transactions.
Venmo is a subsidiary of PayPal that was founded in 2009. It primarily functions as a peer-to-peer (P2P) money transfer service, requiring both the sender and the receiver to be in the United States. It connects all users around the states via the Venmo mobile app and lets users send and request money from each other, removing third-party interaction.
This e-banking facility has indeed made life more accessible and convenient. You can transact with just about any individual as long as they have the Venmo app on their phone. You can send money, receive money and even split payments using your Venmo balance, credit card or debit card.
Moreover, Venmo doesn’t charge much for any transactions and services. Unlike PayPal, it doesn’t charge a higher fee to access its services. But the digital payment platform does have limited features and restrictions on the services.
You can use Venmo to transfer money to your friend, family or relative, request money from someone, split pay with your fellow tenants or friends, pay your rent, pay your utilities, subscriptions, etc. But is there a feature that allows recurring payments? Let us discuss the possibility as we move further.
What is a Recurring Payment?
Understanding the concept of recurring payment is essential before we talk about availability and how to do that. Recurring payments are one of the payment methods where you set up the settings so that a particular business or organization can pull out your funds on a timely basis in exchange for their services.
It can be your gym membership, Netflix subscription, house rent, utility bill, etc. Once you set the time basis, your funds will automatically get deducted. For example, suppose you have set your Netflix subscription to be paid every month. You must always keep it in mind and get on to the app every month and fill out the credentials to make the payment. In this case, the app will automatically make the payment when the set time arrives. It will continue until you decide to put an end to it.
There are two types of recurring payment methods. Of which one is the fixed recurring payment. It works on a fixed basis. A fixed amount is deducted from the account on a set, timely basis. Such as your Grammarly subscription rate and library membership fee.
The second type is the variable recurring payment method. Here, the payment amount varies each time, like your utility bills. It can be different each time depending on the level of service you obtained/ consumed.
Can you Set Up a Recurring Payment on Venmo?
The direct answer to the question will be a “NO.”
Venmo does not offer this service. You will have to go through the manual procedures whenever you need to make a transaction. Any sort of automated transaction is not possible via Venmo. You can neither set up a recurring payment nor schedule an upcoming payment. You must head on to the app on the day/ time of the transaction and fill out the credentials to proceed with the transaction/ payment.
Although PayPal offers this service, the subsidiary platform Venmo does not offer this service.
Is There An Alternative to A Recurring Payment System on Venmo?
Fortunately, there is indeed an alternative available. There is a feature on Venmo that will make things easier for you if you want to set up a recurring payment. The trust feature on Venmo will let you add people into your trusted circle. You can add whoever the people you prefer to make transactions with regularly.
Such as your family, relative or landlord. Once you add an individual to your trusted list, the next time when you are looking to make a transaction with that person, you will only have to enter the amount you want to transfer. It will skip the lengthy process of entering details and credentials.
Though you only need to enter the amount you want to transfer to activate the transaction, you will have to remember the exact date and time you want to carry out the transaction. Venmo will not remind or update you as there is also no payment scheduling facility available on the app.
Are There Any Other Apps that Allow Recurring Payments?
Other apps in the e-banking industry allow the facility of setting up a recurring payment. Unlike venom, you can directly set up your recurring payment plans without building up alternatives like the trusted list. Let you have an overview of such other apps that will conveniently allow you to set up a recurring payment.
- PayPal allows you to set up recurring payments, although its subsidiary venom does not. However, only business accounts will access the feature with a small processing fee. To set up the feature, go to settings and tap on the “recurring payments” option. The rest is a no-brainer.
- Cash App – this digital payment platform also has a recurring payment facility. You can also easily deactivate/ disable the feature if you no longer want to utilize it.
- Stripe – The feature is also available in stripe, where small-scale and large-scale businesses process their payments.
- Apple Pay
- Google Pay – is specified for recurring payments; Google pay helps pay any organization/service provider on a scheduled basis including Google services.
- Wise – this platform was previously known as Transfer Wise.
- Zelle – is a safe and convenient transaction platform that do allow recurring payment options. You can also send and receive money from other banking apps in Zelle.
Users in great need of setting up a recurring payment may attempt any of the abovementioned apps to access the facility as it is impossible to access it in venom.
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