Venmo has been designed to remove friction from your everyday transactions. Venmo is an app that allows you to send and receive money to your friends or family directly from your bank account. This means you don’t have to wait for checks to clear before getting paid. You can pay anyone directly from your bank account and they won’t even need a Venmo account. It’s pretty easy and convenient.
The banks are getting wise that we are now using Venmo daily to pay for things. If you are not using Venmo then you are missing out on a whole lot of money! When you get a check in the mail you don’t have to go anywhere to deposit it, the bank has Venmo built in. It is so easy. You simply send a message to Venmo with your routing number and the amount of the check, and it is deposited for you in your bank account automatically. No waiting around for your bank to call you, no standing in line, and no fees. It is free and it takes 2 seconds to do.
A lot of money flows through Venmo, but it’s unclear how much you’ve been paying out. When your friends pay you back for things you bought for them, you’re probably wondering if you’ve actually been spending money you don’t have. This can be confusing and add unnecessary stress to the experience. With Venmo, we’ve developed a solution to help make your money easier to track and get a better idea of where it comes from. Now uber also shows in bank statements.
What we should do before using the venom app?
Before you even set foot in the Venmo app, the first thing you need to do is identify yourself with your phone. Make sure to take a photo of your face and upload it. After you finish uploading your photo, you need to identify your friend by typing in their phone number. Once you’ve successfully identified yourself and your friend, you need to go through the payment process.
Do you know what happens when you use Venmo?
When you use Venmo, you have the option to send funds to a contact that appears in your phone’s contacts list. While this is an interesting feature, it’s really not that useful.
Why? Because the Venmo app itself doesn’t give you any context about the person. When you pay someone back, it usually comes with a short message and a photo. Now if the recipient is a friend or family member, that can be great, but if not, you have no context at all.
Conclusion
A transaction made with a debit card is recorded only when a transaction has been authorized by the customer. Authorizing a transaction requires a PIN or some other authentication. This is where Venmo comes in. Each time a transaction is made, the customer’s phone number is called. When the phone rings, the customer’s Venmo account is logged into. The customer is then prompted to authorize the transaction. This authorizes the transaction and shows up on the customer’s bank statement. It’s as simple as that.
