Should I Accept Venmo On My Ecommerce Website?
If you are like 7 million other monthly users, you may Venmo money to friends and family on a regular basis. The mobile payment portal has made splitting the check, sharing an Uber, and planning a trip to the movies easier than ever. The app reportedly transferred $12 billion in Q1 of 2018, demonstrating that moving money is no small job.
The mobile payment service is owned by PayPal, and has been shuffling dollars faster than ever before. Since 2009, Venmo has been simplifying organizing simple services, like ordering a cup of coffee or booking a haircut with a few quick clicks. Simply download the app, enter the necessary account information, and easily transfer funds to and from your account. Venmo includes has a social media vibe due to the ability to see how people are using the app. You can open the global tab to see transactions in real time, or just keep up with your friends’ list.
Venmo also offers debit cards, making it easy to obtain funds and spend them anywhere a debit card is accepted. Now that Venmo has personal use perfected, is it time to start thinking about using the payment platform for business as well?
Venmo for business
Since Venmo is owned by PayPal, it stands to reason that it would also be a good option for ecommerce businesses. Today, millions of websites use the peer-to-peer service to trade business online, and it may be worth adding the service to your list of accepted payment types. Fortunately, PayPal makes this option quite simple. The only question then: is Venmo the right payment portal for you? To answer this question, it’s important to know who Venmo works well for thus far in the early stages of ecommerce acceptability.
Venmo is great at lower dollar transactions but isn’t typically trusted for large-scale purchases. Customers would prefer to use their major credit card for transactions over $1000.
The mobile payment app is perfect for routine purchases due to the simplicity of sending cash. In just a few clicks, users can quickly send the amount of their choice. The app saves frequently used usernames, making it easy to find businesses and individuals you often pay.
Venmo has some of the lowest fees available for multiple small-scale transactions. Payment portals often charge up to 3% for sending money, while Venmo’s fees are much lower. Moving money into a bank account typically costs users only 25 cents. This makes Venmo an easy choice for non-profit organizations where money is tight.
Businesses looking for marketing opportunities
Due to the social nature of Venmo, transactions act as free marketing. Users can see their friends paying your business for goods and services. After seeing your shop name, they may take the opportunity to take a look at what you have to offer. Venmo is great for any business in its beginning stages with low marketing budgets.
If you think that Venmo is right for you, simply head to their website and join the millions of users who already enjoy the ease of peer-to-peer transactions.