VENMO has just announced plans to add a “highly requested” feature to its app, available in the coming weeks.
The popular payments platform will soon allow users to schedule one-time or recurring payments or requests.
The new feature can be used to set up the payments monthly, weekly, or bi-weekly in advance.
Venmo revealed that the move comes the company found out 84% of consumers have used a peer-to-peer service with payments like monthly rent, utilities, and other common living expenses.
“We’re excited to introduce this highly requested feature which offers an easy way to set up and manage one-time and recurring payments in the Venmo app to continue our commitment to delivering the best possible P2P experiences for our users,” Alexis Sowa, vice president and general manager, Venmo said in a statement.
The company will also offer a backup option for those whose accounts are short on cash.
To avoid an overdraft, Venmo will grab money from a secondary linked bank account, debit card or credit card to cover the full amount.
Users will also get an email and notification reminder a day ahead of any upcoming scheduled payment.
For those looking to view their scheduled payments, all will be located on their transaction page.
Meanwhile, canceling a scheduled payment will be in the settings page.
THE EIGHT STEPS
Once the feature is ready, users can set up a one-time or recurring payment in the Venmo app.
According to Venmo, to set them up users must:
- Select Pay/Request
- Confirm the recipient of the one-time or recurring payment
- Tap the Schedule button
- Confirm the frequency and dates for the one-time or recurring payment
- Tap Save
- Confirm the payment amount
- Tap Pay
- Select Schedule Payment
For those looking to set up a scheduled payment request, users must:
- Select Pay/Request
- Confirm the recipient of the one-time or recurring payment request
- Confirm the frequency and dates for the one-time or recurring payments
- Tap Save
- Confirm the payment amount
- Tap Request
- Select Schedule Request
WHAT IS VENMO?
Venmo is a peer-to-peer mobile payment service owned by PayPal where users can send and accept payments to and from those on the app.
While the app is free to use, there are some transaction fees depending on how you use the platform.
We’re excited to introduce this highly requested feature which offers an easy way to set up and manage one-time and recurring payments in the Venmo app to continue our commitment to delivering the best possible P2P experiences for our users.”
Alexis Sowa, vice president and general manager, Venmo
For example, the Instant Transfer feature allows users to transfer their money instantly from the app to their bank account – but at a cost.
The fee is either 25 cents or 1% of the total transfer, depending on which number is higher.
Additionally, a 3% processing fee will be tacked on to users who decide to send money from a credit card.
However, that fee comes from credit card companies, not Venmo.
Lastly, merchant fees are for anyone who accepts Venmo as a form of payment at a retail location.
Merchants end up paying a transaction fee of 30 cents, added to a 2.9% fee on the transaction total.
