If you are avoiding cash in your economical world, you might like the services of Venmo. Venmo is a payment platform that allows you to send or receive money online and instantly. It is a safe working payment application and almost 60 million users have found this out to be productive and time-saving. You have got multiple options for your payment method on the Venmo app. To know more about the payment methods, read the full article below:
How do I select payment method on Venmo?
The case may arise when you would be required to switch between the payment methods on the Venmo application. First of all, you need to add all your available payment methods on the Venmo application so that you have your backup option ready in any emergency payment case.
To add your bank account or your Debit/Credit card to your Venmo account, follow the steps below:
- Login to your account
- Tap on Settings
- Select Payment Methods under the Preference section
- Tap on Add Bank or Card option
- After this, two options will pop up
- You will get to see the option to add either the Bank Account or Card
- From the option, choose any one of your choices
- Follow the directions, and enter the details of the card
- After you have entered the card credentials, go for the verification step
- You can either choose the Instant Verification or Manual Verification
- After the verification is done, you can use your linked card for the payments.
You can add sufficient funds to your Venmo Balance so that you are no sort of payment option at the time of making any payment.
Now let’s have a look at how we can change the payment method on Venmo:
Say, you are making a money transfer to a merchant, all you have to do is to follow the steps below:
- Launch the Venmo application
- Click on the Payment icon
- Select the recipient or you can manually enter the name, phone number, or email address of the recipient, you want to make payment to
- After the recipient is selected, add the payment amount
- Below you will see the available options for paying the entered amount
- Choose any one of the probable methods
- This will also be your default payment method from the next time
- Tap Pay
- Follow the prompts and your money will be transferred successfully.
Also Check:- How to Accept Venmo Payment through Email?
Type of payment method on Venmo
Venmo gives you the option to complete any transaction via any one of the probable methods of payment from the list of a variety of methods. Some of the payment methods include:
Venmo Application Balance
Venmo Balance is the in-built wallet of the application. If your friend is also using the Venmo application, it would be easy for you to do a money transfer through the Venmo app. You just need to add his number to the recipient space, after taping the “Pay or Request” button. You can then send the desired amount directly to their number linked to their account. And even if they do not have their bank account or card linked to their Venmo account, you need not worry because the money will be transferred directly to their Venmo wallet.
Debit Card or Credit Card
You can also link the card to your Venmo balance or your bank account. If you are purchasing something and the store accepts the MasterCard for standard purchases, you can use your card there. You can add money to your debit card. Similarly, you can withdraw money from the card from the ATM networks like other debit cards. But for withdrawing money from out-network ATMs, you need to pay higher fees.
You can pay your friends within a few minutes using your bank account linked to your Venmo Application. You can also receive money in your bank account and then effortlessly withdraw your funds whenever you need or want.
Also Check:- How to Setup Recurring Payments on Venmo?
How do I choose which payment method to use?
From the variety of payment options available, you can choose or change the default payment method to any type you want. The choice of your payment method depends upon your need. Every payment method has its pros & cons, fees, and time required to complete the transaction. Hence, it’s your take whether to go for the Bank Transfers, use the Venmo Balance, or take the help of your Debit or Credit cards.
How to pay with Venmo instead of bank balance?
If you do not want to use your other payment methods and use your Venmo balance instead for the payment, use the steps below:
Step1: Login to your account
- Launch the application and log in to your account with your credentials
Step2: Finish the Manual Verification
- After you have logged in, complete your verification of the Venmo app. You won’t be able to use the Venmo application for your payments until and unless you are not verified on the platform. Hence, it is necessary to complete your KYC verification to proceed with the payments.
Step3: Start your payment transaction
- Tap on the ‘Pay or Request’ button to proceed ahead with the payment
- An on-screen keyboard will appear and type in the recipient’s name
Step4: Change your payment method to Venmo Balance
- Your available payment options will be shown at the bottom of the screen
- Choose Venmo Balance from the options of Card, Bank, or Venmo
Step5: Complete the Venmo Transaction
- After choosing the payment method, all you have to do is tap on ‘’Confirm’
- Follow the next prompts properly and your money will be transferred easily
This is how you effortlessly pay your recipient from your Venmo balance.
How to delete payment method on Venmo?
To delete any of your payment methods, you just have to unlink the card or bank details from your account. To do so, you have to go to Settings>Payments>Payment Methods
After this, you have to follow the prompts and delete your bank details or card details from your account.
Venmo can’t add the payment method “Solution”
Some users are facing issues in adding their payment methods. Venmo declines your cards sometimes, and the probable reason for this can be many. It may be that your card has expired, the card details entered are wrong, or the card holder’s name does not match the cardholder’s name written while entering the details.
The solution for such issues are described below:
- You should contact your card issuer to know if there is any kind of problem with your card.
- You should also cross-check the card details that you have entered
- You should contact the Venmo App support team and discuss the matter. They may find a way if they get what the issue is about
- Maybe your linked account has insufficient funds or it is blocked for any reason. So check the expiration of the card before adding it to the Venmo App.
Why can’t I add a payment method to Venmo?
There are many reasons why you can’t add a payment method to Venmo. There are various payment methods on Venmo which include, payment from Bank Account, Debit/Credit Card, or Venmo balance. If you are unable to link them to your Venmo account, the reasons can be:
- Your debit card has passed the expiration date
- Your bank account has insufficient funds
- You have entered the wrong details regarding the bank account or your card
- You have wrongly entered the card number
- You are facing bank server issues
- The Venmo app might be not able to access and read your card
You can sort all your issue by either contacting the support team of the Venmo application or either by contacting the bank.
Venmo App FAQ
Can you use Venmo without a payment method?
Venmo is specially designed and launched for online payment. It is owned by PayPal, and almost millions of transactions are processed per month. It is a partial social media platform too, but even then you need to add your payment method to use the Venmo application. You can add either your debit or credit card or your bank account and can use them at the time of making payments. However, Venmo provides its users with an inbuilt Venmo wallet. You can add funds to this wallet and can use it too to pay others. It is a simple model of the transfer of money. Therefore, it is recommended to add your bank details or your cards, so that your payments are not interrupted in the future.
Is Venmo a safe method of payment?
Yes, Venmo is a safe method of payment. Millions of transactions are being made through this application, which has ensured every user that there is money is safe and securely transferred from one account to the other. You can safely keep your funds in the Venmo wallet and use it at the time of payments. Venmo keeps the track of every transaction, hence you can keep a record of your money where it is spent.