Venmo is a digital money phone app that works like cash. It is meant to be used between trusted individuals as a way to transfer money. Unlike cash, however, there is a digital record of the transaction. Like cash, once the money is handed over it is GONE.
Money can be transferred into the Venmo App by a debit card or bank account. Venmo is free to use in this way. Using a credit card to add funds will incur fees.
When the Venmo cash exchange happens between friends, users can comment similar to any other social media platform. This isn’t required for the exchange, and privacy settings are adjustable like Facebook–although they are easier to find than on Facebook. You can choose between Public, Friends, and Private. Dollar amounts are not publicized. In the case of money exchange for crafts and services between trusted individuals, this social commenting can lead to increased sales and closer contact with customers.
Venmo recently opened a business component with 1.9% + .10 per-transaction fees. This is lower than most other card processing services such as Square and PayPal. Venmo is owned by PayPal the most trusted and possibly the oldest money exchange service on the internet. Venmo makes it easy to have a personal account and a business account together in the same app.
For a limited time, when you open a Venmo account, Venmo will give you $5 after you spend $5. AND if you get your friends to sign up, Venmo will give you $5 up to $25.
At Nana D’s Attic, you will have the ability to use Venmo around the shop for the donation items. Funds are collected for Pure Schoolcraft which is sponsoring the Summertime Live event on August 14th. This will also allow you to try the app out. Just Venmo any amount for the item and go.
Get Venmo: https://get.venmo.com/cSYBjCG6bhb