A mobile-based social commerce network that allows users to send money through all forms of transactions. It assists with bookkeeping and collecting customer feedback. The ability to incorporate tailored incentives and a cashback experience increase customer loyalty. So here this article gives the Venmo pros and cons to better understand this topic.
Pros of Venmo:
- It is easy to get started – set up an account and use it right away.
- No fees.
- Sending and receiving cash is effortless.
- It isn’t affiliated with any one financial institution. It can be downloaded by anyone with a mobile phone.
- There’s a social aspect to it. Users will see a stream of transactions from their friends and like or comment on them.
- It’s possible to use it on certain websites, and it accepts PayPal.
- If you need to send money, all you need is the recipient’s email address and phone number.
Cons of Venmo:
- A transaction usually takes days to process.
- The default privacy setting makes your payment history public.
- If you need to withdraw money from your Venmo account, it will take one to three days for your request to be processed.
- You can’t cancel a transaction. Thus, it will be no way to cancel a payment if you send it to the wrong recipient.
- You pay a 3% fee if you use a credit card.
- No international payments.
- Can’t pay people via a website.
Thank you for reading this article. If you have any queries regarding our article on the pros and cons of Venmo then do comment in the comment section below.
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