Have you ever come across Venmo before? Or do you know what it does and how important it is to people in the business world or even individuals? Stay glued to this article, for I will unveil everything you need to know about Venmo. Firstly, let’s start with what Venmo is.

Venmo - Is Venmo Safe | How Does Venmo Works

What Exactly is Venmo

Venmo is a social payment service used by millions of users all over the world to make and share payments with certain business partner, friends, family. The platform was formerly operated by Brain tree, but now purchased and owned by PayPal since 2013. Venmo and PayPal are almost similar, but just a slight difference. it has some unique features that allows users to share and like transactions and purchases using a social feed. Which means users you are connected to can view transactions, comment or react to them.

Venmo app is equipped with a mobile-oriented design and a social media-like layout, providing news feed that publicly displays transactions or payments you make. However, it has taken over the P2P payment market by adding fun and interesting exercises to its services. Users can spice up their transaction by using emojis to describe the traded goods in question. Venmo app combines both Social elements and Financial elements in services its render to its registered members.

How Does Venmo Works

Venmo actually works by connecting your bank account, credit or debit cards to your account. Your details are saved in your account, then you can choose at any given time to carry out any transaction to your contacts or for some other businesses. You can simply transfer money in a transaction and the platform will debit your linked cards accordingly. You can as well send money from your bank account, or debit card for free. But for credit cards, there is always a standard 3% fee per transaction.

How Do I Get Started

Venmo has made access to its services really convenient and easy by downloading the mobile app for both Android and iPhone devices. Or you can make use of the official website using your computer on your web browser. However, it has a website on which you can sign up on. Its special features are dedicated to its mobile app, which is has a friendly-user interface and well-designed layout. Once you carry out your Venmo sign up for an account and you link your bank. Its goes through a verification process. If you are able to provide your bank username and password, the platform will verify your account almost immediately. Probably, after a few days. Its deposit trial sums into your back account, which you’ll use in reporting back.

Once your Venmo account is live, you can now add contacts by connecting your Facebook or Contacts list. Searching through username, or even generating a QR code for you to scan.

Is Venmo Really Safe for Me

Almost all internet-grounded mobile app can be vulnerable to security breaches. Therefore, Venmo and other Financial platforms directly connected to consumer bank accounts must be placed on the highest safeguarding standards. For this purpose, Venmo uses data back-end security technology to protect its users against illegal transactions from hack app done by online hackers and scammers while storing user data on servers in secure locations. You also make use of its to access the option of setting up PIN codes for the mobile app.

How Can I Protect my Venmo Account

There are effective users precaution you can take as a registered member of Venmo. These measures are effective in combating any hack on your account.

  1. Avoid storing large amounts of money in Venmo balance.
  2. Always use it to carry out transaction with familiar people.
  3. Add a PIN to your app.
  4. Always opt out of Venmo’s social network by setting it on ‘Private’. Otherwise, Venmo’s default account setting of ‘Public’, enables the app to display transactions on its public feed.
  5. Avoid using it to purchase things from online classified sites.

However, its transfer fees are low for most users, making the platform attractive and appealing. On the contrary, you can as well consider the risk of using any financial platform linked to you Bank account. Venmo financial service works well for many users. But the platform is not recommendable for people who won’t be on the watch about protecting his/her Venmo’s mobile account.