It’s almost like using a simplified version of Twitter that also lets friends make money transfers between one another. The service is half a digital wallet and half social media feed. If you think about it, Venmo looks and operates quite differently from PayPal. Besides, both services make use of reliable data servers and top-of-the-line encryption technology. Is there a security risk in the fact that Venmo needs users to have friends/contacts in order to transfer money to them? It doesn’t seem that way. Another thing that’s different is the fact that PayPal has an entirely different list of fees that apply strictly to merchants, or any company that needs PayPal to process payments. The standard fee of 2.9% is exercised by both services. What’s also different is the fact that Venmo adds a 25 cents fee on instant money transfers to debit cards. That said, Venmo waives the 30 cents fee for credit transfers that PayPal still has. Differences in Feesīoth services are almost just as cheap, or as expensive, depending on how you want to look at things. Because of the non-business-oriented nature, Venmo is used as a payment for goods and services platform. It doesn’t offer loans, elaborate fees plans, and other benefits that may attract merchants. In contrast, Venmo operates more in the P2P transactions niche.
Again, there are many options to configure transaction fees for both US and non-US merchants. What’s also convenient is the fact that PayPal offers merchants mobile card readers.
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