PayPal allows you to send your money within the country and internationally to your friends and family, to your international customers, and receive money from clients. It is a payment processing app, all you need is to make an account using your email ID and it provides you payment ID. VENMO VS PAYPAL
Venmo is also a payment service app that allows you to send and receive money from friends and family and also for your business. To use Venmo all you need is to start to create your account using your phone number and receive a text message, after opening your account you will have to link your bank account, credit, and debit card.
If you have to choose between these two services, you should have to look at how these apps process and features and decide which is better for four payments or your business.
Venmo Vs PayPal
Accessibility
You can access Venmo and PayPal through desktop, mobile app, and browser. But PayPal also allows you to make payments online and app. Venmo and PayPal both also have a browser-based desktop version. Venmo is currently working on transaction capability. It is currently limited as compared to PayPal.
Payment
Whether you are using Venmo or PayPal payment methods are the same for both. Both offer you to make payments through sync contacts to the app to accounts. You can also send payments by using your user name, address, and contact number if your app isn’t working. PayPal is available for more than 200 countries and 25 currencies by using the name and email of the recipient but Venmo is only available for the U.S to send their payment through text messages on a mobile phone. The fee is different for both Venmo and PayPal.
The process of Venmo and PayPal is once you select the recipient and amount, you’ll ask to choose a payment method. Venmo offers you to send money with no fees if you are sending it through your Venmo account, debit card, or bank balance but if you are sending payment through your credit card then you have to pay a 3 % fee. PayPal offers you to send your transaction with no fee if you are sending it through your PayPal account or bank balance but if you are sending it through your debit card or credit card you have to pay % 2.90 plus some other fixed charges depending on the currency. Once you send your payment, the amount will be transferred to the user’s PayPal or Venmo account within a minute or seconds.
Deposit Method
The deposit method for Venmo is through bank transfer, direct deposit, and check cashing. But recently Venmo updated a new cash feature, a check feature that allows users to deposit a check into a Venmo account, and the deposit amount will be available within a minute. While the deposit method of PayPal is through cash deposit and check cashing. But PayPal check method is required to sign up for Pay Plus to deposit cash with 1% fee charges and 5% for all other checks.
Security
Again, Venmo and PayPal both have strong security including 24\7 monitoring, fraud prevention management, and seller and buyer protection. But still even with stronger security both Venmo and PayPal users received a fraud text from scammers asking them to verify their personal information for canceling the upcoming charge.
Business
Both Venmo and PayPal have features for business. Venmo offers for small businesses and accepts the amount in person and online. On the other hand, PayPal allows a business with great services like business debit cards, payment and invoices, and business loans because PayPal operates in more than 200 countries and is accepted throughout the world more than Venmo, while Venmo is only acceptable in the U.S.
Transfer Limit
When it comes to transferring money. Venmo and PayPal are both available but some features are different in both companies. If you want to transfer a big amount then PayPal is the best option because it allows you to transfer up to $10,000 in a single payment, with a total of up to $60,000. While for Venmo you have to provide identity verification including personal
Information of transfer limit of $299.99 and a maximum of $4999.99 per person for personal payments. PayPal account holders have no such limit because their account is already verified.
Conclusion
Venmo and PayPal are popular payment apps with millions of users worldwide. Both will provide you with better payment services for your business and individual with strong security. Just choose which one is better for you by going through their features.
How do Venmo and PayPal provide security?
To protect your information Venmo and PayPal use data encryption. But PayPal provides more security features for your business.
Should we use Venmo or PayPal?
For those who want to transfer a big amount, start a business, and online sell purchases, PayPal is a great option. Those who want to make personal payments to friends and family. Venmo is a good option because the business features of Venmo are just establishing.
