Venmo is a popular payment app that allows users to send and receive money quickly and easily. However, one feature that Venmo does not offer is recurring payments. This means that you cannot set up a recurring payment to, for example, pay your rent or gym membership every month.
While Venmo does not offer recurring payments, there are a few workarounds that you can use.
In today’s blog post, I will show you everything you need to know about the Venmo recurring payments and the since Venmo doesn’t have the feature, I will also show you some alternatives to use.
Does Venmo Have Recurring Payments?
No, Venmo does not currently offer recurring payments. This means that you cannot set up a recurring payment to, for example, pay your rent or gym membership every month.
If you need to set up recurring payments, I recommend using a third-party service or a different payment app. Venmo does not currently offer this feature, but it is possible that they will add it in the future.
Why Venmo Doesn’t Have Recurring Payments Feature
There are a few reasons why Venmo doesn’t have a recurring payments feature.
- Venmo is primarily designed for personal payments. The app’s user interface and security features are optimized for one-off payments between friends and family. Recurring payments are more commonly used for business transactions, which is not Venmo’s primary focus.
- Venmo’s fees make recurring payments less attractive. Venmo charges a 3% fee for all payments made with a credit card. This fee would be multiplied for each recurring payment, making it more expensive for businesses to use Venmo for this purpose.
- Venmo’s fraud prevention measures make recurring payments difficult to implement. Venmo has a number of fraud prevention measures in place to protect users from unauthorized payments. These measures can make it difficult to set up recurring payments, as Venmo needs to verify each payment before it is processed.
- Venmo is not a bank. It is a financial technology company that offers a payment platform. This means that Venmo does not have the same regulatory requirements as a bank, which could make it more difficult for them to offer recurring payments.
Despite these reasons, there is some demand for a recurring payments feature on Venmo. Some users would like to use Venmo to pay for recurring subscriptions, such as Netflix or Spotify. Others would like to use Venmo to pay their rent or other bills.
How to Set Up Venmo Recurring Payments
Venmo does not currently offer a recurring payments feature, so there is no way to set it up.
Venmo’s website states that recurring payments are not currently possible through the platform, as the option is not yet offered.
Alternatives For Making Recurring Payments
There are many alternatives for making recurring payments, both for businesses and individuals. Here are a few of the most popular options:
1. Stripe:
Stripe is a popular payment processing platform that offers a variety of features for recurring payments, including subscription billing, invoicing, and one-click payments.
2. PayPal:
PayPal is another popular payment processing platform that offers recurring payment features. PayPal is a good option for businesses that want to accept payments from customers in over 200 countries and territories.
3. Braintree:
Braintree is a subsidiary of PayPal that specializes in recurring payments. Braintree is a good option for businesses that want to accept payments from customers using credit cards, debit cards, and PayPal.
4. Chargify:
Chargify is a cloud-based recurring billing platform that offers a variety of features for businesses, including subscription billing, invoicing, and reporting.
5. Recurly:
Recurly is another cloud-based recurring billing platform that offers a variety of features for businesses, including subscription billing, invoicing, and reporting.
These are just a few of the many alternative payment methods that you can use to make recurring payments. When choosing a payment processor, it is important to consider your specific needs and requirements.
Conclusion
Venmo recurring payments would be a convenient and easy way for users to pay for subscriptions, memberships, and other regular expenses. However, there are some challenges that would need to be addressed before Venmo could offer this feature. It is unclear whether Venmo will ever add recurring payments support, but the demand for this feature is growing.
FAQS
Does Venmo offer recurring payments?
No, Venmo does not currently offer recurring payments. However, there are a few third-party services that allow you to set up recurring payments through Venmo.
Why doesn’t Venmo offer recurring payments?
Venmo has not publicly stated why they do not offer recurring payments. However, it is likely because they want to focus on their core functionality of person-to-person payments. Recurring payments can be more complex to manage and require additional infrastructure, which may not be a priority for Venmo at this time.
How do I automate a transaction on Venmo?
Venmo does not currently offer a way to automate transactions.
Suzan was born in 1969 in Los Angeles and grew up in the San Fernando Valley. She attended UCLA, graduating in 1992 with a BA in Social Welfare.
From 1999 to 2004, Weiss was a visiting professor at Johns Hopkins’ Krieger School of Arts and Social Sciences and an adjunct professor of creative writing at The New School’s Eugene Lang College. She has also taught at the School of the Art Institute of Chicago, New York University, and Columbia University.
She currently lives in Los Angeles with her husband and two sons.