Venmo Recurring Payments: All You Need To Know
Recurring payments are really useful - you transfer money to a person or business in order to complete automatic monthly payments and forget about late fees!
Setting them up in your bank account is quite easy - this payment option has been around in traditional banks for a while now.
But what about other money-sharing apps, such as Venmo? Does Venmo have a recurring payment feature?
Today’s article will give you the information you need about these matters:
- Can you make Venmo recurring payments?;
- How does paying recurrently on Venmo work?;
- What users must know about Venmo recurring transactions.
Can You Set Up Recurring Payments on Venmo?
Let’s cut straight to the chase - you cannot schedule monthly payments or recurring payments on Venmo.
If you want to pay with your Venmo balance, you need to manually send money using your Venmo balance on a monthly basis.
There is no auto pay button, there are no high fees that will automatically deduct a transfer, and no one can access recurring payment transaction services on the Venmo app whatsoever.
The Venmo website mentions this here, which means that making regular payments on Venmo in an automatic way is indeed virtually impossible for all customers.
Can You Schedule Payments on Venmo?
No, you cannot schedule payments as an avid Venmo user. If you want to pay your friends, family, or a company, you need to manually send the payments.
Venmo is a great payment method if you want to make an Instant Transfer, send money to family members, manage your money without fee services, and receive money from others.
But when it comes to automatic Venmo payments, you can entirely forget about this service for now.
What is Venmo Trust Button?
Venmo has a Trust Feature that allows you to mark people on your Trusted Circle, so sending money to them becomes easier.
This means that people on your Trusted Menu can get paid and receive payments almost immediately from your Venmo account.
Still, you need to manually send funds, which means that the feature is very limited for users and customers.
Then again, you cannot schedule monthly payments or set up recurring payments on Venmo Trust whatsoever.
Are Automatic Recurring Payments a Good Idea?
It depends. You already know that you cannot set up a recurring payment on the Venmo app, and all kinds of automatic payments are off the menu as well, but paying for a service automatically can actually be a smart transaction decision.
This can avoid paying the wrong person or company if you use this feature from the beginning.
Besides, you can entirely forget about late payment fees, which is really handy.
Automatic payments and recurring payments on Venmo are here off the table entirely, but this doesn’t mean that you shouldn’t schedule them to transfer money easily on other platforms.
Will Venmo Accept Automatic Payments?
It is uncertain. As of this date, no one can set up recurring payments on Venmo.
There has been no news regarding recurring payments on the app, so we cannot certainly say whether this will be a feature implemented in the future or not.
Then again, to this date, Venmo accounts cannot set up recurring payments whatsoever.
Recurring Payment Alternatives to Venmo
There are alternative methods and other apps where recurring payments are not strange whatsoever.
- PayPal accepts recurring payments, so if you have a Paypal account, simply set up the payment you want to make, and it will take place on an ongoing basis;
- Cash App, unlike Venmo, also accepts recurring payments. Cash App continues to be one of the leading payment apps, and recurring payment features are present here as well;
- Other famous apps, such as Wise, will also have recurring payment features on the payment app menu.
It sounds strange to most of us due to the fact that the Venmo app actually belongs to PayPal.
Nonetheless, if you want an alternative with more options and international features, then PayPal is the one for you.
Wrapping Up: Is Scheduling Payments on Venmo Possible?
It has been established now - recurring payments on Venmo do not exist and are virtually impossible.
At this point, it is pretty clear that you should use another app to pay for recurring services, such as PayPal or Cash App.
Either way, Venmo continues to be one of the most easy-to-manage and used financial applications on the market, but it’s just meant for personal payments.
This means that if you really need to pay for something important on a recurring basis, use another app instead. For more Venmo insights, check out GrowFollowing.
FAQ
Can I Make Rent Payments on Venmo?
You could make rent payments on Venmo if your landlord accepts them, but you cannot set up a recurring payment for rent.
Can I Make a Recurring Venmo Payment to a Business?
No, unless you put that business under the Trust button on Venmo. Either way, the payment will not be recurrent - you need to manually complete it whenever you want.
Steve specializes in cryptocurrency and finance. As a born researcher, he won’t leave any stone unturned when it comes to topics he covers.