Venmo and PayPal are among the most popular payment platforms that can be used to send and receive money from friends or customers. PayPal was founded in 1998 as an electronic payment system designed specifically for online e-commerce. It is a publicly traded company owned by its shareholders. Venmo was developed 11 years later to facilitate sending money between regular users through text messages or mobile devices, and it was acquired by PayPal in 2012.
Venmo
Advantages:
– Designed for quick money transfers.
– No fees for debit card purchases.
– “Check Picture” feature (not available in New York).
Disadvantages:
– Available only in the United States.
– Low person-to-person sending limit initially.
– Not widely accepted by merchants.
PayPal
Advantages:
– Available in 200 countries.
– High transfer limit.
– Fraud protection and seller protection.
Disadvantages:
– High transaction fees.
– Requires a PayPal balance to cash a check.
– Costs for debit card purchases.
Venmo vs. PayPal Overview
Payment Platforms: Venmo, PayPal.
Operating Systems: iOS, Android, Web.
Payment Methods: Credit card, debit card, bank transfer.
Credit Card Fees: 3% for Venmo, 2.9% + $0.30 for PayPal.
Debit Card Fees: Free for Venmo, 2.9% + $0.30 for PayPal.
Bank Transfer Fees: Free for both.
Transfer Limit: $5,000 for Venmo, up to $60,000 for PayPal (may be limited to $10,000 in one transaction).
Withdrawal Time: 1-3 business days for Venmo, 1-5 business days for PayPal.
Usage Fees: Free for both.
Best for: Casual users (Venmo), businesses (PayPal).
Availability: Venmo available only in the United States, PayPal available in over 200 countries.
Venmo vs. PayPal: Accessibility
Both Venmo and PayPal can be accessed via desktop browser, mobile browser, or their native apps. While PayPal allows users to make payments online and through its app, payments via Venmo can only be made through the Venmo app.
Venmo vs. PayPal: Payments
Venmo and PayPal allow users to send money using their account balance or through linked credit and debit cards and bank accounts.
Previously, there were few companies that accepted payments directly via Venmo, including Uber, Grubhub, Forever 21, J. Crew, and Poshmark. However, the company later expanded its list of online partners, and also began allowing merchants to offer contactless Venmo payments to customers using QR codes in stores (starting with CVS). PayPal already supports contactless payment using QR codes with its retail partners.
PayPal is used by online merchants and many e-commerce sites that allow customers to…
Source: https://www.thebalancemoney.com/venmo-vs-paypal-5073175
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