Venmo has earned a reputation as a snappy payment app and perfect digital wallet for sending money to friends and other contacts without wasting time. Whether you’re splitting money for a date or making sure roommates make payments, there’s a good chance you’ve used it or at least discussed the app (it’s easy to set up, too). But for all its popularity, there’s still a lot people don’t know about Venmo, how it works, and how to use it safely.
Venmo suggestions not only make using payment more convenient. They also keep you safer when sending payments to strangers on Craigslist or asking a cousin to pay you back. Check out these hacks for the next time you’re selling someone from your favorite phone.
1 Dig into your privacy settings
One of the first things Venmo users on Android or iPhone notice when they log into the app is that some payments are public. You can see all types of payments made by the people in your contact list whether you want to or not. It’s one of the ways Venmo tries to be social, but most of us don’t want our every payment to be open to viewers.
To fix this, go to Settings in the Venmo menu and select Confidentiality. Here you will see a Future payment option that allows you to control who can see your payments: Public, Friends or Private. It’s a good idea to set it to Private as default. You also have the option to change who can see your previous posts for more control.
If you are concerned about additional security risks, go to Safety section, where you can forget about specific devices or choose different sign-in options so that it’s more difficult to access the Venmo app on your phone. Venmo uses the same type of encryption as its larger organization, PayPal, so your transaction details have built-in protection. However, you should avoid using Venmo on unsecured public Wi-Fi networks.
2 Send Venmo invites to strangers (and view their profiles)
One of the tricky parts of using the cash app is verifying a profile before sending money. This is especially tricky if you arrange your payment through another platform, like Craigslist or Facebook, and don’t want to send money to the wrong account. Venmo has a solution for that. Actually, it has a couple of solutions.
First, go to yours Profile page and send the QR code you find there to a person so they can request a specific payment from you. Once a person is in your contacts, choose See profile to see their details and give them a little check. It’s a good idea to avoid paying someone until you get a specific request from a profile that seems right.
3 Use the Remember button for tougher payers
What happens when you request money that someone owes you but you don’t get a response? Venmo’s mobile app has a feature for that. You can view your requests and use the Remember feature to send a second message to let someone know they haven’t paid yet. If it’s been a few days and a friend forgot to split the lunch bill or you need to collect cash from roommates, don’t hesitate to send a reminder. But if a reminder doesn’t work, reach out to them through other channels.
4 Never forget the memo field
Every Venmo payment comes with a memo field. While Venmo encourages you to use the emojis here for some social fun, we suggest you make it a habit to place a quick note here for your payment purpose. Everyone will appreciate this clarity, and it’s important to have reminders of what specific payments they were for when you review them months or even years later.
5 Link single or joint bank accounts
A newer feature of Venmo lets you link a joint bank account just like you would link a single bank account (or debit card) for easier mobile payments. Linking an account is useful since you don’t need to deposit money into your Venmo wallet to make payments. And if you share an account with someone else for simple payments like these, you can link it so both parties can use that account. Enter Settings AND Terms of payment to make changes.
6 Pay for eligible services to limit spending
Do you want to reduce spending on specific things, like ordering food delivery, as part of your personal financial planning? Limit yourself to a specific amount in your Venmo balance, then only use Venmo to make those payments. It works because several business services are compatible with Venmo, including Uber and Uber Eats, Grubhub, and Delivery.com. It’s an easy way to limit spending while still having the ability to use these services. Visit the Connected apps section to get started (you will need all your login details).
7 Use the Nearby feature in groups of friends
The mobile settings on Venmo also include the Nearby feature. When enabled and connected to your phone’s Bluetooth, you can pick up signals from nearby Venmo users and connect with them. This is an invaluable feature for on-the-spot payments in your group of friends, for example if you’re splitting a bill, arranging payments for a concert or covering drinks.
8 Add multiple recipients
Do you make the same digital payment amount to several people at the same time? While it’s not immediately obvious, when you enter a contact’s name to make a payment, you can add as many people as you like. This makes it easy to pay several people at once with minimal effort.
9 Calculate quick tips, split payments and more
When using the request/pay amount section in Venmo, a small calculator appears at the bottom of the screen. Don’t underestimate how useful this can be for some quick math, like calculating a tip or splitting accurate payments with someone.
10 Cancel payments and get refunds
Made a big Venmo mistake? It is easy to take it back, even if some time has passed. You can request a refund or cancel a payment up to 30 days after you make it. Just visit your history, find the problematic payment and select the Cancel option.
11 Support local businesses
Venmo is working to support local businesses, so there’s a chance that small businesses near you will support Venmo payments. Look for the Venmo logo at checkout or ask them if they have a corporate Venmo account and how you can connect to it. In many cases, owners may prefer Venmo payments because they avoid some of the fees associated with other types of electronic payments.
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