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Safer paypal vs venmo 201712/12/2023 ![]() Put the payment amount in the subject line, write a memo in the body of the email, and send. All you have to do is send an email and cc to make a payment or for a request. How to use it: Make an account and use it like Venmo, with an app or online. Credit cards and non-major debit cards carry a 3% fee. It's an incredibly frictionless user experience that has catapulted up to $2.4 billion in payments in 2014.įees: Free for bank account transfers and major debit cards. The app has a few security issues as well in its interface: It doesn't automatically log you out, so if your phone doesn't have a passcode (or an easily guessable one), someone who came into possession of your phone could transfer funds.ĭownsides: Just the security, pretty much. Only accept a Venmo as payment or reimbursement from someone you know wouldn't write you a bad check. Risks: You're not supposed to use Venmo with anyone who you don't know personally. It's quick and easy to use on a regular basis. What it's good for: Paying friends, and friends only. Most people use it in app form, but since it's linked to email and your phone number, you can complete requests for money extremely easily by responding to the text notification you get if someone wants money. How to use it: Create a Venmo account and send and request money with a few clicks or taps of a phone screen. That same charge applies if you receive money for "goods and services" instead of friends and family. Payments to friends with credit cards are 2.9% + $0.30 per transaction. To pay or get paid, you send the URL along with the amount in an email or text, and the recipient can easily complete the transaction.įees: Free for everyone except merchants, if you fund with a bank account. If you're not transacting with friends or family, make sure you choose the "goods and services" option so you can use PayPal's purchase protection.ĭownsides: It used to be a little cumbersome for paying your friends back, but PayPaul just launched a new feature called that lets each user have his or her own URL. Risks: It's safe enough to be the standard in payments for eBay (which owned PayPal until very recently). ![]() It's also international, and since it's one the oldest Internet payment services, it's extremely common. It is very secure, especially because people paying don't have to provide a check (with account and routing numbers) or a credit card. What it's good for: PayPal has been the standard in anonymous Internet payments for years. ![]() There are easy tabs to pay and request money. How to use it: Use your PayPal account to send and receive money using the app or website. Unfortunately, it's unclear which service works best for life's many varying situations, and what the safety concerns are when using them. According to a (conveniently self-promotional) study published by PayPal, these "forgotten" debts between friends create awkwardness and strain relationships.įortunately, a slew of apps and payment services have been created as solutions. If you're the one spotting someone cash, you'll just have to badger them later for payback-that is, if you remember. Your friend Steve who just covered your dinner bill does not take credit cards. Many people don't regularly carry cash around anymore, and when it comes to paying your buddies back, this has become a problem.
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