![]() ![]() ![]() For one thing, you’ll get a confirmation email whenever a transaction takes place, allowing you to keep tabs and stay alert when it comes to any fraudulent activity. But PayPal takes a couple of extra steps to help you feel more secure about your cash. When it comes to security, both Venmo and PayPal offer bank-grade security and encryption. Yes, PayPal owns both, but there are still distinctive features about each payment service. (If the recipient doesn’t have an account, they’ll get an email alert that funds are available and they need to set one up to receive.) Venmo vs. To set it up, you’ll first need a PayPal account, then-as long as the person you’re sending money to is also enrolled-you can use their name, email address or phone number to send or request cash. But while the service is known for its help with online purchases and e-commerce, it also offers peer-to-peer money transfers. What is PayPal?Ī player since the 1990s, PayPal is one of the earliest cash apps and payment services around. Your account is linked to your bank account or credit or debit card. There’s also a social component: Users can opt to make transactions public (it shows who’s being paid and for what, but not the amount) so that they appear in a timeline, allowing friends to like and comment on purchases, if you’re into that sort of thing. But a primary difference from PayPal is that Venmo is mobile-only, allowing you to “text” cash, so to speak, simply by searching for the recipient’s username, phone or email. To use Venmo, both the sender and the recipient need to have Venmo accounts. (PayPal actually acquired the service in 2013 as part of a larger acquisition.) Venmo is a free peer-to-peer payment app that allows users to send and receive money from contacts and friends. (Love those emojis.) But which peer-to-peer payment system is best? We weigh the pros and cons-and talk to a financial advisor-to decide. Paying the babysitter or splitting the tab with friends at dinner? Venmo all the way. If I’m shopping, I send funds via PayPal. Paypal: Which one is best? In a time when I’m trying to simplify, both digitally and physically, I’m almost embarrassed to admit that I use both. They’ll usually have a few days to complete their account set up but if they never do, the funds will be returned to the sender and the sender will receive a notification that the payment didn’t go through.Venmo vs. Once they’ve set up their Cash App (or Venmo, or PayPal) account and linked their bank account, they’ll receive the payment. They’ll receive a notification via text (if you used their phone number) or via email (if you sent the payment to their email), prompting them to – you guessed it – set up an account with the payment service. But what happens if the person you just sent money to through Cash App doesn’t have a Cash App account set up? Many of these payment services will allow you to send a payment to someone using just their cell phone number and/or email address. What if I send a payment to someone who doesn’t have the same payment app as I do? Contact the intended recipient directly, or go directly to the app or financial institution website to confirm any possible problem.Don’t provide personal or financial info over the phone, web or email.If you think there may be a problem with your account or a payment you made, go to the website or app and access your account directly. This address is meant to look legit but it’s NOT PayPal. Email addresses can be spoofed, but usually you can see a fake email has come from something like “ (for example). For simplicity and fee-free payment transfers, you’ll likely need to link your bank account.Īs with any email or phone call from someone claiming to need personal data from you: Each of these services lets you make payments from a linked credit card or some have their own credit cards with varying fees. When making a payment: there’s no fee to you if you send money from a linked bank account. ![]() If you toggle this on, taxes a percentage of your payment will be withheld by Venmo as a merchant processing fee, so it’s important that you don’t accidentally toggle this on if you’re splitting dinner or reimbursing someone. Tip #4: When you are making the payment, Venmo will now ask you if you are paying for a product or service and prompt you to toggle a button to green/yes if you are. Tip #3: Typically when you are paying someone for the first time Venmo at least will prompt you to enter their cell phone number (the number of the phone they have the app installed on) so that you can be more sure you’re sending money to the right person, but you don’t HAVE to supply one. ![]()
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