Can You Set Up A Recurring Payment On Venmo?

Venmo is a peer–to–peer digital transfer platform that makes it easier and more convenient for people to make transactions without having to go through any traditional financial institution. It is a subsidiary of the multinational financial institution, PayPal

In today’s article I’ll be answering the question “ can you set a recurring payment on Venmo? “ and I will also be discussing other very important and interesting topics, keep reading to get the full package…

But before we go into all that details “what is a recurring payment?

What is a recurring payment?

Recurring payment (or billing) is a  pattern of payment where a person (customer) gives a particular merchant or merchants the right to collect funds from his/her (the customer’s) account for either goods bought or services rendered on a prearranged schedule.

Setting up of recurring payments requires the customer giving the merchant his financial information and permission.

Once you list a person on your recurring payment option by adding the person’s information and the amount to be paid to the person, the person is automatically paid once the date is due.

Most people prefer to set up recurring payment for some services like payment of bills for electrical bills, rent, and a list of others, because with recurring payment, even if they forget to pay for those bills when due, this option does it for them.

Now to the question of the day…

Can you set up a recurring payment on Venmo?

No, it is currently virtually impossible to set up a recurring payment or charge a request on Venmo.

According to the official website if Venmo “No, Venmo does not offer this option at this time”.

Although Venmo do not offer the recurring payment option at this time. It has a feature that can be used as an alternative, it is called the Venmo trust button.

This feature allows a Venmo user to set up a temporary recurring payment.

To use the Venmo trust button, you need to add the beneficiary of the recurring payment to your trust cycle, it automatically saves the beneficiary info to your account.

Anytime you want to pay for a service rendered by the beneficiary, all you need to do is to input the amount you’re paying for that particular service.

Please note: Venmo trust button feature does not work like a normal recurring payment feature, because it can not be set to automatically disburse funds to the beneficiary at a stipulated time. You need to manually send the money.

Apps that allows the setting up of a recurring payment

While Venmo is a very convenient payment platform that can be used for sending and receiving money.

It is not great for setting up recurring payments for things like utility bills, house rent, etc. Because it doesn’t have the recurring payment option yet.

On the other hand, there are other digital payment platforms that  has the recurring payment option on their website and apps. They include:

PayPal

This is multinational digital financial institution is the sole owner of Venmo. They have the recurring payment option on the app.

All you have to do is download the app, follow the prompts for registration and you can access the recurring payment feature.

Other digital payment platforms that offer the recurring payment feature are;

  • Zelle
  • Google pay
  • Apple pay
  • Stripe

So if you have an account with any of the payment platforms listed above, you can access the recurring payment option.

Conclusion

Most people prefer to use digital payment platforms to perform transactions because it is faster and more convenient.

So it is very possible that you prefer to set up a recurring payment on those platforms.

So many digital platforms have recurring payment option, and I’ve listed some of them, if you have an account with any of them you can use it to set up your recurring payment. Hope this article was helpful.