![]() Venmo currently gives merchants the ability to accept payments in the app, online, or in person. Still, here's what you need to know about the two as a business owner. As mentioned before, PayPal has built a robust and intuitive commerce platform throughout the years, while Venmo has just started to expand from its P2P ways. The biggest separation between PayPal and Venmo comes in business use-cases. All of that must be done through the mobile app. Venmo's website lets you sign in to view and edit your profile, but you can't make any transactions. Built for businesses, PayPal's website provides a more flexible and detailed outlook on your sales and transactions, and most importantly, allows you to send and receive money on the platform. The main difference, however, is on the web. That means you can conveniently make transactions, transfer money, and trade cryptocurrency right from your mobile device. PayPal Zettle card reader integration, Seller Protection Program, chargeback supportĭedicated business profile, accept in-store payments, 24-hour monitoringįrom a platform standpoint, PayPal and Venmo are free to use through iOS and Android apps, with near five-star ratings for both. Up to $299.99 per single transaction, $6.999.99 per week for verified usersĢ to 3 business days, or a 1.5% fee for instant transfers (up to $15 of the total amount)ġ to 3 business days, or a 1.5% fee for instant transfers (up to $15 of the total amount) Up to $10,000 per single transaction, $60,000 per week At a glanceĢ.99% + $0.30 with credit and debit card paymentsġ.9% + $0.10 with credit and debit card payments Read on for a breakdown of their features, fees, transfer policies, and more. While PayPal is the parent company of Venmo, there are some notable differences between the two that you should be aware of before deciding on one. Whether you're covering a friend's coffee or starting an e-commerce storefront, PayPal and Venmo are the preliminary choices for transactional services. If you see inaccuracies in our content, please report the mistake via this form. ![]() If we have made an error or published misleading information, we will correct or clarify the article. Our editors thoroughly review and fact-check every article to ensure that our content meets the highest standards. Our goal is to deliver the most accurate information and the most knowledgeable advice possible in order to help you make smarter buying decisions on tech gear and a wide array of products and services. ZDNET's editorial team writes on behalf of you, our reader. Indeed, we follow strict guidelines that ensure our editorial content is never influenced by advertisers. Neither ZDNET nor the author are compensated for these independent reviews. This helps support our work, but does not affect what we cover or how, and it does not affect the price you pay. When you click through from our site to a retailer and buy a product or service, we may earn affiliate commissions. And we pore over customer reviews to find out what matters to real people who already own and use the products and services we’re assessing. We gather data from the best available sources, including vendor and retailer listings as well as other relevant and independent reviews sites. The CFPB also found that user agreements for the payment apps often contain little to no information about whether a user's money can be insured in a given app, or whether their money may be used for other investments or purposes within the company while it is held in the app.ZDNET's recommendations are based on many hours of testing, research, and comparison shopping. "As tech companies expand into banking and payments, the CFPB is sharpening its focus on those that sidestep the safeguards that local banks and credit unions have long adhered to," CFPB Director Rohit Chopra said in a statement. ![]() Deposit insurance has been a popular topic across the finance industry this year with the collapse of three regional banks sparking discussion and questions about bank deposits that are insured by the federal government. Without deposit insurance, if money is no longer accessible because of something like a bankruptcy filing, that money could be gone forever with little to no chance for the user to be reimbursed, the CFPB said. Given the massive amounts of money passing through the apps, the CFPB said the lack of federal regulation and oversight on the apps comparable to what banks have to face is concerning. ![]() That's expected to nearly double to $1.6 trillion by 2027. The apps saw a collective $893 billion in transactions last year, per the CFPB's report. Account icon An icon in the shape of a person's head and shoulders. ![]()
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