How to Setup Venmo Recurring Payments in 2023?
Venmo is consistently becoming a popular mobile app for Americans to send and receive money at the touch of a finger. Venmo offers multiple transaction services to its customers, such as transferring money online, linking up bank accounts as well as using Venmo’s own debit card to shop.
If you are an avid Venmo user, you may have wondered if you can make recurring payments on Venmo. Since it is quite annoying to make routine payments every time and you would want your money-sharing platform to have more options where you can schedule payments.
However, Venmo is still lacking in a few services which can make people agitated and choose to switch to a different platform. If you are wondering whether you can set up recurring payments on Venmo, then keep reading below to learn about recurring or automatic payment options in Venmo and other alternatives that you can use.
What is a recurring payment?
Imagine you have to pay bills at the end of every month or you have to make routine payments for your mortgage and rent every month. If you have an option where you can set up an automatic payment at a scheduled time and date, and let your bank or any other money transfer platform make the payment every month automatically on your behalf, then you would not have to remember making the payments yourself.
Recurring payments or automated payments are such a great option. Here you can schedule a payment, whether you are a customer or a merchant, and just forget about it. You do not have to worry about making these payments as the platform will do it for you.
Recurring payments are ideal for businesses that want to pay salaries to their employees, and for people who have to pay rent or mortgage every month so they don’t miss the deadline.
This is why recurring payments are so popular among merchants and even for personal use among people who want to set up periodic payment methods. Not only does this save time and the effort to put in the payment details every time you want to transfer money, but it also helps you keep track of your billings.
Can You Set Up Recurring Payments on Venmo?
The answer to whether you can’t make recurring payments on Venmo. While Venmo can be used to transfer money to friends, shop online, and even transfer money to and for using a banking account. The Venmo app is currently unavailable to allow any kind of automatic payment on Venmo. So if your question is, “Can you set up recurring payments on Venmo?” or “how to set up automatic payments on Venmo?” Then the answer is No!
Even though Venmo is a subsidiary of Paypal, which allows such recurring payment options, locally and internationally. However, you cannot enjoy such an automated payment process using Venmo at the moment. Venmo has not announced introducing this type of recurring Venmo payment.
How to Setup Venmo Recurring Payments?
Currently, there are no schedule options that allow you to set up a date and time for certain Venmo recurring payments to friends to occur automatically. Therefore, you cannot schedule monthly payments on Venmo.
Surprisingly so, even though you cannot set up recurring payments on Venmo, they have a unique feature where a Venmo user can add trusted people to a private group using the Venmo app. This feature is called the trust circle.
In order to use the trust feature, you have to add the name or email address of the people you trust. When you want to transfer money or make a payment to the people in the “trust” circle, you don’t have to put your credentials or authorize yourself. You can simply put in the amount and press transfer, and the transfer will be on its way.
Note that this is by no means scheduling for a payment. You would still have to manually go to the Venmo app and make the money transfer. The trust feature only allows you to make transfers without the hassle of putting in your credentials and authorizations, and therefore saves time.
Alternatives You Can Use for Making Recurring Payments
Recurring payments make handling money and making payments easier. If you like using Venmo but you also want to try setting up automatic payments, then there are other platforms that allow this feature. We have listed down a few of the money-sharing apps that allows you to make recurring payments.
1) Recurring Payments with Paypal
Venmo is owned by Paypal and therefore is a subsidiary of Venmo. Paypal is among the most known online money sharing platform, that allows both international and local transfers.
Merchants or individual freelancers mostly use Paypal to accept and request payment. Paypal can be used to set up recurring payments, but only using a business account. Paypal only allows businesses to manage their payments using an automatic payment schedule so that it is easy for them to make monthly payments to their vendors and employees.
2) Recurring Payments with CashApp
CashApp is an alternative peer-to-peer mobile app that you can use to transfer money quickly to your friends. You can use CashApp to send and request money to your friends using a particular name tag of the individual’s account, called the $Cashtag.
CashApp allows its users to set up recurring payments, where you can schedule a date that you want the payment to go through, and CashApp will send that amount to the receiver at that exact time and date.
This feature can make monthly payments for online subscriptions such as Netflix and Amazon Prime. It can also help you to make regular on-time payments for your installments and rent. If you no longer want to make automatic payments, you can simply go to the app and disable the recurring payment option.
However, if you are a business or a merchant, you cannot request recurring payments from your customers.
3) Recurring Payments with PayForm
The Payform is an online payment tool that works wonders. As a business owner, Payform allows you to create payment forms for your customers, and request a one-time payment or recurring payments.
Payform allows you to request recurring payments from Paypal and even CashApp customers. You can make a payment invoice, and send a customizable link to your customer via messaging, or on your website.
In this way, you can set up recurring payments without the hassle of creating complex integrated software or e-commerce websites for your shops. However, Payform charges about $15/month to use their services.
4) Recurring Payments with Wise
Wise, also known as TransferWise, allows making scheduled payments. You can make recurring payments through Wise using up to 50 different currencies.
To schedule a recurring payment online, follow these steps:
- Click on the “Send Money” option
- Select where you are sending the money from
- Put in the amount of money you want to transfer
- Choose the Calendar icon
- Set up the date of the transfer
- Select the frequency of the transfer (weekly, monthly, or yearly)
- Enter the recipient’s details
- Press Confirm.
In this way, you can easily set up a scheduled payment and Wise will transfer the amount of money on the date that you have chosen. Before every transfer, Wise will remind you if you do not have sufficient balance in your Wise account.
There may be times when the recurring payments may fail, mostly due to insufficient balance, incorrect recipient information, or other technical errors. If you want to make the payment on that exact date, it is better to schedule the date of the payment 3 days beforehand, as it takes a few days for the transfer to go through.
Frequently Asked Questions
Venmo is an excellent peer-to-peer money transfer app that provides an efficient and easy way to transfer money to your friends. However, you cannot set up Venmo recurring payments using their app.
There are other alternatives if you want to make recurring payments, such as Paypal, CashApp, and Wise.
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