If you opt to transfer funds to your bank, both PayPal and Venmo give you the further option of how quickly to complete the transfer. Without a fee, you can choose a transfer that will generally be completed the following day, but can take up to two to three days for either app.
Fees for the two services are fairly similar. Where they differ slightly is that Venmo extends its no-fee option to payments made from debit cards , while PayPal only allows free payments directly from a bank account. One exception to the fee on payments made with a credit card is on payments made via American Express. Through a very new development, American Express is offering free payments through both PayPal and Venmo, though the payment has to be initiated through the American Express app instead of using the PayPal or Venmo apps.
How quickly you want to transfer accumulated money from your PayPal or Venmo balance to your bank account also has free options on both platforms. Both Venmo and PayPal allow you to choose a standard transfer speed of one to three days for free, or to upgrade your transfer to take place within seconds for a fee of 1. When using PayPal as a merchant collecting payments from customers, PayPal offers a number of different pricing options.
Meanwhile, Venmo is not geared toward merchant business transactions, and has a transaction limit if it sees users are treating a personal account as a business account. For those wanting to make very large transfers, PayPal offers a strong advantage. On top of lower limits, Venmo also requires an identity verification step to access these limits.
As you can see, the two services present fairly similarly on basic features and fee structures. But there are a few areas in which the two apps differ markedly. For instance, with its strong focus on transactions between people who know each other personally, Venmo hosts a social feed of transactions that have taken place among people you know, as well as those of strangers, if you opt to view the public feed. A scroll through the feed of transactions by your Venmo friends will show you who paid who, and with whatever note they shared.
The only thing missing is the amount. The feed also supports emojis, which are almost more common than text in the Venmo social feed. When you make your own transactions in the app, sharing them publicly is the default, but you can change this to viewable only by your Venmo friends or only by the recipient, either globally or on a transaction-by-transaction basis.
Where PayPal stands out against Venmo is in its ability to be used by merchant sellers who are accepting payments, as well as shoppers and buyers at online and physical retailers. PayPal also offers international transactions. Covering more than countries and transacting in about 25 different currencies, PayPal is the app of choice for those who want to pay or accept funds from those outside the U.
In contrast, Venmo can only be used for U. By acquiring a debit or credit card, payments to anyone accepting that card type can be charged directly to your PayPal or Venmo account. For instance, merchants who establish a PayPal Business account can use the service to essentially set up the financial transaction side of selling items online, making it easy to accept credit and debit card payments from all over the world.
In exchange for this capability, merchants agree to a small percentage fee being subtracted on each transaction. PayPal Business also offers help with invoicing , product shipping, and marketing insights. Some services are included in the basic business package, while others are available to those with a PayPal Payments Pro account, which carries a monthly maintenance fee.
Ease of use is a significant driver in the favorable ratings, with both apps being well-designed and enabling payments and requests with just a few easy clicks. PayPal and Venmo are both digital payment vehicles, largely operated as smartphone apps. In the same way that writing a check draws funds for a payment from a linked bank account, making a payment with Venmo or PayPal does the same, but with two modern differences.
Second, the transfer of funds happens essentially instantaneously, unlike checks that must be cashed, and that can bounce for insufficient funds. PayPal is the pioneer in this field, having been established in the late s and then soon after becoming the payment tool that facilitated millions of eBay transactions. Venmo, in contrast, is the new kid on the block, though a popular one.
Founded in , Venmo was acquired two years later by Braintree, and then by PayPal in You can ask for a refund if you:. It's usually best to try to contact the trader. If you can't contact them or they won't help, ask your card provider or PayPal to help. If the trader has a complaints procedure, you should follow it when you contact them.
You can check if the trader has a complaints procedure on their website. Keep a copy of anything you send, in case you need to check it later. If you can't contact the trader or they won't help, you can then ask your card provider or PayPal. If you paid using money from your PayPal account, you should open a dispute on the PayPal website.
You have days from when you paid to open a dispute — this is about 6 months. The limits are for a single item you want to get a refund for, not the whole order. You can't usually use Section 75 if you didn't buy directly from the trader - for example if you bought from eBay. None of the items arrived. She can't use Section Olga should ask to use chargeback. If you used a credit card and debit or charge card to split the cost, ask your credit card provider to use Section If you used more than one credit card, choose one credit card provider to ask.
It doesn't matter which one. He can use Section You can't usually use Section 75 if you bought something through a third party rather than directly from the trader. For example, you might have bought it through:. Tell your card provider you want to make a Section 75 claim.
Your card provider is the company that sends you your statements. You can find their contact details on their website. It's best to ask in writing. He can get money to repair his floor as well as money to repair or replace the washing machine. You can use our template letter. To ensure a safer community, the payments new sellers receive may not be available for immediate withdrawal.
The money goes into your PayPal account as pending balance. Process the order and mark it as "shipped" to access your funds earlier. Otherwise, the money should be released within 21 days. The criteria may vary for eBay sellers. Log in to your account to view your country-specific criteria. Improve your selling performance Process orders and ship quickly using a reliable service that provides tracking and delivery confirmation.
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