A survey showed that around 57% of people use PayPal in the US. While 38% of people had been using Venmo as their cash app preference.
More and more people are starting to use these kinds of cash apps to accept payments and transfer money. They are very popular, and many people use at least one of these options.
But it can be hard to know which cash app to choose as there are so many. Keep reading to find out more about PayPal vs Venmo and what makes them different.
PayPal Features
PayPal has been around for more than two decades and is the top payment app choice for many. It is a reliable option that is very user-friendly and secure.
PayPal allows you to transfer money to others, pay for purchases, as well as receive payment. All without exposing any of your private payment information.
If you are wondering what is PayPal, it is a payment app that you can use both ways. Many people use it to receive as well as send money for a variety of reasons.
It even allows you to open up a credit line free of interest for six months if you have spent over $99. This is why many use PayPal to make purchases from online stores and websites.
It is also completely free to open a PayPal account and works on a desktop or mobile device. You can use a helpful PayPal guide to get started with this cash app.
Personal Use
PayPal is often used for personal use to transfer money as necessary. It can be used to send money to friends and family or pay for purchases easily and securely.
You can send money from your PayPal balance or from a linked bank account. Without being charged any fees either to your account or to the account of the receiver.
Verified accounts have no spending limit, as some payment apps do. So you can pay through PayPal as much as you like without hitting a payment limit during the week.
If you use a debit or credit card, there will be a 2.90% fee as well as a fixed fee. This will vary by the currency that is being used.
Business Use
If you are using PayPal for business use, it will work in much the same way. There aren’t many differences between using PayPal personally or for your business.
Some PayPal tips include using PayPal to create invoices. If you need to be paid for your work, PayPal allows you to send an invoice that the other person can then pay.
These transactions are entirely secure, and neither party’s information will be shared. Keep in mind that a single transaction is limited to $60,000 per verified account.
Though this could be a limit of $10,000, depending on the currency being used. Sending money internationally will also come with a fee of 5% of the transaction.
As well as a fee of up to $4.99, you may get other fees if using a debit or credit card. One of the best things about PayPal is that it is available in more than 190 different countries.
It also supports 25 different currencies, making it ideal for business transactions.
Venmo Features
Venmo is a cash app that is mostly used as a way for people to send money to each other. It isn’t as old as PayPal and is only available in the US, so it does have limitations.
It provides an easy and secure way to send money without exposing personal information. It is also free to use and anyone in the US and create a Venmo account.
Like PayPal, Venmo is also available on desktops and mobile devices, making it accessible. Next to PayPal, Venmo is considered to be one of the more trustworthy apps.
Personal Use
Venmo is commonly used for personal use amongst people transferring money. Many use this app for paying monthly expenses, sending money, and making online payments.
Money from Venmo can be kept there for easy access or transferred to your bank account. Venmo also offers its own Venmo credit card that you can use if you have an account.
Sending money from a bank account, your Venmo balance, or with a credit card is completely free. Though a 3% fee does apply to transfers done with a credit card.
Verified accounts have a weekly spending limit of $7,000 that you must follow. You won’t be able to go over this limit even if you have a business profile.
Venmo is easy to use, no matter how you are using it. But you can always check out this article if you are having issues using Venmo to make a payment.
Business Use
Recently, Venmo has expanded to include the option for people to create a business profile. So you can now use these Venmo tips for business purposes.
This allows you to bill people if you have done a job for them. As well as send money if you need to pay someone else for their work.
Your personal and business profile are kept separate so that you can use both. Working similarly to PayPal, as you can bill clients and have those records to go back to.
If you are cashing a check or receiving payments to a business account, some fees may apply. Other than the typical fees that Venmo charges.
PayPal Vs Venmo Features
If you are curious about PayPal vs Venmo, there are many features to consider. These apps are similar but they do have some differences outlined in this Venmo guide.
Are you interested in using more options like PayPal and Venmo? Visit Geturbest for more reviews and helpful guides.
