Venmo recently announced the introduction of a highly anticipated feature allowing users to schedule both one-time and recurring payments or requests.
This new functionality is designed to simplify managing regular expenses such as rent, utilities, or other recurring payments between friends and family.
According to recent research, over 84% of consumers have used peer-to-peer (P2P) services for various payments, including monthly rent and other living expenses.
Venmo’s new scheduling feature offers an easier way for users to manage these payments by automating one-time or recurring transactions.
“We know many of our users make payments on Venmo on a regular basis for things like their share of rent or utilities,” says Alexis Sowa, Vice President and General Manager of Venmo. “We’re excited to introduce this highly requested feature which offers an easy way to set up and manage one-time and recurring payments in the Venmo app to continue our commitment to delivering the best possible P2P experiences for our users.”
How to Set Up One-Time or Recurring Payments and Requests
Venmo users can easily set up one-time or recurring payments in the app by following these steps:
- Select the “Pay/Request” option.
- Confirm the recipient for the payment.
- Tap the “Schedule” button.
- Choose the frequency and dates for the payment (monthly, weekly, or bi-weekly).
- Tap “Save.”
- Confirm the payment amount.
- Tap “Pay.”
- Select “Schedule Payment.”
Venmo will use a user’s available balance to fund the scheduled payment. If the balance is insufficient, the app will automatically pull funds from a linked bank account, debit card, or credit card. Users will receive email and push notifications a day before a scheduled payment is processed, and they can view upcoming payments or cancel a scheduled payment via the app’s settings page.
In addition to sending payments, users can also schedule payment requests by following a similar process. Recipients of a scheduled request will also receive email and push notification reminders the day before the payment is due.
Availability
The new scheduling feature is rolling out now and will be widely available to all Venmo users in the coming weeks.
Image: Venmo
This article, “Venmo Introduces New Feature to Schedule Payments and Requests” was first published on Small Business Trends