Paypal vs venmo professional#
With PayPal you can look at as the professional approach, whereas Venmo allows you to add personal touches to a transaction you send. While both PayPal and Venmo are digital wallets, the main difference is that PayPal is widely used by small and large scale businesses, whereas Venmo the majority of the time is used for transactions between friends. While there are some businesses that have jumped on board to accept Venmo, the majority of companies still prefer their sister company PayPal. Due to Venmo being a trendy way to make a payment to an acquaintance, friend or family member, there is no surprise that millennial’s are the largest group of users. Venmo in fact is even partly a social media feed, where a user can make a transaction public so that all Venmo users or just their contacts can see the transaction. This differs in the way that any merchant with a PayPal Business account can use PayPal’s API, or a plugin such as our very own Simple PayPal Shopping Cart to accept payments for goods or services online. In fact, you cannot currently accept Venmo payments for goods or services unless you are already using Braintree or PayPal and have been approved. The reason for this is that Venmo is mainly used by the everyday users rather than business owners. While the majority of online business owners have heard of or even used PayPal, many may have not yet heard of Venmo. What is the Main Difference Between PayPal and Venmo? Venmo: “An online service that allows for an easy, safe and fun way to pay friends and family”. PayPal: “An eCommerce company that allows for payments between two parties through the online transferring of funds”. In this article, we will look at what the difference is between PayPal and Venmo and why certain people choose one platform over another. In fact, if you’ve noticed the similarity of these payment giants, you wouldn’t be surprised to learn that PayPal actually owns Venmo. They are both leading digital wallets and while they share common features, a number of factors set the two companies apart. Which digital payment service is right for you ultimately depends on your specific needs.PayPal and Venmo are both payment platforms that can be used to accept money from friends, family, employers or customers. PayPal can also be used to send and receive small amounts from abroad (however, fees may be high).
PayPal is preferable if you shop online from both US and international e-commerce stores and need purchase protection for these transactions.
We recommend going for Venmo if you want to pay friends and family in the US as well as trusted businesses that offer Venmo as a payment option (like UberEats, Abercombie and Fitch, etc.). With 1 win each for PayPal and Venmo and 4 ties, it can be difficult to say which is best. Wise is one of the most transparent options for international bank transfers, while WorldRemit and Remitly let you send cash abroad at an affordable rate.įor large bank transfers abroad (above $7000 USD/£4000 GBP/€4500 EU/$9500 CAD/AUD), we recommend either OFX (review), or CurrenciesDirect (review). However, they’re usually not the best option.įor small transfers abroad (below $7000 USD/£4000 GBP/€4500 EU/$9500 CAD/AUD) we recommend Wise (review), WorldRemit (review), or Remitly (review). Quick note: Sending money abroad with PayPal is very easy and can be affordable if you’re funding it with your PayPal balance. However, Venmo wins this round based on their focus for making US payments simple while adding only things you might really want. If you receive more, this amount is held by PayPal till you offer more documentation and request to increase the limit.Įssentially, PayPal is good for receiving small amounts if you’re a freelancer or a small e-commerce business.īoth Venmo and PayPal offer some cool features to enhance their customer’s user experience. Typically, you can receive about $2000 USD in your PayPal account. PayPal’s customer service is also difficult to get hold of and not helpful when it comes to solving pressing problems. Excellent service” – Rita Radcliffe on Trustpilot I would never buy anything online without using them. If an item didnt arrive or I’ve had a problem with a product or refund. “I use PayPal as a matter of choice when purchasing anything online. “PP is extremely convenient for international payments” – Andrew A on Trustpilot “Excellent service professional and quick” – Karoline on Trustpilot Purchase protection for online payments.PayPal is rated 1.6/5 on Trustpilot with 200+ reviews.
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