

After 2 Years of Testing, Venmo Opens Payment Service to Public - dcosson
http://bits.blogs.nytimes.com/2012/03/20/after-2-years-in-beta-venmo-opens-payment-service-to-public/

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illamint
I've managed to convince most of my circle of friends to sign up for and use
Venmo, and I'm glad that I did. Makes splitting lunch bills, paying people for
beer, collecting utilities from a roommate, splitting a cab, etc. so much
easier. Cash feels terrifyingly archaic, credit cards only slightly less so.
PayPal? Hah. What is this, 2004? Cashing out is quick and the iPhone app is
great. Its simplicity is its strength.

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colinsidoti
"The company does not charge a transaction fee to people using its service to
send each other money."

This was a good hook that cost them a lot of money. But it's changing to be
more Dwolla-y...from an email I received a few days ago:

Until May 1st,

    
    
        You can continue using Venmo the way you do now.
        You can opt to switch to bank payments at any time by following a few simple steps. Click here to switch now.
    

Starting May 1st for you (and starting today for new users),

    
    
        To continue using Venmo for free, you must switch to bank payments.
        If you still want to use your credit card, you can set it as your funding source, but you will be charged 3% to cover credit card processing fees.

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davidcollantes
From their website:

"Payments funded by your bank account or Venmo balance are always free. Your
first $500 of credit card payments are also free."

It is only after the first $500 credit card usage (I am assuming, per month)
that the 3% charge becomes active. I don't think it is too bad.

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ranman
I wish I could use Venmo or a similar service for more than just paying my
friends for bets I've lost... I'd love to use it to pay for public transit or
a quick lunch. I was really excited when square's
<https://squareup.com/cardcase> came out but then no one used it.

