{"id":282087,"date":"2021-06-23T22:20:00","date_gmt":"2021-06-23T19:20:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/paypal-steps-up-efforts-to-make-money-off-venmo-with-new-fee-changes\/"},"modified":"2021-06-23T22:20:00","modified_gmt":"2021-06-23T19:20:00","slug":"paypal-steps-up-efforts-to-make-money-off-venmo-with-new-fee-changes","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/paypal-steps-up-efforts-to-make-money-off-venmo-with-new-fee-changes\/","title":{"rendered":"#: PayPal steps up efforts to make money off Venmo with new fee changes"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a35e1cc14bb2\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a35e1cc14bb2\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/paypal-steps-up-efforts-to-make-money-off-venmo-with-new-fee-changes\/#Users_will_soon_be_charged_more_for_instant_deposits_while_sellers_will_be_charged_a_fee_for_payments_that_cover_the_purchase_of_goods_or_services\" >Users will soon be charged more for instant deposits, while sellers will be charged a fee for payments that cover the purchase of goods or services<\/a><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/paypal-steps-up-efforts-to-make-money-off-venmo-with-new-fee-changes\/#Emily_Bary\" >Emily Bary<\/a><\/li><\/ul><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong>#: PayPal steps up efforts to make money off Venmo with new fee changes<\/strong>&#8221;<\/p>\n<h2 class=\"article__subhead\" itemprop=\"alternativeHeadline\"><span class=\"ez-toc-section\" id=\"Users_will_soon_be_charged_more_for_instant_deposits_while_sellers_will_be_charged_a_fee_for_payments_that_cover_the_purchase_of_goods_or_services\"><\/span>\n  Users will soon be charged more for instant deposits, while sellers will be charged a fee for payments that cover the purchase of goods or services<br \/>\n<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><\/p>\n<div class=\"column column--full article__content\">\n<div class=\"article__side\">\n<div class=\"container--sticky not-active\">\n<div id=\"cx-next\">\n              <\/div>\n<\/p><\/div>\n<\/p><\/div>\n<div id=\"js-article__body\" class=\"article__body article-wrap at16-col16 barrons-article-wrap\" itemprop=\"articleBody\" data-sbid=\"WP-MKTW-0000315236\">\n<div class=\"barrons-article-ad-wrapper\">\n<div data-track=\"barrons-article-ad-wrap\" class=\"barrons-article-ad sticky_item\">\n<div class=\"barrons-main-article-ad-target sticky_target body_ad\" aria-hidden=\"true\"><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<div data-layout=\"\n                inline\" data-layout-mobile=\"\" class=\"\n          media-object\n          type-InsetArticleReader\n              \n              inline\n  article__inset\n          article__inset--type-InsetArticleReader\n              article__inset--inline\n  \"><\/p>\n<div class=\"media-object-article-reader\">\n<div class=\"audioplayer\" data-sbid=\"WP-MKTW-0000315236\" role=\"region\" aria-label=\"Listen to Article\" tabindex=\"-1\" id=\"articlereader\" data-show-title=\"false\" data-theme=\"wsj-article-reader\" data-show-header=\"false\" data-show-subscribe=\"false\" data-ads-enabled=\"true\" data-save-publication=\"false\">\n        <\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p>       PayPal Holdings Inc.\u2019s Venmo is making several changes to its platform, with plans to increase the fees for instant deposits that users make to their bank accounts and add an option that lets people designate that they\u2019re paying another user for the purchase of goods and services. <\/p>\n<p> The moves come as PayPal<br \/>\n        PYPL,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/208054269\/composite\" class=\"positive\">+0.44%<\/bg-quote><br \/>\n       looks to turn Venmo into a bigger revenue engine while still trying to maintain the service\u2019s <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>eal among the many younger users who rely on it to send money to their friends. <\/p>\n<div class=\"paywall\">\n       Venmo plans to add a function that will let senders identify whether they\u2019re making Venmo payments to cover the purchase of goods and services, according to a notice that began rolling out to Venmo customers this week. The change will allow users to gain purchase-protection benefits on eligible payments, though the sellers of these goods and services will start being charged 1.9% of the transaction amount, plus 10 cents, to receive money this way.<\/p>\n<p>It\u2019s free for people to send or receive money through Venmo, which got its start as a way for friends and family to exchange money with one another. But Venmo is also used for business purposes, as folks like hairstylists, artists, and other sole proprietors opt to accept customer payments through the service. Venmo has been looking to capitalize on this kind of commercial activity while preserving the ability for friends to freely pay one another.<\/p>\n<p>Venmo processed $51 billion in total payment volume during the first quarter, with that total representing a combination of personal and commercial payments. <\/p>\n<p>Those exchanging money through PayPal\u2019s core peer-to-peer (P2P) platform have already had the option to designate payments as being for goods and services while enabling purchase protections, and Chief Executive Dan Schulman said on the company\u2019s last earnings call in May that this is \u201ca huge revenue generator on the PayPal P2P side.\u201d He added that the \u201csame thing will be happening on the Venmo side.\u201d<\/p>\n<p>Venmo also lets sellers create \u201cbusiness profiles\u201d that allow them to separate commercial transactions from their personal Venmo payment histories. Sellers pay a fee of 1.9% of the transaction account, plus 10 cents, when they opt to collect payments this way, which is the same fee structure that Venmo is setting out for the new option that will let senders designate whether their payments are commercial in nature. <\/p>\n<p>Some sellers conducting commerce through Venmo likely haven\u2019t converted over to business accounts, and Venmo\u2019s newly announced changes seem aimed at addressing that. <\/p>\n<p>The company also began notifying users this week that it will raise the cost of \u201cinstant\u201d transfers of account funds that users make to their debit cards or bank accounts. The new instant-transfer fee will be 1.5% of the transaction amount, with a minimum charge of 25 cents and a maximum charge of $15. The prior fee was 1% of the transaction total with the same 25-cent minimum fee and a maximum of $10.<\/p>\n<p>The instant-transfer option allows Venmo users to move money from their Venmo mobile wallets to their bank accounts or debit cards that becomes \u201ctypically available in minutes,\u201d according to the company\u2019s published fee information. Venmo will continue to let users conduct free withdrawals of money from their accounts, through a process that can transfer the funds in one to three business days. <\/p>\n<div id=\"cx-membership-tile\"><\/div>\n<p>The new instant-transfer fee goes into effect Aug. 2, while the new option for goods and services becomes effective July 20.<\/p>\n<p>Venmo\u2019s changes come after PayPal announced late last week a <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/watch-movies-tv-seriess\/\" data-internallinksmanager029f6b8e52c=\"8\" title=\"Watch Movies &amp; TV Series\" target=\"_blank\" rel=\"noopener\">series<\/a> of fee increases for the core PayPal platform. The fee for PayPal commercial transactions like core checkout will soon be 3.49% plus 49 cents,  up from 2.9% plus 30 cents previously. <\/p>\n<p>The core PayPal changes suggest \u201cgreater confidence by PayPal around the value of its branded checkout for merchants\u201d relative to card-based checkout, according to Bernstein analyst Harshita Rawat. <\/p><\/div>\n<\/div><\/div>\n<p><\/p>\n<div class=\"byline article__byline\">\n<p>      <span>By<\/span><\/p>\n<div class=\"author  hasMenu\" data-scrim='{\"type\":\"author\",\"header\":\"Emily Bary\",\"subhead\":\"The Wall Street Journal\",\"list\":[]}' itemscope itemprop=\"author\" itemtype=\"http:\/\/schema.org\/Person\">\n<h4 itemprop=\"name\"><span class=\"ez-toc-section\" id=\"Emily_Bary\"><\/span><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/marketwatch.com\/author\/emily-bary?mod=MW_author_byline\">Emily Bary<\/a><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<\/p><\/div>\n<\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/news\/\" target=\"_blank\" rel=\"noopener\">News category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"http:\/\/www.marketwatch.com\/news\/story.asp?guid=20C05575-04D4-B545-74CF-64F7453DC9AC&#038;siteid=rss&#038;rss=1\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;#: PayPal steps up efforts to make money off Venmo with new fee changes&#8221; Users will soon be charged more for instant deposits, while sellers will be charged a fee for payments that cover the purchase of goods or services PayPal Holdings Inc.\u2019s Venmo is making several changes to its platform, with plans to increase&#8230;<\/p>\n","protected":false},"author":1,"featured_media":282088,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[70897],"tags":[],"class_list":["post-282087","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/282087","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=282087"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/282087\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/282088"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=282087"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=282087"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=282087"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}