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02-22-2017, 01:00 PM #1
Someone please explain Venmo to me
My friends are all using Venmo. And I don't get it. Why are they willingly paying a 3% service fee to send money to someone they see all the time?
02-23-2017, 07:59 AM #2
No explanation necessary. People are very willing to waste money.
Say you go to dinner with a friend, and the friend picks up the bill. You then Venom your half of the bill. So now you paid sales tax, the credit card interchange fee (tacked on like a hidden tax, even if you pay cash) and Venmo's fee.
Add this up (all estimates, except Venmo:
- Sales tax: 8%
- Credit Card Fee: 2%
- Venmo: 3%
Total: 13% in taxes or fees. Not including tips.
Gets pretty expensive to spend your after tax income.
02-23-2017, 11:41 AM #3
this just seems like throwing money out the window. my friends don't and wouldn't do this. we would either split the bill or repay our friend when you see her later.
02-24-2017, 08:39 AM #4
3% just for moving money around d? No wonder everyone loves the payment space
02-24-2017, 12:05 PM #5
How does this compare with Paypal? And didn't they just raise their fees?
02-26-2017, 05:12 PM #6
I think paypal charges similar fees.
02-27-2017, 09:09 AM #7
When they ban cash, we're all going to have pay all of these extra fees. Yeah.