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  1. #1
    Registered User New Member
    Posts
    8

    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?


  2. Someone please explain Venmo to me
  3. #2
    Registered User Senior Member
    Posts
    189
    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.

  4. #3
    Registered User Semi Pro Member
    Posts
    298
    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.

  5. #4
    3% just for moving money around d? No wonder everyone loves the payment space

  6. #5
    Registered User Semi Pro Member
    Posts
    263
    How does this compare with Paypal? And didn't they just raise their fees?

  7. #6
    Registered User Semi Pro Member
    Posts
    271
    I think paypal charges similar fees.

  8. #7
    Registered User Pro Member
    Posts
    573
    When they ban cash, we're all going to have pay all of these extra fees. Yeah.

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