Unfortunately, Venmo does not yet support nonprofits in the same way that PayPal does, so you cannot create an account for a specific nonprofit organization.
Now that you know more about Venmo, the next step is to set one up for your nonprofit organization, if you haven’t already done so. When you receive money from someone, you can also initiate a transfer directly to your bank or choose to keep the money in your Venmo account for the next time you need to pay someone else. You can choose a default payment method, but every time you send money through the app, you will be given the option of which payment method you would like to use, creating flexible payments for those who use various cards or accounts. In order to send money in Venmo, you link your bank account, debit card, or credit card to your account. This data all points to something that your nonprofit should take note of: Venmo is quickly becoming the preferred method to send and receive money. The app processed nearly $160 billion in total payment volume in 2020.Over 7 million of those users are in the 18-34 age range.Venmo had over 50 million active users in 2019.Venmo has grown in popularity over the last several years, especially among younger generations. You can securely send and receive money with friends, family, or businesses instantly, and all through an app on your phone, making it easy to pay people back or split the bill on dinner. What is Venmo?įor those of you who are not familiar with Venmo already, it is a peer-to-peer (P2P) mobile payment service much like PayPal (PayPal actually owns Venmo). In this article, we’ll discuss what Venmo is, explain how to set up an account, and list all the ways it can help take your nonprofit fundraising to the next level. Even if you’re not familiar with the app, we’ve got you covered. Most of you probably already use Venmo to send money to friends, pay rent, or make purchases online. One of the best tools your nonprofit can adopt to help with fundraising is Venmo. With the evolution of technology and apps, fundraising has never been easier or faster. It’s how you raise money for your cause, but also how you keep the lights on so your organization can continue doing its work. Fundraising is the lifeblood of your organization.
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