BusinessOn Demand PaymentsPayments

Venmo vs. Business Payouts

By October 31, 2019November 17th, 2019No Comments

Real-time payments for business managers that can't use Venmo.

Let’s say you come up with a business idea to buy back used textbooks from college students. You start small, by going door to door in a University town and asking to buy their used books. At this point, you’re probably offering cash to them for their books but cash is unsafe and a hassle to deal with. You know you have to come up with a better way to pay for the books. What’s the fastest and easiest way to pay someone? Venmo! You can send payments to hundreds of booksellers in real-time! So, it goes well for a while when suddenly Venmo freezes your account. Why’d they do that?

Well, according to Venmo you’re in direct violation of their user agreement. In a recent blog post they state, “Venmo may NOT otherwise be used to receive business, commercial or merchant transactions, meaning you CANNOT use Venmo to accept payment from (or send payment to) another user for a good or service.” They add, “If you accept a Venmo payment from someone for a good or service and we later review the payment, we may reverse the payment, meaning you could lose both the payment and the item sold.  This review process may not occur until after you attempt to transfer the funds out of Venmo.”

So why all the fuss? A business must track all dollars being paid out to consumers and these transactions require a paper trail which is something Venmo isn’t designed to do. And that’s why we do what we do at Solid# – we’re allowing you to move money as fast but we’re uniquely configured for business purposes

So why is getting money fast important to consumers? Why do they want it through Venmo or something similar? Let’s look at some data. Out of 150 college students surveyed, 70% would rather get payments on their debit card over cash or check. Now, that’s interesting. The most interesting part is that 50% of them didn’t realize it was even possible. It was a wish of theirs that they didn’t even realize could be fulfilled.

So the example above? It’s a real situation. The business came to us with this exact problem. Venmo shut them down, left them behind and they were looking for a solution to get money to consumers fast. Our new, innovative and easy way for businesses to get money to consumers in real-time, on-demand, enables the business to get the booksellers what they’re owed – fast. 

At Solid# we’re all about speed, and empowering businesses to move money to consumers instantly.

About us:

Solid# is not only about transforming the landscape of payments between businesses to consumers, but we’re also transforming lives by adapting to the speed of money.

Fast. We’re all about getting the consumer and business what they need hassle-free: money.