Venmo Invoice: Request Payment | Record Payment | FAQ

Venmo is a popular peer-to-peer payment app that allows users to easily send and receive money from friends, family, and businesses.

In this article, we’ll go through how Venmo compensates for not having traditional invoicing features and how you can still utilize them for more casual invoicing capabilities.

We’ll also discuss how Wise Business could be a great Venmo alternative for all things international business.

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Setting Up Venmo Invoice Payments

Before you learn how to make payments, it’s important to have a properly set up account.

Venmo allows users to set up either a personal or business account. Below are the steps for making either account:

Personal¹

1. Download the Venmo app on your device of choice
2. Open the app
3. Choose your sign-up method
4. Create a secure password for your account
5. Verify your contact info
6. Add and verify your bank info

Business²

1. Follow the steps above to create a profile
2. Choose the business option
3. Click “Get started”
4. Enter your mobile number
5. Tap “Send Code”
6. Enter the code sent to your phone
7. Enter your name, email, and a password for your account
8. Review Venmo’s legal terms
9. Select “Agree”
10. Input details about your business as prompted

Now that you have an account, it’s easy to send and receive invoice payments.

See the Best Banks for Small Businesses >>

How to Send an Invoice on Venmo³

Venmo does not have a standard invoicing process. However, they do make it easy to send and receive funds with labels like an invoice.

Here’s the process for sending or requesting money on Venmo:

1. Tap “Pay/Request” (this should be found at the bottom of your screen)
2. Type in the name or handle of the person you’d like to pay/charge
3. Select your user of choice
4. Enter your amount of choice
5. Write a note detailing the nature of the payment
6. Tap “Request” or “Pay”

And here is how to send or request money on Venmo with multiple parties involved:

1. Tap “Pay/Request” (this should be found at the bottom of your screen)
2. Type in the name or handle of the first person you’d like to pay/charge
3. Tap the “+” next to the first person’s name
4. Search for the rest of the people you’d like to pay/request
5. Tap “Next” at the bottom of the screen
6. Enter the amount of money you’d like to pay/request each person
7. Add a payment note for each person related to the transaction’s purpose
8. Tap “Pay” or “Request”

If you’d prefer the traditional invoice format but would still like to use Venmo for payments, users recommend that you include your personal Venmo QR code on a paper or digital invoice created with an outside source. You can even find a Venmo invoice template online that shows you how to do this.

Wise Business: Get Paid Globally

Wise Business is a unique account that lets you receive funds through local account details in major currencies without any additional costs.

After just a one-time fee, you can get access to major currencies such as USD, GBP, EUR, JPY, AUD, CAD, and more. Once you've received the funds, you can conveniently spend or send them in the original currency or convert them to numerous other currencies as needed.

Known for its lower rates compared to other services, Wise Business also handy features like seamless accounting software integration, batch invoice payments, and Pay-by-link functionality. And all of this is anchored with the mid-market rate, ensuring fairness and transparency.

Plans

Wise Business doesn’t offer plans but rather various features and services with individual fees and charges. It’s a pay-as-you-go system, which means you only pay for the transactions and services you actually use, providing an affordable and flexible option.

Fees

Wise Business is known for its competitive and transparent fee structure. Opening an account is just a one-time fee of 31 USD, then the fees you pay per transaction are based on the currency involved, starting at 0.43%.

Receiving money in your Wise account is free, but there's a nominal fee for converting currencies. Here's an article about Venmo fees for comparison.

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How to Record Venmo Invoice Payments

Venmo automatically keeps a log of your payments in the app. This log includes the person the transaction involved, the amount of money involved, and the purpose of the transaction (which you write yourself in your payment note).

If you keep your payment notes accurate and don’t create too many transactions in the app, this could be a fine record of your invoice payments. However, if you are using your account for personal as well as business purposes, it may be wise to record your Venmo invoice payments manually elsewhere.

Traditionally, businesses would record invoice payments in their accounting books or keep track of them in spreadsheets or personal files. However, with the rise of digital accounting and services, there are now easier and more convenient ways to record and manage invoice payments.

You can use accounting software such as QuickBooks or FreshBooks, which allows you to create and send invoices digitally and track payments. You can also use online payment processors like PayPal, Payoneer, or Stripe, which offer invoice features. There is even Venmo receipt generator software readily available online.

Whatever method you choose to use, Venmo’s easily understandable interface makes it simple to pay and request fellow users and know exactly what the transaction was for, as long as you stay organized with your record in or outside of the app.

Venmo Invoice FAQ

Can You Invoice Through Venmo?

You cannot invoice traditionally through Venmo but you can request funds for a specific purpose. This makes it a more modern and simplistic way to invoice.

Can You Send an Invoice Through Venmo?

You cannot send a traditional invoice through Venmo. However, you can sum up the purpose of your invoice in Venmo’s “What’s this for?” box and request funds attached to it, making it a less formal and simpler form of invoicing.

Can You Create an Invoice on Venmo?

No, you cannot create an invoice on Venmo. You can create a request for money that operates similarly to an invoice, but you cannot create a traditional invoice.

If you would prefer a traditional invoice but would like to receive your funds through Venmo, you can always use an online invoicing service and create an invoice with your Venmo QR code included for payment purposes. This is the preferred method for business professionals who predominantly use Venmo for their transactions.

Sources used :

Sources last checked on 10-January 2024.