Read on Twitter
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1/ It was created in order to "let customers pay you the same way they pay their friend."
2/ Compared to other business payment processing platforms, the service provides a slightly lesser fee on each transaction.
3/ There are more than 40 million active Venmo accounts today and so many cash-only businesses are accepting personal Venmo payments as the pandemic roars forward.
4/ In addition, the time it takes for money earned from transactions to hit the business's bank account is significantly faster given the nature of the personal payment behavior that Venmo has set up.
5/ Timing matters so much especially for a small business that depends solely on the revenue generated from their business.
6/ That is why there have been so many "lend you the money early and pay back the money when you get the money in" companies emerging because of this problem of slow transfer times and having to pay a fee to get things faster.
7/ I'm curious to see alternative business models emerge for payment processing platforms that aren't per-transaction-fee-based as we move towards this direction of more personal payment behaviors.
(let me know your thoughts if this was a good thread! decided to go shorter but succulent today to see if I get the same point across. i also chose a new way of numbering my thread so let me know if that is better than what I did before)
