It is common knowledge that gamers find challenging games exciting. However, the same cannot be said about payment methods. Casino players want simple and easy transactions. For this reason, the best payment methods are those that enable straightforward deposits and withdrawals as quickly as possible.
It’s no wonder why Venmo gambling sites are steadily creeping up. Payments have never been easier than with this mobile banking option. This article will reveal everything you need to know about sweepstakes casinos with Venmo.
Table of Contents
- Payment with Venmo – 4 simple steps to get started
- Average time of Venmo sweepstakes deposits and withdrawals
- Venmo KYC requirements – Verification for promoting safe payments
- The story of Venmo
- Venmo vs. other providers
- Most popular payment methods
- Payment Method Venmo FAQ
- Advantages of online casinos that accept Venmo
- Disadvantages of online casinos that accept Venmo
- Tips for making deposits and withdrawals at Venmo gambling sites
- Conclusion – An excellent solution for fast and safe mobile payments
- Sweepstakes casinos with Venmo FAQs
Payment with Venmo – 4 simple steps to get started
This American mobile payment service has a similar process as PayPal, which happens to be its parent company. Below are the steps to take when making payments at Venmo sweepstakes casino sites.
- Create an account with Venmo: Players can register with Venmo using their email or social media accounts. You can do this either online or directly on the Venmo mobile app.
- Verify your account: This step is important for security purposes and requires you to verify your US phone number. Simply enter your phone digits, and you’ll receive a four-digit verification code to activate your Venmo account.
- Link your Venmo profile to your bank account: You need to fund your newly opened Venmo account. You can do this by linking it with a bank card or your bank account details.
- Make a purchase: Sign in to your sweepstakes casino site and make a Gold Coin purchase using Venmo. With your linked account, you can seamlessly draw funds through this e-wallet. You can also use Venmo for cash prize redemptions where this method is available.
Average time of Venmo sweepstakes deposits and withdrawals
It’s true that the speed of transactions depends not only on the payment channels but also on the gaming platform. However, the former has the bulk of the responsibility. Fortunately, in addition to the convenience of being a mobile payment method, Venmo is one of the better options with transaction timelines.
Generally, deposits and withdrawals take between 1 to 3 days and are fee-free. However, players looking for super quick transactions can have their transfers credited instantly at a 1.75% fee (minimum $0.25 fee, maximum $25 fee). This instant transfer option is valid for both incoming and outgoing transactions.
It’s up to you to choose the instant transfer option or stick to the standard time frame. Either way, you’ll be able to send and receive payments between friends or make online purchases at a casino merchant. You can do this while expressing yourself with emojis and other social sharing features that Venmo is famous for. Here’s a look at average time of Venmo deposits and withdrawals:
Standard transfer time
Instant transfer time
1 – 3 days
Venmo KYC requirements – Verification for promoting safe payments
Whether you want a personal Venmo account or a business profile, ID verification is necessary before you can begin making purchases or transfers. You can either opt for instant verification or go the manual route. With the instant option, you only need to enter your banking credentials (username and password for your online banking profile), and Venmo will confirm your identity on the national database.
On the other hand, the manual process requires you to enter your account and routing number. Venmo verifies that the account belongs to you through micro-transactions that you have to confirm. If all is in order, these KYC processes should be completed within minutes.
Note that any online sweepstakes casino with Venmo payments will also require you to go through a verification process before you make a withdrawal. Generally, you’ll need to present the following documents:
- National ID number
- Utility bill
- Bank statement
The story of Venmo
Venmo’s story began at the University of Pennsylvania, where two college roommates conceived the idea that would later become one of the most reliable mobile apps for electronic funds transfer. Iqram Magdon-Ismail and Andrew Kortina first got the idea into their heads when helping out with a friend’s store launch and realizing the inconvenience of traditional point-of-sales software.
Later, while at a live concert, they also thought of the possibility of buying an MP3 version of the show via text. However, Magdon-Ismail one day forgetting his wallet at home was what broke the camel’s back. Both guys eventually decided to turn their thought processes into reality. All the knowledge and experience they had gathered from working at companies like Bit.ly and Ticketleap contributed to Venmo’s launch in 2009.
This service is quite straightforward and does not charge users for making payments. Instead, users can make fast, safe, and social payments while sharing interests in cash, charges for cashing cheques, etc. These attributes made Venmo a brilliant idea right from its early years.
In 2012, Braintree acquired Venmo, and a year later, Paypal took ownership of the former for $800 million. Today, this payment platform is one of the most popular amongst Millennials, and there’s a growing number of online casinos that accept Venmo.
Venmo vs. other providers
When it comes to sweepstakes casinos, Venmo has a lot of unique benefits to offer, including the fact that it does not charge individual users for payments. Even where it does impose fees, they are very competitive and generally lower than what you’ll find with other payment companies. For instance, it charges a 3% fee for credit card transactions and charges convenient rates for cryptocurrency transactions. Yes, you can buy and sell cryptocurrencies within the Venmo app.
It gets even better as Venmo has the ‘Trust’ feature, which helps players automate recurring payments. For instance, players who buy Gold Coins packages at a particular time every month can use this feature for automatic purchases.
Unlike its competitors, Venmo is a mobile-optimized payment method. It is also in partnership with other payment systems, like MasterCard, to make transactions even more hassle-free. It is a shame that all of these payment conveniences are only limited to US users. The rest of the iGaming world could do with mobile payment systems like Venmo.
Most popular payment methods
Venmo is on the list of top payment options for many reasons, including security. This mobile payment platform operates under the regulation of the United States Treasury Department, and as such, it is mandated to provide concrete security measures. For instance, there is a robust verification process encompassing phone confirmation, email, and ID verification, which we’ve already discussed in earlier sections.
In addition, this payment system also has different log-in measures to prevent unauthorized access from third parties. For one, there’s two-factor authentication with mobile OTPs when performing transactions. Users also receive an email notification for sign-in attempts from new devices. This serves to thwart account hacking efforts.
Venmo, in terms of security, is on par with PayPal, one of the most secure e-wallets in the world. Also, any sweepstakes casino with Venmo will most likely also offer PayPal. Other popular alternatives at Venmo sweepstakes casinos include card providers. For instance, Visa and MasterCard are also renowned for their compliance with international information security standards. There is no doubt that Venmo will be hoping to overthrow them, but prepaid credit card casinos have long been the go-to for gambling deposits.
Payment Method Venmo FAQ
Gambling with this payment method is becoming increasingly popular among players in the US. Here are some of the most common questions players want to know:
Can I use Venmo outside of the US?
For now, players can only use Venmo for payment in sweepstakes casinos within the United States. You can still play at online casinos that accept Venmo from outside the US. However, you must take advantage of other payment alternatives when making transactions.
How can I get the Venmo debit card?
Venmo has its own debit card based on the Mastercard network, and it’s easy to get it. Simply open the payment app, click on the ‘Cards’ tab and apply for the Venmo debit card. The card makes payment processes through Venmo more convenient.
What is the spending limit with Venmo?
For players with unverified accounts, the highest payment you can make per week is $299.99. However, for verified accounts, the limit goes up to $7,000 per week on merchant purchases. Other factors can affect the transactional limit of gamers, some of which are a function of the sweepstakes casinos.
How can I update my phone number on Venmo?
Users that want to change their phone number can easily achieve this by signing into their account and heading to Settings. On this page on the Venmo app, you will find the ‘Account’ tab. Click on it and tap the ‘phone number’ option to edit.
How long do transfers take on Venmo?
Venmo provides fast transactions, but these payments often go through reviews that might lead to delays. Therefore, transactions could take between 1 – 3 business days. If payments take longer than this time frame, feel free to contact customer care. You can also check the timeline of these payments in your personal transactions fees after imitating a payment.
Advantages of online casinos that accept Venmo
Up to this point, it’s clear that Venmo gambling sites are among the best places to play. This is because of the many benefits the payment method offers players. Below, we highlight the prominent advantages of playing at Venmo sweepstakes casinos.
- Little to no fees: The first thing players will be excited about regarding Venmo sites is that they do not charge transaction fees. From a broader perspective, this is a standard at most casinos in general. Instead, fees may apply from the payment provider itself. In this case, Venmo further benefits players since there are no fees for standard transactions. Small fees apply when you opt for instant transfers (1.75%) or when making a transaction with credit cards (3%).
- Easy mobile payments: Venmo was created to be a mobile payment solution, so it’s perfectly optimized for mobile users. If you already prefer gaming on your smartphone or tablet, Venmo is arguably the best payment alternative for you. All features are customized for the mobile app display. The peer-to-peer system means that you can transfer funds directly to the recipient without any third-party delays.
- Security: The top Venmo gambling sites are safe to play. These casinos have their own licensing and security standards, but Venmo offers added security thanks to its own bank-grade safeguards. Venmo uses advanced encryption technology and two-factor authentication. If you lose your phone, it’s possible to log in to Venmo via desktop and sign out of all operations involving your mobile device.
Disadvantages of online casinos that accept Venmo
This payment method doesn’t have many flaws. Most of its drawbacks are merely limitations to its accessibility. They don’t particularly take away from the effectiveness of Venmo as a payment method, but you’d do well to keep them in mind.
- Only accepted in the US: Venmo is specific to the US. Even when playing at Venmo gambling sites with a global reach, this payment method will not be available if you’re not within the geographical confines of the United States. Naturally, for US players, this isn’t much of a drawback. However, you’ll have to choose an alternative method if you’re not a US player.
- Not available at many sweepstakes casinos: This payment method has only recently become popular for online gaming, and there are not many online casinos that accept Venmo. However, you can find this option at several new sweepstakes casinos, including any of our recommended sites.
- Transaction times: Venmo offers instant transfers but only when you pay a designated fee. Otherwise, the standard transaction times are not instant, and you may have to wait up to 3 days for the funds to clear. This should be fine if you don’t mind the extra cost. However, this makes it less favorable than payment alternatives like PayPal, which allow instant deposits for free.
Tips for making deposits and withdrawals at Venmo gambling sites
Whether you’re using Venmo or other alternatives, there are a couple of gambling payment tips you should keep in mind:
Confirm that the payment method is eligible for bonus claiming
Not all Casino payment methods may support bonus claiming. If you wish to take advantage of a bonus, you should confirm that your chosen payment method is eligible.
Make sure you understand the withdrawal restrictions
Every gambling site has limitations on withdrawals. This could be higher or lower depending on the operator. Regardless, it is important to know how much you can request per transaction or how often you can request a withdrawal. Most sweepstakes casinos, for instance, allow one request per 48 hours. Also, check the max payout limit for bonus winnings.
Have your ID document nearby
ID verification is essential before you request a payout at any legal gambling site. Some will ask to verify your identity even before you make a purchase.
Make sure you have sufficient funds
You can only make deposits if you have funds in your account. Whether you use Venmo or wish to play at an online casino with PayPal, Visa, or other payment options, this is the case. On the other hand, you also need a real money balance in your casino account before you can make a withdrawal.
Check the speed of your preferred payment method
Venmo offers instant transfers, but not all payment methods do. Bank transfers, for instance, can often take up to 7 business days. As such, it’s important to check the transaction speed before settling for any payment method.
Understand that withdrawals take longer than deposits
Ultimately, cashing out will always take longer than deposits due to approval delays. If a payment method allows instant deposits, you may still have to wait several hours or days before you’re credited. So, always remember to exercise a bit of patience.
Conclusion – An excellent solution for fast and safe mobile payments
By the nature of sweepstakes casinos, players do not have to make purchases before enjoying their favorite social casino games. Naturally, in this case, you don’t have to worry about the safety of your funds or banking details.
However, the free Gold Coins and Sweeps Coins are offered in limited amounts. If you’re a regular and active player, you may want to buy more coins at some point. This is where Venmo comes in. With the benefits of this payment method, there’s no reason why you shouldn’t go for it where available.
It’s fast and secure, enables instant transactions, and is mobile-optimized. You can quickly set up Venmo and begin making deposits and withdrawals easily.
Sweepstakes casinos with Venmo FAQs
Yes, Venmo sweepstakes casinos are completely safe to play at. They use SSL encryption technology and other safeguards. Their games are also RNG certified to ensure fair play. The security standard of this payment method is one of the reasons why Venmo gambling sites are becoming popular.
Some payment methods are known to be restricted for bonus claiming. Luckily, Venmo isn’t one of them. When playing at a sweepstakes casino with Venmo, chances are you’ll be able to claim the welcome bonus when you make a purchase with this method.
Several Venmo sweepstakes casinos offer great bonuses, exciting games, great user experience, and other features players enjoy. However, depending on your preference, you may choose to play at one site over another. As such, the idea of the best Venmo sweepstakes casino is subjective. Luckily, you have our detailed casino reviews to help you find the site with offerings best-suited to your tastes.