Do you have a Venmo account, or are you planning on opening one, but you don’t know how to verify your identity? This article will help you with an easy step-by-step guide to enable you to verify your Venmo identity without stress.
What is Venmo?
The digital payment movement is gaining momentum around the world today. According to Payments Card and Mobile, nearly 82 percent of consumers in the United States use digital payment today, according to estimates. Since the rise of mobile payment apps, this revolution in digital payments has taken off.
Venmo is one of these applications. Venmo is a payment gateway owned by PayPal that allows you to send and receive money fast. Additionally, you can utilize the app to buy things. More than 80 million people throughout the world utilize Venmo as of right now.
All your finances can be managed through the Venmo application, which has been designed to be easy to use. Before you can access your Venmo balance, you must complete the customer identification process. The firm has also asked its members to complete the Venmo identity verification process to utilize this program without any issues.
In some cases, you’ll receive an email from the company asking you to confirm your account by responding to the email address on file. It’s fine if you haven’t gotten a notification email from Venmo. How to complete the Venmo identity verification process will be covered in this post. You must finish the verification process, which I shall go over in detail below.
Venmo Identity Verification
Federal law mandates that every payment service provider, including Venmo, reveal extra information about its customers. “Also, the information must be updated; it’s not a matter of choice – it’s a need.
If you choose not to go through the Venmo identity verification procedure, you will not be able to utilize the app to its full potential. If you wish to continue using Venmo, you’ll need to get your identity validated. A few minutes at most is all it takes to get this done.
Reasons for Venmo Identity Verification
The fact that not everyone feels comfortable disclosing sensitive personal information to a firm is understandable. However, if you want to continue using Venmo without issues, you must complete the identity verification process. Once you’ve completed the authentication procedure, you’ll be able to use many more useful Venmo features, such as moving money across Venmo accounts.
The Venmo Security Terms and conditions and the PayPal-Venmo Payments sections of the Help Center provide additional information about the companies’ security procedures. Once you’ve completed the Venmo identity verification, I will explain why it’s important to do so:
1. Link your bank or credit card
Venmo is used by most people on a weekly basis to transfer money. A linked credit or debit card on your phone can be used as a method of transferring money between your Venmo and other accounts. Receiving incoming money from your bank accounts is an option that is available to you, too.
Now you may be wondering what’s the big deal. To take advantage of these capabilities, you’ll need to complete the authentication process on Venmo first. As a result, these functions may have a weekly cap on the maximum amount of money you can receive or send.
2. Get your maximum limits removed
Venmo is widely used to pay for a wide range of services. If you haven’t completed the Venmo identity verification process, you’ll have weekly spending limits on the Venmo app. Verification is all you need to remove these restrictions from your transactions and payments permanently. Please click here to read more about Venmo Limits.
3. Anti-Fraudulent Accounts Security
Identity theft and other associated crimes are a significant problem for any payment app nowadays. Even though these illicit actions continue, Venmo does everything it can to keep its users safe. To prevent such crimes, Venmo asks all of its users to complete the verification process.
Steps Guide to Verifying your Identity on Venmo
Now that you know the significance of completing Venmo’s identity verification process, it’s time to understand how to do it. There are a few things to keep in mind when it comes to the verification procedure. For this reason, you will have an easier time spotting bogus emails that ask for your personal information because you cannot do so via email.
Step 1: Sign in
Your Venmo account must first be accessed by opening the Venmo mobile app and entering your username and password. You’ll need to have all of your paperwork ready for the verification process.
Step 2: Complete the Identity Authentication Process.
It would help if you now navigate to the Settings menu. Make a beeline for the Security menu item, and tap on it. The Identity Authentication option is where you need to go from here. The most critical part of the process will begin after this point. You don’t need to be concerned, though; finishing it will only take a few minutes.
Step 3: Submit All Necessary Documentations
To apply, you will need to submit the following documents:
- Your full legal name
- Your birthdate
- Your complete residential address
- A government-issued ID such as a passport or driver’s license.
- Taxpayer identification number (TIN) or social security number (SSN)
- Double-check your contact information, such as your phone number and email.
Venmo will contact you as soon as they have received your completed application and any relevant documentation.
The time it takes for Venmo to verify identity
The verification procedure for Venmo should not take longer than a few minutes in total. In most circumstances, the verification process is completed within a few hours or even a few minutes. Identity verification can take up to three business days if your information submitted to Venmo does not match that in the National Database. That is all there is to it! You need to wait if you’ve submitted all the necessary facts and information. Your Venmo account will be validated once you complete this process.
Easy Guide to Verify your Bank Account
Once your Venmo account has been verified, I will show you how to validate your bank account as well. Once the verification procedure is complete, you can log in to your account and check your bank balance. Additionally, your Venmo account will be automatically validated if you verify your bank account first. It shouldn’t take more than a week to validate your bank account using the micro-transfer option.
Deposit two tiny sums of money to your bank account after signing up for the verification process. Sending money to your bank account is as simple as sending 2 USD. You’ll need to make two minor withdrawals after the payment is complete. For the next three days after you’ve signed up for Venmo, you’ll need to keep an eye on your bank account’s most recent transactions.
The number of withdrawals and deposits shown here should be limited to two apiece. Proceed to the bank verification section of Venmo.com, where you will be required to provide answers to a series of questions pertaining to the withdrawals and deposits described above. Your bank account will be validated within 24 hours if your answers are accurate.
Q. I don’t have an SSN number to verify my Venmo. What do I do?
A social security number is required for the verification process to proceed. A social security number is a requirement for completing the Venmo verification process.
Q. Is it safe to carry out the Venmo verification procedure?
Venmo is required by federal law to conduct background checks on all of its users. There is no need to be concerned about the verification procedure being secure. A third party will not have access to any of your personal information.
Many more options are available at Venmo than only money transfers. As a result, non-verified members will only have access to a limited set of functions because of restrictions imposed by Venmo. There are also financial limits on the number of transactions they can perform. As a result, completing your Venmo verification as quickly as possible is critical if you want to take advantage of all the available features.