HomeHow ToHow to Add or Update your Default Payment Method on Venmo

How to Add or Update your Default Payment Method on Venmo

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If you have been avoiding using cash in all your payment transactions, Venmo is an excellent alternative. Using the Venmo mobile app, you can pay or request money from anyone that will directly go to your account or be taken from it. Venmo is a safe and reliable social payment platform, so you don’t have to deal with cash if you don’t want to.

To use Venmo, you need to set a funding source. It is where you can get the fund you need when you have to transfer payments to a friend or pay for your online purchases to a merchant. Venmo lets you set up your funding source right at the start. You can choose your Venmo balance, credit or debit card, or bank account.

Venmo-Payment-Platform
Image credit: Venmo

Your Venmo balance is where all the money that you received from others goes to. For instance, if a friend sends you $10, it will go directly to your Venmo balance. You can use it for other payments that you have to make. If you don’t have a Venmo balance, you can add and link your credit/debit card or connect your US bank account. It will be your primary funding source when you need to pay someone.

The good thing is Venmo lets you add a new default payment method or a backup payment option even when you have been using the app for a long time. You can also update your current payment method and make the necessary changes such as setting a default option.

How to Change or Add a New Payment Method Information on Venmo

There are three ways to add a new payment method data to your Venmo account. You can use the Venmo website on your browser. Another way is by using the old version of the Venmo app. If you installed the latest software update of Venmo, you can also use the new app version.

Adding a Credit/Debit Card and Bank Account Details on Venmo via Browser

How-to-Change-or-Add-a-New-Payment-Method-Information-on-Venmo
Image credit: Paypal

Adding a Credit/Debit Card and Bank Account on Venmo through the Old Venmo App Version

  • Open your Venmo app.
  • Tap the three-lined icon.
  • Go to Settings.
  • Select Payment Methods.
  • Tap Add a bank or card. To add a bank account, select Bank. For credit/debit cards, select Card.

Adding a Credit/Debit Card and Bank Account Information on Venmo using New Venmo App Version

  • Launch the new Venmo app version.
  • Tap the Person icon and go to the You tab.
  • Select Settings.
  • Go to Payment Methods.
  • Tap Add a bank or card.
  • To add a bank account, select Bank. For credit/debit cards, select Card.

How to Update your Default Venmo Account Payment Method Details

If you need to change the details on your current payment method, you need to edit it before you send any money. Navigate to the Payment Methods on your Venmo app. Select the bank or card that you want to edit.

How do you like using Venmo as your payment solution for your online transactions? We value your opinion, so drop us a comment below.

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