IRS Delays $600 Threshold Rule for PayPal, Venmo, CashApp Users | Small Business Trends

January 3, 2023January 2, 2023 ~ knjohn ~ Leave a comment

The IRS is delaying implementation of a new rule that requires companies like PayPal, Venmo, and CashApp to report user transactions that eclipse a $600 threshold.

That unpopular new rule is part of the 2021 American Rescue Plan. It will require companies known as third-party settlement organizations (TPSOs) to send users who transact $600 or more in a year a Form 1099-K.

The rule was supposed to go into effect this year. However, in an update announced on Dec. 23, the IRS says that rule will not go into effect for the 2022 tax year. It was only a month ago that the IRS reminded taxpayers and businesses of the new $600 threshold rule.

How to Use Venmo for Business | Business News Daily

December 30, 2019December 29, 2019 ~ knjohn ~ Leave a comment

Venmo isn’t just for peer-to-peer payments; small businesses can accept it too.

If you already accept PayPal, you can accept Venmo payments at no extra charge.

There are lots of digital wallets out there – you should get to know all the major players

Venmo launches instant transfers to bank accounts | TechCrunch

August 15, 2019August 12, 2019 ~ knjohn ~ Leave a comment

PayPal -owned payments app Venmo today announced support for instant transfers to U.S. bank accounts. The feature is an optional alternative to Venmo’s standard bank transfer service, which typically takes one to three business days to process transactions. With Instant Transfer, however, funds from your Venmo account can hit your bank account within minutes.

As of January 2018, Venmo has offered Instant Transfers to eligible Visa and Mastercard debit cards for a small fee. At launch, the fee was a flat $0.25, but Venmo bumped it up to 1% of the transferred amount last October. Now, the minimum fee is $0.25 and the maximum fee is $10. Of course, users can still choose the standard transfer option if they don’t want to pay for the convenience of instant payments.

Why Payment Companies Are Flocking To Messaging Apps | Fast Company

February 22, 2017 ~ knjohn ~ Leave a comment

Money is surprisingly social. Venmo was one of the first U.S. startups to capitalize on that realization, designing its mobile app around an emoji-ridden social feed. Now messaging apps are seeing the light and welcoming financial services companies onto their platforms.

Today, TransferWise enters the fray with the launch of its Facebook Messenger bot. As with the TransferWise app, the bot provides a lower-cost means for executing cross-border payments. It will compete against a similar offering from Azimo Ltd., which announced its Messenger integration in August.

Keep your stash: Paper cash is here to stay | The Orange County Register

January 18, 2016 ~ knjohn ~ Leave a comment

While paying for that Starbucks latte on Apple Pay and using Venmo to split the restaurant bill with friends, you might be tempted to think paper money is becoming a thing of the past.

But smartphones aside, cash isn’t going away anytime soon, says currency expert Bill Maurer.

A cultural anthropologist whose research focuses on the relationship between currency and technology, Maurer was part of a small group of academics asked by the U.S. Treasury to offer input on the $10 bill redesign. Buzz has surrounded the new bill after news broke that it would feature a prominent female figure.

Maurer, UC Irvine’s dean of social sciences and director of the school’s Institute for Money, Technology and Financial Inclusion, had a lot to say on the topic when the group convened in August at the Smithsonian in Washington, D.C.