Articles written in July, 2009
Monday, July 27th, 2009
We found that it was pretty hard to get exact numbers on Craigslist transaction data, so we decided to dig in with some research to get a better idea of how people use Craiglist. We ended up with some interesting data, by compiling a week’s worth of transactions in the “for sale” section of the Philadelphia Craigslist community. Philadelphia, the 6th largest city in the United States by population with 1.5M residents, is probably a little more active than most other city communities on Craigslist; however, the relative transaction data (breakdown of different categories) is likely to be similar in other cities, regardless of size.
The Philadelphia Craigslist community featured around 38,000 listings a week, averaging about 5,400 advertised transactions per day. Of those 38,000, just about 18% (7000) were devoted to cars and automobiles, making it easily the most popular category in “for sale”. Another 13% (5000) of listings were in the furniture section. Other popular categories included electronics (7%), baby+kids (6%), tickets (5%), auto parts (5%), and general (5%).
When is the best time to sell something on Craigslist? The data we collected showed that Mondays are by far the most active days, presumably because everyone is coming back from the weekend and looking to go through the week’s to-do list and sell their items. Conversely, Saturday was the least active day, in terms of listed transactions.
What are you waiting for? Use this knowledge and combine it with the power of Venmo to sell your items today.
Posted in Venmo | No Comments »
Monday, July 27th, 2009
A recent report released by the Taxi and Limousine Commission has revealed some interesting information about the link between credit cards and the health of the taxi industry. According to Matthew Daus, chairman of the Commission, speaking to the New York Times, “The credit card [reader] that we put in cabs has helped keep them afloat”.
Riders paid with a credit card one out of every five trips (20%), compared with just 6% a year ago. While other similar service industries are reeling from the economic downturn, like the black car business, which is down 30% this year, the taxi industry is relatively stable. Data shows that they are maintaining consistent levels of business, with just about 400,000-450,000 cab rides a day. Part of the success can be attributed to black car clients choosing to ride in cabs instead, since the new credit card machines enable them to now charge their cab rides to their corporate cards.
Tips and Credit Card Fees
While drivers have to pay transaction fees of up to 5% on credit card transactions, overall data seems to indicate that their revenues go up with credit cards. Information about tips before credit card machines were installed is uncertain; however, the average tip after the machines were acquired was $2.85 per trip, while bank and other fees on taxi transactions averaged 86 cents. Mr. Daus told reporters including the NYTimes, “If you really look at the big picture, the drivers aren’t paying one cent for this,” referring to the credit card system. “They are, on average, making three times as much in tips as they are paying in fees.”
Despite the increase in tips, many drivers are fiercely resistant to the installation and use of credit card machines. It’s not uncommon to see drivers refuse to take passengers who want to pay by credit card, even if they already have a machine installed. On top of transaction fees, the machines are expensive and not easy to maintain, with malfunctions being costly and annoying. The NYTimes reports, “Beresford Simmons, a driver, testified that once his credit card machine malfunctioned, and the passenger gave him all of her cash — $7 — though the fare was $45, and said she did not want to drive around looking for an A.T.M.” Just as aggravating, drivers sometimes have to wait for weeks or even months to receive their reimbursements from credit card transactions.
Venmo allows cab drivers to keep their customers happy and accept their preferred method of payment– credit cards, but to do so without the hassle of credit card machines. Venmo does not have expensive setup fees, and does not require bulky equipment that can be difficult and costly to maintain. Venmo allows the driver to instantly receive payments directly to his own Venmo account, from where he can transfer funds to his bank account within 3-5 business days. Cab drivers and companies, make a smart long-term business decision and adopt Venmo today– accept credit card payments without the accompanying hassle!
Posted in Venmo | No Comments »
Friday, July 24th, 2009
As a tutor or any on-location service provider, it’s especially difficult to accept credit card payments. Since cash may not be the most convenient payment option, let’s take a look at how you can use Venmo to enable mobile payments and promote yourself using SMS.
Promote your Services
By setting up a Venmo merchant account and a username, you can set up a profile on Venmo Marketplace where you promote your services. Use our social media tools to get the word out about your offerings on Twitter and Facebook, and make sure that you always have clients.
Accept Easy Payments
When you’re on location after your task is completed, just send Venmo a text message with your client’s phone number, email address, or Venmo username with the amount he owes you, with the syntax “$45 from 5156088009 for math tutoring”. He’ll instantly receive notification of the invoice, and will receive reminders until the payment has been made. Once it has, it’ll be instantly transferred to your Venmo account.
Never deal with cash anymore! Sign up for Venmo today and use it as a service provider.
Posted in Recommended Articles, Venmo | No Comments »
Friday, July 24th, 2009
With over 40 million registered users and thousands of active listings per week in every major city in the US, Craigslist is a haven for easily buying and selling items you want. However, while the classifieds listings are simple and convenient to look through, transactions on Craigslist are sometimes more complicated than they need to be. This is especially so since you’re dealing with another party who you’re unfamiliar with, with no straightforward “reputation system” like that on eBay or other merchant sites. As a result, Craigslist has become a popular place for scammers and con artists, who trick earnest buyers and sellers out of their money and goods. Learn how to avoid Craigslist scams and make secure person-to-person transactions by using Venmo.
Popular Craigslist Scams
One of the most popular Craigsist scams involves check fraud. From SmartMoney:
Such is the typical fake-check scam: A remote buyer feigns interest in buying your goods — sight unseen — and sends you a check or money order for more than the item costs. You are asked to wire the difference. Several days later, the bank discovers that the check is fraudulent and you’re responsible for the balance.
The worst part about this scam is that there’s not much that can be done after the fact, since federal law offers little protection for check fraud.
In addition, fake cashier checks and money orders are common, and you can be held responsible by the bank when they are discovered a few weeks after trying to deposit them.
Face-to-Face Transactions
Often, the best way to avoid this type of fraud is to insist on a face-to-face transaction where cash can be exchanged. However, for expensive items, it is uncomfortable for both parties to exchange large amounts of cash on the spot, most importantly for security issues with carrying so much cash (both before, during, and after the transaction with the unfamiliar party).
Use Venmo Instead
Venmo offers an easy solution. Avoid check fraud, but still use your debit/credit account to pay for or receive payment for your goods. At the same time, get around the hassle of having to carry large quantities of cash, which is always a safety hazard. Simply use Venmo SMS Pay to send a payment to the seller of the item, after meeting with him face-to-face and verifying that the item is in good condition and as advertised. The seller will immediately receive confirmation of the payment via SMS, with instructions on how to use Venmo and access the money.
Venmo is the easiest way to make safe transactions and ensure that you experience all the benefits of Craigslist, without the usual pitfalls. Sign up for Venmo today and use it next time you make a transaction online!
Posted in Recommended Articles, Sell By Text, Venmo | No Comments »
Friday, July 24th, 2009
Credit card and charge fraud causes cardholders and issuers numerous problems and wastes time and money; the amount of goods and services purchased with fraudulently obtained personal identity was more than $50 billion dollars last year. Read on to learn about how to keep your information secure and avoid credit card fraud.
Here are some tips from the FBI and Scambusters:
- Keep an eye on your credit card every time you use it, and make sure you get it back as quickly as possible. Try not to let your credit card out of your sight whenever possible.
- Be very careful to whom you give your credit card. Don’t give out your account number over the phone unless you initiate the call and you know the company is reputable. Never give your credit card info out when you receive a phone call. (For example, if you’re told there has been a ‘computer problem’ and the caller needs you to verify information.) Legitimate companies don’t call you to ask for a credit card number over the phone.
- Never respond to emails that request you provide your credit card info via email — and don’t ever respond to emails that ask you to go to a website to verify personal (and credit card) information. These are called ‘phishing’ scams.
- Never provide your credit card information on a website that is not a secure site.
- Sign your credit cards as soon as you receive them.
- Shred all credit card applications you receive.
- Don’t write your PIN number on your credit card — or have it anywhere near your credit card (in the event that your wallet gets stolen).
- Never leave your credit cards or receipts lying around.
- Shield your credit card number so that others around you can’t copy it or capture it on a cell phone or other camera.
- Keep a list in a secure place with all of your account numbers and expiration dates, as well as the phone number and address of each bank that has issued you a credit card. Keep this list updated each time you get a new credit card.
- Only carry around credit cards that you absolutely need. Don’t carry around extra credit cards that you rarely use.
- Open credit card bills promptly and make sure there are no bogus charges. Treat your credit card bill like your checking account — reconcile it monthly. Save your receipts so you can compare them with your monthly bills.
- If you find any charges that you don’t have a receipt for — or that you don’t recognize — report these charges promptly (and in writing) to the credit card issuer.
- Always void and destroy incorrect receipts.
- Shred anything with your credit card number written on it.
- Never sign a blank credit card receipt. Carefully draw a line through blank portions of the receipt where additional charges could be fraudulently added.
- Carbon paper is rarely used these days, but if there is a carbon that is used in a credit card transaction, destroy it immediately.
- Never write your credit card account number in a public place (such as on a postcard or so that it shows through the envelope payment window).
- Ideally, it’s a good idea to carry your credit cards separately from your wallet — perhaps in a zippered compartment or a small pouch.
- Never lend a credit card to anyone else.
- If you move, notify your credit card issuers in advance of your change of address.
- Review the privacy policy of websites you shop at, making sure that they protect your personal data. Check out Venmo’s privacy policy here.
- Always check your receipts against your billing statement. If you think a charge amount was changed, call your credit card company immediately.
One of the biggest points of vulnerability of credit card fraud is when you’re making an actual payment transaction and the card is with the merchant. There are numerous stories of employees swiping cards multiple times or writing down card numbers, online vendors selling credit card information, or credit card information being solicited by phone calls. When you use Venmo for payment transactions, you elimination this hassle of vulnerability, since your credit card information is never transmitted to the vendor. Instead, they interact solely with Venmo’s servers, meaning your credit card information is never out in the open for others to intercept or hack into. Venmo helps you guard your credit card number, since you never actually have to give it out to vendors that accept Venmo payments. Let your favorite online vendor know that you want to use Venmo to buy goods online.
Protect your credit card information and avoid fraud by signing up for Venmo.
And merchants– it is your responsibility to ensure that credit card fraud never happens. Make sure that this is the case by adopting Venmo today!
Posted in Recommended Articles, Venmo | No Comments »
Thursday, July 23rd, 2009
As more and more people are preferring to use their credit cards over cash for a number of reasons (like the high cost of cash), it becomes key to accept card payments as an independent seller. Maximize the effectiveness of your next garage sale by using Venmo to promote goods, manage inventory, and process sales.
Promote your sale using Venmo
Using Venmo’s social media tools, you can easily promote your garage sale with just a few clicks. Make different ads for different days, track which one is more popular based on traffic to your page, and decide what day to have your sale on! You no longer have to rely on guesswork and a few signs on the road to get traffic to your front porch. Make the most of your time and use Venmo instead to advertise what you’re doing.
Accept credit card payments
If you’re driving around on a weekend morning, aren’t you more likely to stop by at a sale if you can buy goods whether or not you have cash? Make it easier for your customers to pay you by accepting easy credit card payments. When a purchase is made, just send the customer an invoice using Venmo– send Venmo a text with the price of the good sold and the customer’s phone number, email address, or Venmo username. If the customer doesn’t have a Venmo account, he’ll get instructions on how to key in his credit card information and complete the payment. All they have to do is confirm the transaction and the payment will be sent! For example, if you sell a chair for $10, send Venmo a text to (646.863.9557) with “$10 from 408-902-1050 for chair”.
Track your sales
In the rush of a big sale, you’re often likely to misplace items or forget exactly how much you sold your products for. Eliminate this hassle by using Venmo to track your items. When you’re sending a customer an invoice, just include “for itemname” to track the item; the transaction and item name will show up on your dashboard. Soon, we’ll offer the ability to import Venmo transactions into online budgeting services like Mint and Wesabe.
Be a smart seller; don’t waste time and sign up for Venmo today!
Posted in Venmo | No Comments »
Monday, July 20th, 2009
For many people, cash is the preferred method of transaction when purchasing goods or services. There are numerous reasons: some people feel more comfortable tracking spending by the amount of cash in their wallet, others shop frequently at locations that do not accept cards, and still others believe that cards are a more expensive transaction method because of interest on payments and similar factors. Lately, studies have surfaced that help to dispel this myth of cash being the cheaper option. Here, we’ll explore the hidden costs of using cash.
First, some interesting facts about ATMs. The average ATM in the US posts 3,000 transactions per month, and in total ATMs dispense $33 billion in cash every month. In fact, ATMs account for 65% of all banking transactions in the US. But at what cost? There are about 370,000 automated teller machines across the United States, about 1 for every 296 people. This dramatic growth in the number of ATMs can’t be attributed just to banks wanting to help out customers, right? Of course not- ATMs are a very profitable venture for both banks and independent operators! About 98.3% of ATMs levy surcharges on customers, and these fees are rising every year. According to a report from Bankrate.com, the average cost of using an out-of-network ATM is $3.43. On a $40 withdrawal, that’s an 8.6% charge! In fact, the average American pays an estimated $60 to $65 in ATM fees alone per year. In total, Americans paid $4 billion in ATM “convenience” fees in 2008.
When you compare the average $3 surcharge to occasional debit/credit card fees of about 50 cents, cards don’t seem so expensive. And then, consider the advanced tracking capable with combining a credit card account with an online budgeting service like Mint or Wesabe- it’s possible to know exactly where your money is going! That’s not even mentioning the various rewards and cashback programs offered by credit card companies these days, allowing you to earn 1-2% of your money back. For some, that’s savings of hundreds of dollars a year.
Why use Venmo? It allows you the benefits of cash (you can use it at vendors that don’t accept cards), and combines it with the convenience of cards (tracking spending, cashback, avoiding trips to the ATM). Sign up for Venmo today and eliminate pesky ATM fees once and for all!
Posted in Recommended Articles, Venmo | 1 Comment »
Friday, July 17th, 2009
Venmo is like a virtual wallet, and you can basically use it like you would a credit card. When picking up an item for sale, just send a text message to Venmo with the recipient’s phone number, email address, or Venmo username, and verify the transaction via SMS to complete the payment. Learn about all the ways you can use Venmo to simplify your financial life today!
Craigslist Payments
Venmo comes in handy for all those transactions where you would rather use a credit card than cash, but you’re traditionally not able to. Foremost in this category is person-to-person transactions, like those made on Craigslist, where you’d prefer not to carry large quantities of cash with you, and you would want some sort of security mechanism (like chargebacks) in case the item you bought is a fraud. Avoid elaborate scams involving checks, feel safe not having to carry cash, and use your credit card to buy expensive items (like you would if the same items were at a store). Sign up for Venmo today.
Split bills when eating out
It happens every time you’re out with friends– you don’t have exact change, and end up owing someone else cash that may or may not get repaid later on. Eliminate this hassle by using Venmo to send your friend the amount instantly. It’s the easiest way to send money to a friend!
Buying in poker games
Ever lose your chips in your weekly poker game and wish you could buy back in, only to realize that you’re out of cash? Rest easy knowing that buying in is as easy as sending a text message to Venmo with your friend’s Venmo username or cell phone number.
Send money to family members
Next time you need to urgently get money to someone in your family, use Venmo to speed up the process. No need to memorize long routing and account numbers, or worry about inter-bank transfer capabilities. Venmo makes it easy and safe to quickly transfer money.
What else have you used Venmo for? We’d love to hear about it in the comments!
Sign up today and get started with Venmo - never use cash again.
Posted in Recommended Articles, Venmo | No Comments »
Tuesday, July 14th, 2009
The 2008 Obama campaign demonstrated how powerful marketing tools text messaging and word-of-mouth are. With a Venmo Premium Account, you can leverage the same type of functionality to get the word out about your upcoming performance or show.
With a Venmo Premium Account, you can easily maintain a database of fans who have interacted with you in some way — bought a ticket to your show, bought music online or offline, or bought some merchandise from you. These are your most passionate listeners, the loyal fans who can drive word-of-mouth campaigns. With our text messaging campaign management tools, easily compose mass text messages to these users, sending them concert dates, special promotions, and reminders (subject to our spam messaging limits). Watch how a carefully timed text message campaign can drive fans to your shows!
Segment your fans into groups.
Manage your database of followers based on their past history, and send different messages based on their level of interest.
Track follow-ups and plan your shows based on expected crowds.
We show you how to provide easy prompts to answer so you can gauge interest and plan accordingly.
Offer word-of-mouth specials and perform in front of packed houses.
Let fans know they’re in for a great time when you perform, and make sure they tell their friends!
Posted in Band & Musician Tutorials, Recommended Articles | No Comments »
Tuesday, July 14th, 2009
Back when people used to buy CD’s, it was easy to make sales on the spot during performances and gigs, catering to the fans’ desires to support musicians they enjoy. In the digital age, it’s been tough to capitalize on the same dynamic, as fans opt to buy music at home on the computer, where they have more options and you have less of a direct marketing influence. Change this today by using Venmo SMS Pay to promote your music during performances, and make it easy for fans to support you!
- Log onto your Venmo Merchant Account and set keywords for the items you want to sell, making sure to check “digital goods” and “randomly generate password key” for the music. At the end of this process, select “generate HTML code” and copy the code.
- On your website, set up a page where users can download your album, and enter the HTML code to make the page password protected.
- Before, during, or after your performance, inform your listeners that they can purchase your music by sending a text to shortcode 646-863-9557 with the prompt “VENMO #keywordname” (you set the keyword, so it would read “VENMO TheWhiteAlbum”, for example)
- If users have a Venmo account, the payment will be processed, and users will receive a text with the URL and password to download the music from.
- If they don’t, they’ll receive another SMS to enter and verify their credit card information, and their payment will be processed.
It’s that simple!
Posted in Band & Musician Tutorials, Recommended Articles | 1 Comment »
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