Venmo announced it will begin to offer a new check cashing service, “Cash a Check,” in the Venmo mobile app. The feature, which is being rolled out to select users starting today, can be used to cash printed, payroll and U.S. government checks, including the new stimulus checks, the company says. Though typically there will be fees associated with the Cash a Check feature, Venmo says these are being waived on stimulus funds for a limited time.
To be eligible to use Cash a Check, Venmo customers will need to have either Direct Deposit or a Venmo Debit Card enabled on their account, location services turned on, and a verified email address.
Customers who gain access to the feature will then be able take a picture of their endorsed check and send it to the Venmo app to review, much like they would if cashing a check in a mobile banking app. The check will be reviewed in a few seconds, though in special circumstances, the review may take several minutes or even up to an hour before the approval decision is made.
If approved, the money will be immediately transferred to the customer’s Venmo account.
Wondering what the world of payments will look like in 2021?
TSG’s experts have prepared a dozen data-driven trends and predictions that we expect to pick up steam well into the new year.
Despite hardships, the industry has continued to show resiliency and adaptability from helping support merchants as they pivot from brick-and-mortar, to helping consumers understand and embrace new payment methods. The payments industry is in motion and we are in for a very exciting 2021!
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