Buzz
The next time you wrap up a group meal or outing with 'I’ll Venmo you,' be sure to follow up quickly.
Why? Because waiting more than a day or two to send that Venmo request could lead the person owing you money to think their debt is forgotten (or forgiven). Delay it even longer, and you might find your friend in a tight spot financially, having already spent the money on something else.
As per a 2019 survey by Venmo, 72% of respondents agree that Venmo requests should be made within 24 hours. (While these respondents also think payments should be made within 24 hours, 67% of those surveyed believe it's reasonable to send a reminder after four days if payment isn't received.)
The main point here is to notify your friends about any debts as soon as possible, allowing them to budget accordingly. If you owed $50 for a group event—or even $5—you’d want to plan for that expense, right? And if you don’t follow a budget, imagine being down to your last $100 and then getting a Venmo request for $50 from a meal you shared weeks ago.
So, whenever possible, make sure to send your Venmo requests within 24 hours—because if we’re going to track our social interactions, it’s better for everyone if we do it efficiently.
By the way, don’t link your Venmo account to a credit card unless you want to face a 3% fee every time you make a payment, and don’t forget to set your Venmo transactions to private.
