Wondering whether you can earn money with Venmo by getting friends and family to sign up? This article provides the answer. Continue reading through to find out.
If you use Venmo a lot, you’ve probably wondered at least once whether it’s possible for you to earn money by referring other people to its service.
After all, referral programs are quite common with popular services like it.
Venmo occasionally runs referral programs, and, yes, you do earn money if you successfully convince friends and family to sign up through your referral link or code.
In fact, past programs have offered $1, $5, $10, $20, and $50 rewards. To participate in Venmo’s referral program, you’ll need to meet the following criteria:
- You’re a resident of the United States of America
- You’re 18 years old or older
- You have a Venmo account
In this article, we’ll explain everything you need to know about Venmo’s referral programs, including how long it’ll take for Venmo to reward you with the money.
You’ll also want to stick around to learn about what can disqualify you from the program, so keep reading!
READ MORE: Can You Set up Automatic Payments on Venmo?
About Venmo’s Referral Program
You can earn a bonus for inviting your friends or family to sign up for a Venmo account through its referral program. Moreover, your friend can also earn by using your referral link or code.
However, getting your referee to sign up for Venmo is only half the battle. To qualify for the bonus, your friend has to take the following actions:
- They must sign up for a Venmo account through your referral link or code
- After signing up, they must make a qualified payment to another user through Venmo
- The qualified payment amount must be at least $5 (specific to the $5 referral program)
- The funding source for the money must either be their bank account or debit or credit card
- They must make the qualified payment within 14 days of your referral link’s creation
Additionally, when your friend signs up for Venmo, the email or phone number used during the signup process must not have been associated with a previous Venmo account; otherwise, it won’t count.
Moreover, the amount of money you can earn through Venmo’s referral program is capped, as you can only earn a total of ten referral bonuses per program (additional terms apply).
For example, on a $5 referral program, you’re limited to earning $50.
How Long Does It Take for Venmo to Pay the Referral Bonus?
Once your friend signs up through your link and performs the necessary actions to trigger your eligibility for the bonus, Venmo will pay it between 5-14 days. Additionally, the length of time it takes for you to receive the bonus will depend on whether or not you’ve reached the maximum number of bonuses.
You’ll know that you’re eligible for a bonus through Venmo’s notification, which will be sent when your referee (friend or family member) signs up and does the needful.
To invite your friends to sign up, do the following:
- Launch the Venmo app
- Navigate to the “You” tab (by selecting the single person icon)
- Tap on “Invite Friends” (located underneath your profile picture)
Once there, you can share the referral link and code generated for you via text message, email, or your social media accounts. Alternatively, you can manually copy and paste your link or code to a communication medium of your choice.
Venmo instructs that you only share your referral link or code with people you know, so friends and family. It also forbids posting the referral link in public forums where virtual strangers may see and use it.
While it isn’t clear how Venmo enforces these rules, it’s best to abide by them as
doing otherwise may result in your disqualification from the program, with any successful referrals viewed as void (more below).
While participating in Venmo’s referral program, it’s important not to run afoul of Venmo’s terms and conditions. Venmo may disqualify you from the program for one of the following reasons:
- The referral was achieved through fraudulent means
- You didn’t refer your referees through legitimate channels
- The transaction violates Venmo’s Terms in some way
- The referral is irregular
You’ll find a fuller list of Venmo’s reasons for disqualification by reading its Terms and Conditions.
To Wrap Up
Venmo offers a referral program and you can earn money through it on every successful referral. However, the number of people you can refer is capped, as is the amount of money you can earn through the program.
In addition, your referee will have to take certain actions before you become eligible for the reward.
While participating in Venmo’s program, you’ll need to adhere to its Terms and Conditions to prevent disqualification.
Therefore, make sure you only refer people you know, do so using channels deemed appropriate by Venmo, and ensure there’s nothing fraudulent about it.