Our #1 recommendation for receiving customer payments is Square.
It's the easiest and the cheapest invoicing app we've found.
There are others, but this is our go-to suggestion. https://squareup.com/us/en/payments
It's the easiest and the cheapest invoicing app we've found.
There are others, but this is our go-to suggestion. https://squareup.com/us/en/payments
We do not recommend paying expenses with Venmo
When Venmo expense payouts import into our bookkeeping software, Venmo does not show a Vendor name. Therefore there is no way for us to know who was paid or why. That means we have to code all Venmo expenses to Uncategorized Expenses and we must rely upon your response to bookkeeping reports to tell us what the expense was for and whom it was paid to.
Then we have to manually enter the transaction into the proper expense account.
When Venmo expense payouts import into our bookkeeping software, Venmo does not show a Vendor name. Therefore there is no way for us to know who was paid or why. That means we have to code all Venmo expenses to Uncategorized Expenses and we must rely upon your response to bookkeeping reports to tell us what the expense was for and whom it was paid to.
Then we have to manually enter the transaction into the proper expense account.
Your pricing is based on electronic, automatic transaction entry so if we start having to manually enter a whole bunch of transactions that could cost more i.e. $3/per hand entered transaction.
Clearly we'd prefer that you don't use it, If you do make sure to stay compliant and only use a Venmo business account. If you transaction business through a personal Venmo account they can hold or reverse payments if they determine them to be for business. We have seen this happen to an owner, to the tune of $10,000.
See also How can I invoice my customers and get paid?
See also How can I send 1099s on my own?
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