What is Tap to Pay on iPhone?
Tap to Pay on iPhone enables Venmo business profile owners to accept in-person contactless payments – from compatible credit and debit cards, Apple Pay, and other digital wallets – right on their iPhone. No extra terminals or hardware are needed. Your customers don’t even need a Venmo account.
When you use Tap to Pay, you can create a charge from your Venmo app and accept in-person payments that settle into your Venmo balance.
What payment methods can I accept with Tap to Pay on iPhone?
You can accept Apple Pay on iPhone and Apple Watch, other digital wallet payments including Android, and contactless debit and credit cards.
Tap to Pay on iPhone requires iPhone XS or later that runs iOS 16 or later.
Are there any fees to accept Tap to Pay payments?
Yes. Venmo charges business profile owners a fee of 2.29% + $0.09 of the payment total for each payment accepted with Tap to Pay.
Payments sent to your business profile from another Venmo account (not using Tap to Pay) will still incur the standard fee rate of 1.9%+$0.10 for each payment of $1.00 or more
Where does the money go when I collect a contactless payment?
After accepting a contactless payment, you’ll see the transaction pending in your business profile history. It can take up to 30 minutes to fully process this type of transaction, after which the funds will be deposited into your business profile balance
Is Tap to Pay on iPhone secure?
Tap to Pay on iPhone uses the built-in features of iPhone to keep your business and your customer data private and secure. When a payment is processed, Apple does not store card numbers on the device or on Apple servers, so you can rest assured knowing your business stays yours.
Do my customers need to have a Venmo account?
Nope! By accepting contactless payments with Tap to Pay on iPhone, you can accept payments from anyone with a compatible card or digital wallet – as long as you’re physically located in the United States.
Customers who already have a Venmo account can still pay you through the Venmo app, or you can accept their payment using Tap to Pay. Fees for payments accepted with Tap to Pay differ from fees for payments your business profile receives from other Venmo accounts.
Are Tap to Pay transactions included in my tax reporting?
The IRS requires Venmo to report payments you receive for sales of goods and services in excess of the federal threshold. This includes payments accepted through your Venmo business profile using the Tap to Pay feature.