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Tap That App: Pay back your friends with Venmo

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Tap That App: Pay back your friends with Venmo

2:40 /

Making payments among friends is dead simple with Venmo for iOS and Android.

What's cracking in CNET. Welcome to another edition of Tap That App. The show where we tap the hottest app when (??) , its time to pay up. My name is Eddie Cho and today I'm gonna show off a handy mobile payment app called Venmo. When it comes to paying for dinner as a group , we all know how awkward it can be to collect money from everyone. With Venmo,you can send money to your friends and family right from your phone. Use it to pay back your friends when they spot you for meals, pay rent and other casual transactions. Let's take a quick look at how it works. When you first start off, you'll have to register and make an account, simply follow the on screen instructions to set up your billing info. Tap that setting and then under manage funding sources, add either a debit or credit card number to use for transactions. Afterwards, go back and tap cash out then add a bank account, so you can accept incoming payments from others. After registering and verifying your account, choose between four basic options. You can make a payment, charge someone , view your account history and cash out. To pay a friend , tap the pay icon from the main menu, scroll down to select the friend and then to the cash amount you owe. You can also add a short as a friendly reminder. When you're done, simply tap the send button. You can also choose to share your activity on social sites like Facebook or Twitter, though personally, I'd like to keep things a little bit on DL. Remember that your friends must accept your charges before any transaction can actually take place. So no shady business. You can also access all of Venmo's features straight from the website. Though most of Venmo's services are free, there's still some fine prints to consider. Basic payments from your bank account and Venmo balance are free of charge, but if you're using a credit card to pay someone, Venmo will cover up to $500 worth of charges. Anything beyond that and they'll start taking a small percentage cut. Venmo also secures your payment with 256 bit SSL Encryption and is bound by strict regulation set by the federal bank, so don't worry, you can rest assured knowing that your payments are protected. Base on our experiences,we found Venmo to be pretty convenient for just about anything IOU related. Whether its for splitting checks at a restaurant, buying seats with your friends for the warriors game or even collecting rents if you have room mates. The applications are limitless. That's it for today on Tap That App. If you've got any hot apps that you'd like us to check out. Hit us up at tapthatapp@cnet.com. Tune in next week for yet another tap worthy show and we'll see you next time.

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