PayPal Holdings Inc. (NYSE:PYPL) has expanded its services to banking-like features with the introduction of the Cash a Check feature on the Venmo App. The feature allows select customers to cash printed, government, and payroll checks directly on the app.
Venmo introduces cash a check feature
Venmo is offering customers an easy, secure, and quick way of cashing paper checks. Although there is a fee levied for the use of the Cash a Check feature the company has waived the fees on those receiving government stimulus checks for a limited time. For one to be eligible to use the feature they should have a Venmo debit Card or Direct Deposit enabled on their account as well as have a verified email address and location turned on.
Qualifying customers for the feature can take a picture of their check and send it to the Venmo app for reviews just as they would do when cashing a check on a mobile banking app. It will take seconds to review the check but in some cases, the review process could take some minutes up to an hour before getting approval.
Venmo prioritizing the safety of customers
Venmo SVP and GM, Darrel Esch said that the company is always looking for new ways of making it easier for customers to access their cash, especially with the current pandemic-induced financial hardships. Esch said that with safety and health being a priority for most people, having a safe way of accessing stimulus payment is very important especially for Americans receiving paper checks. This eliminates the need to visit a physical location to cash their check. He further indicated that besides delivering cash to individuals quickly and safely they have waived fees for cashing stimulus checks to ensure people use their money to pay for their needs.
Once the check is approved one can receive their money in the Venmo account within minutes and the fees for instant disbursement have been waived. However, those checks that will not be approved will not be processed through Venmo.