Update (2016): There is no longer any charge for Venmo Payouts. For updated information, refer to our support articles.
In everything we do at Braintree, it is our goal to simplify payments; from releasing new APIs for developers to enabling one touch payments for our online and mobile merchants. Today, we are adding another tool to make it easier for merchants to pay service providers.
Digital marketplaces continue to change the landscape of online commerce where businesses accept payments for a service or a physical good, but also need to disburse funds for services provided. Take for example a maid service or a transportation company where consumers instantly book a maid or driver and pay – all from their mobile device. But how do these companies pay their maids or drivers once the service has been completed?
Today, we are confident we will help solve the next step in the payment cycle by introducing the Venmo Payouts API in private beta. With Venmo Payouts, Braintree merchants can easily pay their service providers from any bank account to a Venmo user, US phone number or email address with a single API call. With the Payouts API, marketplaces no longer have to contend with the hassle and security risk of storing their payees’ banking information. Receivers are immediately notified they have been paid, whether they are a Venmo user or haven’t signed up yet. They can then use the money on Venmo or cash out in one business day.
Venmo Payouts costs $0.25 per payout, with no other fees or commitments. We are currently rolling out in beta for Braintree merchants and offering 1,000 free transactions for our beta partners.
To learn more about Venmo Payouts, visit payouts.venmo.com