Enabling instant P2P payments has quickly made Venmo the favorite app for transferring money to friends in the United States. Millennials and Gen Z tend to use the Venmo app more than their bank accounts. So naturally, PayPal, the parent company of Venmo, added the ability for businesses to start making payments directly into Venmo accounts (in the US).
Many customers have asked for this payout method because they're receiving the same request from their recipients. Now, Trolley offers this function to merchants โ you can make US dollar Venmo payments to recipients in the United States (+ Puerto Rico, Guam, and the US Virgin Islands).
Contact Trolley's Customer Success team to enable Venmo payouts in your account.
Requirements to use Venmo Payouts
A PayPal Business Account.
Please contact PayPal to ensure that Payouts has been enabled for your account. Not all PayPal accounts have this feature enabled automatically.
If you are switching from PayPal Mass Payments, then you should remove your IPN notification in PayPal. You can find the instructions to do that listed here.
Please note that you can reuse the credentials you used for How to enroll in PayPal payouts API.
Setting up Venmo
Step 1
Head over to PayPal's Developer portal and click on Developer Dashboard in the dropdown located in the top right corner of the screen. You may be asked to login first.
Step 2
You need to verify that you have the Payouts API enabled. Unfortunately, this might take anywhere from a few hours to several days for PayPal to give you permission. We don't have control over this. However, applying for it is very easy.
At the bottom of the column called "permission name", you'll see the row labeled "Payouts". You want to click the "Enable" link.
PayPal will email you that they are reviewing your request. Once you've been accepted you'll notice a green checkmark signifying that the API is live.
Step 3
Click on Apps & Credentials in the main menu. Under REST API apps. Click the "Create App" button.
Step 4
(Create a name for your App) Under App Name type "Trolley". Then click the "Create App" button.
Step 5
Click Show underneath the Secret header and make sure to select "Live" on the top right.
Step 6
Please make note of the two fields marked Client ID and Secret. You'll need to input these into your Trolley account in the next section
We recommend opening up a text editor like Notepad or a Google Doc and copying and pasting those IDs to reference later in this article.
Step 7
Scroll down from LIVE API CREDENTIALS to LIVE APP SETTINGS and see if you have given application Payouts and Transaction Search options.
We do recommend leaving other options as they were.
Step 8
Now we need to obtain the Webhook ID. The Webhook ID allows us to keep track of your payment statuses inside Trolley.
We need to do three things to generate the ID. First, scroll down to "Add Webhook" button in the Live Webhooks box.
Second, enter the following URL in the "Webhook URL" field: https://api.paymentrails.com/hook/paypal/app
Lastly, click the box labelled "all events". When you click it, all the boxes will become checked. Scroll down and click save.
Please note: The following steps can only be completed after PayPal has approved your access to their Payouts API
Step 9
You should now be able to view your Webhook ID. Make note of this ID, you'll need it in the steps below.
Please note: The following steps can only be completed after PayPal has approved your access to their Payouts API
By default, the Payouts feature is enabled in the sandbox environment. Merchants in the U.S. with a business account can enable Payouts in the live environment.
Note: Merchants in other countries must contact PayPal to enable Payouts in the live environment.
Step 10
Now you must input the details in your Trolley account.
Go to Settings > Payout Methods in the Trolley dashboard, and select the Venmo icon:
Please enter the details you took down from your PayPal account, input them in the appropriate field, and click the Update button.
Fees charged by PayPal:https://www.paypal.com/us/webapps/mpp/merchant-fees#paypal-payouts
For more details on the difference between PayPal Payout and PayPal Mass Payout please seeWhat is the PayPal Payouts API