If you are not a VENMO user, here's a quick explanation. Venmo is an app(lication) for both Apple and Android phones which allows people to transfer money directly to other people's bank accounts. So you can now transfer money from your bank to ours directly from your phone. Note that it is similar to SQUARE, which many of you may have used for cookie sales.
For a more detailed explanation, here's what NerdWallet has to say about VENMO.
What is Venmo? Venmo is a peer-to-peer (P2P) money transfer mobile app, similar to Square Cash, that has a social media twist: You can send or request money via emoji-studded text messages, which show up in a Facebook-style feed. Don’t worry, though — dollar amounts always remain private.
How Venmo worksTransfers and purchases. Venmo lets you send and request money to and from anyone who has a Venmo account. The app can help with the awkward chore of reimbursing family or friends for dinner or other outings, but it’s not made for buying or selling goods with strangers. Venmo can also be used for web purchases with certain merchants, usually on websites with a payment button similar to PayPal’s.
Mobile only. Venmo payments are made on its highly rated Android and iOS smartphone apps as well as via iMessage or with Siri voice command. You can sign in at Venmo’s website on a desktop or mobile device to view transactions, but not to pay or request money.
U.S. customers only. Venmo, which is operated by PayPal, requires both sender and recipient to be in the United States.