Initial Impressions of Venn (formerly TryVault): A Behind-the-Scenes Look for Electrical Contractors
As a new electrical contractor exploring financial solutions, I recently evaluated Venn (formerly known as TryVault) to understand its offerings and limitations. Here’s an overview of my initial experience with this platform, highlighting both its strengths and areas that may require attention.
Funding and Credit Limitations
One of the most noticeable aspects is that Venn does not extend traditional credit lines. Instead, transactions require actual funds to be available in your linked accounts—either through physical or virtual credit cards. This means users must maintain sufficient balances to complete purchases or payments, rather than relying on credit.
EFT and Banking Compatibility Challenges
A significant hurdle encountered involves electronic funds transfers (EFT). Specifically, some clients may be hesitant or unable to accept EFT payments from Venn due to how the platform interfaces with banking institutions. For example, when attempting to process payments via People’s Trust Company, inquiries to their customer support revealed unfamiliarity with Venn or TryVault, likening the platform to other fintech companies like Koho that operate by using partner banks to hold and transfer funds.
Customer Support Experience
Support response times from Venn tend to be prompt, generally within one business day or less. Support is primarily delivered via email, which has so far been reliable for addressing queries and issues.
Next Steps for Continuing Operations
If clients do not accept EFT payments directly from Venn due to bank compatibility issues, alternative strategies include establishing EFT arrangements through more widely accepted financial institutions such as RBC or Meridian. These banks can serve as the primary account holders for EFT transactions, allowing continued use of Venn for purchasing and other financial activities.
Final Thoughts
Venn’s platform shows promise, especially for small-scale financial transactions within the electrical contracting industry. However, its current banking integrations and EFT acceptance limitations may require workarounds or alternative banking arrangements to ensure seamless operations. As the platform evolves, these aspects may improve, providing a more comprehensive financial solution tailored to contractors’ needs.
Please note that this overview reflects my personal initial impressions and experiences as an electrical contractor exploring Venn’s services.
