Venmo Chargebacks- Venmo is another financial technology company based in the U.S. It was established in the year 2009, and it is currently owned by PayPal. Venmo helps users secure fast and easy funds transfer. It was initially created to help split the bills among friends, families, and loved ones easily. You can send money from phone to phone in minutes. It was first created to send money from phone to phone traditionally through SMS but at a later time, it evolved into an App that users download to send money to each other. It is accepted at restaurants, bars, many points of sales, and any other place PayPal is accepted.
In some cases, while using Venmo, some mistakes occur. Mistakes like sending money to the wrong person, sending money to the same person twice, and sending the wrong amount. When mistakes like this occur, users are supposed to initiate what is called a “chargeback”. But for Venmo, users cannot directly dispute a transaction with Venmo, rather it gets logged as a transaction dispute to their card issuer. The decision on if the chargeback will be accepted or not would be determined by the user’s card issuer.
How to Initiate Chargeback on Venmo?- Let’s Learn
As a Venmo user, you can initiate a chargeback if you noticed a debit or credit charge you did not recognize, a payment you did not authorize, an item or service you paid for but did not receive, a damaged or bad item you purchased, an error from Venmo’s system that got you charged twice or the wrong amount. If you experience any of the situations listed above, here’s how to initiate Chargeback:
- Provide all the documents and evidence as regards your chargeback
Venmo will request more information on your chargeback, providing them with enough documents and evidence will make the chargeback process an easy one. Examples of the documents Venmo might need are valid tracking information, proof of a refund, any further communication or evidence to support your claim, and many more. It depends on the reason for initiating a chargeback.
- Send via mail
Venmo will attend to your request faster if they get your documents through mail. The email set aside for disputes in Venmo is disputedpayments@venmo.com.
- Wait for a response
Venmo sets to work on your dispute by informing the merchant or vendor you are charging back against, they are allowed 10 days to provide information on the transaction to decide if they agree with the dispute. It typically takes about 30 days for Venmo to make a decision on your chargeback and it may take your card issuer up to 75 days to resolve the chargeback and come to a decision.
- A refund, if successful
Your Venmo account gets a refund if successful.
Venmo Chargeback Policy
While opening Venmo, users can determine if they are merchants, vendors, or simply consumers. Venmo’s policy states that you can dispute a transaction with your bank provided your payment was made to an authorized merchant on your Venmo account using your credit or debit card.
Venmo does not want you to pursue double chargeback by initiating chargeback on Venmo and your card issuer at the same time. Most card issuer’s chargeback policies usually have a wider scope of protection for their users, therefore if you request from your card issuer and qualify to get a chargeback, Venmo’s policy will be nullified at that time. It is advisable to pursue chargebacks with card issuers because you will be granted a greater scope of protection in securing your chargebacks.
If you registered as a merchant, and a situation occurs where a Venmo user who recently funded your account disputes their payment, Venmo holds the right to charge your account for the dispute after carefully examining the evidence or if you agree that the dispute is correct.
How to Cancel Payment to a Wrong or Inactive Account?
- Launch your Venmo app
- At the top left-hand corner, click the three horizontal bars you see
- Pending payments will always produce a bright red dot on the three horizontal bars
- Select the incomplete option
- Then, payments
- Locate the payment you want to cancel and click the take-back option.
- You should receive a notification from Venmo concerning the status of the transaction shortly.
Frequently Asked Questions
- Is Buyer Protection Available on Venmo?
Venmo advises its users to only make payments to trusted individuals and organizations. Although they do provide minor assistance to users who believe their account has been compromised, hacked, or linked to a card they do not have access to.
- Is the refund automated?
Venmo does not have a programmed way of issuing refunds automatically. Instead, when a chargeback is issued and the user the chargeback is against agrees to the chargeback, the user makes a refund of that same amount manually.
- What Happens When I Chargeback on Venmo?
A Venmo chargeback places a hold on your account until the chargeback is resolved. This hold restricts the inflow and outflow of cash from your Venmo until the previous chargeback is completed.
