Venmo is one of the popular P2P platforms that is used for making payments and receiving payments from friends and business partners.
All the transactions carried on Venmo are marked safe because the application is well protected. For this, one can use Venmo to receive payment from your business partner even if you’ve not met them before.
With the help of Venmo, online vendors can easily sell out their products online and receive payment through the Venmo system.
With the development of Venmo purchase protection, you can shop online and track your items until you get them.
What Is Venmo Purchase Protection
Venmo on July 20, 2021, began the use of buyer protection for online vendors and customers.
Venmo purchase protection helps to protect buyers from scams like getting items different from what you ordered or getting an item that is damaged already.
With the protection service, you can simply ask for a refund if you are not satisfied with what was delivered to you.
This sounds good for many online shoppers who have been duped by many online vendors.
This protection also covers the sellers. If a seller receives a payment identified as goods and services to their business profile account and the buyer said they didn’t receive the item or didn’t authorize the payment, the seller can send evidence of shipment and the buyer’s appeals for refunds will be declined.
Advantages of Venmo Purchase Protection
- You will be safe from scams and fake online vendors.
- You will receive what you pay for and if there are any alterations you can request a refund.
- Venmo will stand in for you if you don’t receive your item.
- Venmo will serve as an escrow account if you want to purchase from a stranger, thereby shielding you against scammers.
For sellers, it will prevent you from losing your money from claims that buyers never received the item they purchased.
- It also protects sellers from unauthorized transactions.
How To Activate Purchase Protection On Venmo
In other to activate Purchase Protection, you have to tag the payment as purchase before approving the payment. Once the payment is marked as Goods and service, it will be covered with Purchase protection program.
For sellers, Venmo Purchase protection can be activated if your Venmo account is a business account. So any money sent to your account will be marked as a purchase thereby providing you with protection against fraud from buyers.
However, when you don’t tag your transaction as a purchase it won’t be covered by the purchase protection and so Venmo won’t stand for you when you don’t receive your items.
What Is Eligible For Venmo’s Purchase Protection
They are a wide range of eligible purchases that are covered by Venmo Purchase protection. This purchase may include.
- Payment for books
- Payment for clothing items
- Payment for photography sessions
- Payment for tickets
Aside from this item mentioned, you can mark any transactions that you feel are purchase in other to enjoy the protection of the program.
What Is The Venmo Purchase Protection Fees
When you tag a specific payment to a personal profile as a purchase, your payment will be covered by Purchase Protection, if eligible.
The seller will pay a small fee of 1.9% + $0.10 of the transaction. If the payment is $200, the seller would receive $196 and $3.9 would be used to pay the Purchase Protection fees.
This fee is low compared to the protection you will have against scams online.
How Do I File A Purchase Protection Claim On Venmo
If what you paid for is not what you got or the buyer is complaining of not receiving his items after you’ve shipped them, then you can file a Purchase protection claim on Venmo.
If after contacting the merchant and you are still not satisfied, you can file Purchase protection with your evidence of payment as a buyer and evidence of shipping as a seller through the Venmo Support Form.
Does Venmo Purchase Protection Actually Work
Some people are still doubting whether the Purchase protection works as portrayed by Venmo
The Venmo protection works only when you tag a payment as a purchase. If you don’t tag the payment, it won’t be covered by the Purchase protection program and hence it won’t work for you.
➡How To Get Cash Advance On Venmo
When you lodge your complaint and Venmo is able to confirm the authenticity of the transaction, you will be refunded.
Conclusion
The Venmo Purchase protection program is to help and protect online vendors and buyers from scams of any kind.
This programs shield you against many scammers thereby making shopping online very safe and secure.
