Venmo is one of the payment platforms that facilitates the safe and fast transfer of funds from one Venmo account to the other.
Venmo is one of the trademarks of PayPal and the service is only available for United States residents.
With a good UI interface and easy-to-navigate application, Venmo is very easy and convenient to use.
At first, Venmo was only made for sending and receiving money from your family and friends. But as time passed by Venmo started seeing the reason to expand their services, they introduced a system that can help merchants and buyers secure their transactions through Venmo purchase protection.
Venmo Purchase protection is a service offered by Venmo that protects the buyer should the person he is buying goods from didn’t provide what I’m the buyer paid for. When this happens, the buyer can request for a refund and after Venmo looks into the issue, they can award you with the refund.
For sellers, if your buyer makes payment to your Venmo business account, and after something he denies not receiving the item after you’ve shipped it to him, with the evidence or shipment, if he opens a dispute on the transaction you can dispute it without giving him a refund.
How To Use Venmo Purchase Protection
To use the Venmo protection as a buyer, all you have to do is to tag any transaction you wish to be covered with purchase protection.
When you mark the payment, the seller will pay some fees and you both will have peace of mind.
Can You Undo Purchase Protection On Venmo
If you are the buyer and you tag a transaction as a purchase, once the transaction is completed you can’t reverse it again. However, you can contact Venmo support for more help.
If you are a seller, you can’t undo purchase protection if your buyer tagged the transaction as a purchase. You can reach out to the buyer before he makes the transactions.
➡️Why Is Venmo Charging Me A Few To Receive Money
How Do I Change Transaction Type On Venmo
To change the transaction type on Venmo, kindly toggle it on or off the transaction. If the payment is for goods and services, you can tag the transaction as purchase, and if it is payment to family and friends, you can toggle off the goods and services bottom which indicates that the transaction is to family and friends.
Why is Venmo charging me a fee to receive money
If Venmo charges you anytime you receive payment, it means that your creditor tagged the transaction as a purchase. Venmo usually takes a 1.9% fee from any transaction that is tagged as payment for goods and services.
Also if your Venmo account is a business account, all the payment sent to your account will be tagged as payment of goods and service, so Venmo will deduct
Conclusion
Venmo payment protection gives you a rest of mind anytime you want to make payment of goods to seller that you’ve not seen before. With the Purchase protection on, you can get a refund of your money if what your paid for is not what was delivered to you.
