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Thread: Venmo

  1. #1
    Addicted Member

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    Venmo

    Has anyone had any issues with Venmo? I recently received an email from Venmo saying you can't use for business transactions like sales of tickets

  2. #2
    Forum Regular

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    Re: Venmo

    Quote Originally Posted by YankeeJimBeam View Post
    Has anyone had any issues with Venmo? I recently received an email from Venmo saying you can't use for business transactions like sales of tickets
    As a buyer YOU ARE NOT protected. I was using it to accept Payment from people but recently I stopped accepting it after seeing that. So rules or not if you pay someone and the tickets are bad you are SOL. I Know PayPal fees are terrible but please spend the extra $5 to be safe. not worth it to lose $100-$200 over a $5 fee.

  3. #3
    Addicted Member

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    Re: Venmo

    Quote Originally Posted by Arod7593 View Post
    As a buyer YOU ARE NOT protected. I was using it to accept Payment from people but recently I stopped accepting it after seeing that. So rules or not if you pay someone and the tickets are bad you are SOL. I Know PayPal fees are terrible but please spend the extra $5 to be safe. not worth it to lose $100-$200 over a $5 fee.
    Are there are risks as a seller?

  4. #4

    Re: Venmo

    This a really good article about why Venmo sucks.
    Even with PayPal, with the fee, you are not protected against digital goods.

  5. #5
    Forum Regular

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    Re: Venmo

    Quote Originally Posted by YankeeJimBeam View Post
    Are there are risks as a seller?
    No but why accept a payment where your customer isn't protected. It's like taking cash from a random stranger, they give you their credit card in case of a problem.

    The only time I'll take VENMO is if it's someone pay for tickets after they've attended the event and that's usually close friends/family.

  6. #6

    Re: Venmo

    Reminder not to use Venmo as a seller (my mistake for using them to receive payment for a ticket sale when a buyer suggested it)

    This article spells out why
    http://time.com/money/4036511/venmo-...eck-than-cash/

    Venmo does not give sellers protection to get paid, when Venmo tells you that you are "paid" they mean "payment pending" and will reverse what they paid you if they want to without explaining why. The wording in Venmo's app is deceptive and unfair. At one time the Federal Trade Commission (FTC) was investigating Venmo for potential unfair trade practices, not sure if the case was ever resolved.
    https://www.digitalcommerce360.com/2...igating-venmo/

    In addition Venmo's customer service is terrible, slow, and rude. Venmo will not pick up the phone and speak with you if you have a payment issue. Buyers/scammers have figured out that it's easy for them to abuse the Venmo system and Venmo has not corrected the security flaws in their financial system.

    However, Ticketmaster helped me out with excellent customer service, they were quick to help and focused on the person committing the fraud not their customer. Well done Ticketmaster!

  7. #7
    New Murderer's Row False1's Avatar
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    Arizona

    Re: Venmo

    If you're with a big bank, why not use Zelle? Near real-time money movement, no fee, security protections.

  8. #8

    Re: Venmo

    Quote Originally Posted by False1 View Post
    If you're with a big bank, why not use Zelle? Near real-time money movement, no fee, security protections.
    I will going forward, buyer suggested Venmo and I should have known better. Leaned my lesson.

  9. #9
    22 gregzzy22's Avatar
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    Sep 2006
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    Brooklyn

    Re: Venmo

    Quote Originally Posted by False1 View Post
    If you're with a big bank, why not use Zelle? Near real-time money movement, no fee, security protections.
    Theres no buyer protection. You can't reverse a Zelle transaction like you can with a chargeback for a credit card you used to in a Paypal transaction.

    I learned the hard way when I purchased tickets to an event using Chase quickpay (now Zelle) last year that ended up being fake. Paypal+credit card to fund the payment is the best route.
    Twenty Seven and Counting.

  10. #10

    Re: Venmo

    I think Venmo was mainly created to use between friends as an easy way to exchange money. I think itís great
    Baseball games are not won with a formula. If you can hit, they will find a place for you

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