There are instances when you intend to transfer money to a certain person but you end up sending the money to another person. This scenario can be annoying to Venmo users as it is a difficult task to get the money reversed.
If you are wondering if it is even possible to reverse payment on Venmo, follow this article as we will be providing in-depth information you might find helpful about Venmo payment reversal.
Can Venmo Payment Be Reversed?
Has stated by Venmo on the platforms Help page, it is impossible to reverse a payment once it was made to an active and existing account. This is because once you complete the payment, the amount due will be immediately removed from your account and transferred to the recipient account which means the fund is now out of reach for Venmo.
With this revelation, you might not be able to reclaim your money if it was sent to an account by mistake, or if the wrong amount was sent to the recipient for a transaction. This is one of the reasons why it is advisable to only make use of Venmo to perform transactions only with people that you know and that can be trusted.
In this situation, the only little chance you have to get your money back will be determined by the recipient and not Venmo. The recipient can decide to return your money and might choose not to, there is nothing Venmo can do to mandate the reversal of your funds as it has been stated by the platform on its support page that payment that has been completed will not be reversed on the request of the sender.
To get your money back, you will have to contact the recipient and request that your money should be returned to you.
How Do I Make A Request For Refund From The Recipient?
It is normal to make a mistake when attempting to send money to a friend or relative, you can easily misspell or omit a letter from the recipient’s username and your money will be transferred to a different individual.
In this situation, all hope is not lost as you can still make an attempt to reach out to the recipient to get your money back. To do this, go to the Venmo application on your mobile device, scroll down and select the Pay or Request option.
On the new tab, you will have to input the username of the recipient you have accidentally credited. A text box will also be available which you will have to use to write a note with the detail of how you have mistakenly sent funds into their account. You should also make mention of the exact amount that was accidentally sent.
Once this has been done, tap on the Request option which will send your request message to the account owner, and the person will be notified of the new request by Venbmno. If you did not get a response, you can make another attempt to remind the recipient by clicking on Remind under the Incomplete Request option.
What If The Recipient Refused To Refund My Money?
The recipient might not respond to your request after sending tons of reminders. Luckily, you might be able to get some help from Venmo through its support team. To do this, go to the Venmo application on your mobile app and select the Options icon.
Click on Get help which will provide you with two options through which you can reach Venmo. To drop an email for Venmo, select the Submit a Ticket option while you can opt for Chat with Us to perform a live chat with a member of the Venmo support team.
While reaching out to Venmo, you have to make sure you have all the necessary details such as the username of the recipient, the amount that was mistakenly sent, and the exact date the transaction was made.
Can A Payment Made To An Inactive Venmo Account Be Reversed?
Sometimes, you might attempt to send money to a friend or relative without realizing they don’t have a Venmo account. You might have completed this transaction using their mobile number and email. While you have just transferred money to a non-existent account, the supposed recipient will be contacted by Venmo through the details that were inputted by you. Such individuals can then sign up with Venmo and have access to the funds you sent.
However, if you wish to reverse such funds, that can also be done. Go to the Venmo application on your mobile phone and click on the Options icon. Select Incomplete, scroll through, and click on Payment. The funds that you’ve sent to this inactive account will appear here. To reverse this fund, all you have to do is click on the Take Back option that is located under the payment. Once this has been done, the money will be reversed back into your account.
Can A Venmo Payment Be Reversed on iMessage?
As an iPhone user, when you make a payment using iMessage, such a payment can be reversed. Failure to accept payment made with iMessage by the recipient will also get such payment canceled automatically after three days.
However, you can easily do the cancellation manually by yourself if you are certain that the recipient has not accepted the payment. All you have to do is to go to the Incomplete tab under Options and click on Take Back on the particular transaction.
Can I Decline A Payment On Venmo?
Declining a payment on Venmo cannot be done. Once a fund has been sent to your account, the transaction will be processed by Venmo which will immediately appear in your account. In case an unwanted amount was sent to your account, all you can do is return the money to the sender via transfer.
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With the rigid refund policy of Venmo, you should know by now that reversal of payment that has already been completed is nearly impossible which is why it is advisable to only make use of Venmo while sending money to people that you know.
However, mistakes are bound to happen which is why you can follow any of the above-mentioned guides if you have an issue with your payment and you wanted a reversal. You should also note that getting a refund is not guaranteed but it is worth trying anyway.