Are you wondering if Venmo offers buyer protection? I will be disclosing all the guides needed to know if Venmo has buyer protection.
Initially, Venmo was created for a circle of people with mutuality, that is, sending and receiving of money was to be done to people you know.
By this Venmo tries to ensure that your transactions are saved.
Presently, Venmo has gone beyond operating just between mere friends and probably people you know. Now, people began using Venmo as a medium of payment for their business transactions and activities.
When a transaction involves business activities, people need to be sure that their transaction is safe, and that any form of money transfer error can easily be rectified.
When using Venmo to pay for goods and services, it is important to ensure that buyer protection covers such transactions.
Although, before you can get qualified for buyer protection on Venmo, your transaction must have met certain requirements
According to Venmo, before any transaction can get buyer protection you must have met the following criteria:
- The seller must have a Venmo business profile
- Or the seller must tag the business transaction as payment of goods and services.
However, in answering the question, of whether Venmo has buyer protection: the answer is Yes, but Venmo buyer protection doesn’t come in all cases.
The type of transaction you are making will determine if your transaction will be covered by buyer protection or not.
Therefore, in this article, I will be explaining in-depth if Venmo has buyer protection, and how it works.
Does Venmo Have Buyer Protection?
Well, the answer to this question is Yes. Venmo offers buyers protection only when it is specified, there are two ways to get buyer protection, either by tagging individual payments to a personal profile as commercial purchases or by making Transaction with a Venmo business profile.
Once you have buyer protection available on Venmo, you can easily get a refund of your money, most especially when you didn’t get the item you paid for.
To go outside of the circle of making transactions with friends as stated by Venmo, most business profiles opt-in for a business account, so that they can be able to use Venmo as a means of payment for the goods and services they offer.
Once a transaction has buyer protection, the seller will be charged a small fee of 1.9% of the transaction plus additional 10 cents which will be automatically deducted from the amount sent.
If your transaction isn’t covered by buyer protection, and unfortunately something happens, whereby, not receive the items you agreed for with the seller, or something related, Venmo won’t take up any action to refund your money back to you.
Therefore, you must ensure that your business transaction is covered by buyer protection.
Once you experience something wrong with a transaction you have authorized, you can report the case to Venmo support, so it can be reviewed and possibly refund your money back to you.
What Transactions Are Covered By Venmo Buyer Protection?
Venmo is primarily meant for making Transactions between people you trust and not people who you don’t trust. Therefore, some payments are classified as unauthorized, which doesn’t cover Venmo buyer protection.
Payments accepted by Venmo are termed Qualifying Payment from the Venmo official website. The following are some of the transactions you can do that are authorized by Venmo.
- Purchasing of goods using the Venmo debit card
- Purchasing of goods and services from authorized Venmo merchants. Once a seller has applied for the Venmo business profile, it automatically has buyer protection in all transactions.
- Payments are identified as purchases of goods and services by the buyer.
However, Venmo makes it clear that buyers should Desist from transactions not authorized by Venmo themselves.
Venmo Purchase Protection Fee
While making a payment to a personal profile, which has been tagged as a payment for goods and services, Venmo deducts a fee from the buyer as a purchase protection fee.
Venmo will charge the seller a small amount of about 1.9% + 0.10$ for the transaction made.
If a buyer makes a payment to the seller a little percentage of the money will be deducted from the amount paid by the buyer.
Let’s say, a buyer purchases goods worth $100 which is covered by buyer protection. The seller will then receive $98 and the remaining $2 would be used to pay the fee.
However, As A Buyer You Are Not Paying By Fee.
How Do I Get Buyer Protection On Venmo?
If you want to get buyer protection in Venmo, you can simply check a box that enables that feature, which will add the purchase protection to the transaction.
However, whenever a buyer’s protection is enabled on Venmo, the seller will be charged a small amount of money. This money will be deducted from the money paid by the buyer in paying for the goods purchased.
What Transactions Are Not Covered by Venmo Buyer Protection?
Undoubtedly, it is not advisable to make payments that are not authorized by Venmo, most especially, payments on the purchase of goods and services.
As I mentioned earlier, Venmo was initially regarded as a peer-to-peer transaction platform, therefore, it is advisable to always make payments to people you know. Mostly, friends and family members.
Therefore, the following are payments not accepted by Venmo buyer protection:
- The Buyer paying for goods to a Seller not using the Venmo business profile. This mostly occurs when making payment to an unauthorized Venmo merchant.
- If the seller accepts a Venmo payment from someone for payment of goods and services using a personal profile, and the buyer didn’t tag such transaction as payment for goods and services.
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Therefore, an answer to the question is, that Venmo does offer buyer protection, Although, this doesn’t work in all cases. Your transaction will cover Venmo buyer protection, if the money is sent to a Venmo business profile, or if the money is tagged as a payment for goods and services.
With buyer protection, once you make a payment to a seller for the purchase of goods and one way or the other you don’t receive the item for what you paid.
By reporting the case to Venmo, you can get your money refunded back to you.