A few weeks ago, Venmo began to roll out new payment types and expanded purchase protections that enables a customer to safely send and receive purchase for goods and services.
This payment tagged for the exchange of goods and services will be eligible for coverage under Venmo’s purchase protection program. i.e., the buyer and seller may be covered if a purchase doesn’t go as expected.
Exchange of goods and services is ideal for customers who may occasionally sell goods and services or for customers purchasing a higher-priced item from someone they don’t know.
With the growth and evolvement of Venmo’s platform, Venmo’s officials have introduced a number of ways for customers to pay with Venmo – From shopping online and also shopping in-store at retailers that accept Venmo’s checkout and even in their local community at more than half a million-business profile on the Venmo platform across the U.S.
With the introduction of these new experiences, Venmo has also seen increasing consumer demand in the market for a safe and easy solution that enables people to buy and sell other items or experiences that may fall outside of a traditional business setting. More often, these transactions take place between people that may extend beyond someone’s friend group or network.
In 2020 survey of Venmo’s userbase more than half of Venmo’s customers surveyed shared that if available, they will be most likely to make a purchase from someone they don’t know if their transaction provided purchase protection, providing them peace of mind knowing that they are covered if their purchase doesn’t go as expected.
Venmo is excited to introduce new payment types and expanded purchase protections that will make things more seamless for customers to complete this type of transactions which will enable customers to safely send and receive payment for goods and services, empowering the Venmo community to buy and sell with confidence in new and exciting ways.
How Venmo Purchase Protection Works
Venmo customers now have expanded options to choose from when sending money to other users, enabling them to send and receive payment for their goods and services for cases such as selling concert tickets to a friend of a friend or purchasing a couch from a local ad listing payments tagged as for goods or services will be eligible for coverage under Venmo’s purchase protection program, just like Venmo debit card purchases, payment with Venmo purchases, and business profile payment.
Goods and services payment to provide peace of mind to both buyers and sellers knowing that they may be covered if the transaction doesn’t go as expected.
To send goods or services payment, customers can simply toggle the button on the payment note screen to identify the payment as for goods or services. The seller will be charged a fee of (19% of all transactions + .10 cents) which will be automatically deducted from the total amount sent from the customer. Also, the transaction will be eligible for coverage under Venmo’s purchase protection program, meaning that both customers may be covered if something goes wrong. For full terms, see Venmo’s User Agreement.
These types of transactions are ideal for customers who may occasionally sell an item or a service, or for customers looking to purchase a higher-priced item from someone they don’t know, giving customers added trust and confidence that Venmo has them covered.
Two-Sided Protection
Anytime a buyer sends payment for goods or services, they may be able to have their money refunded on eligible purchases if things don’t go as expected, for example, If they don’t receive the item or it looks significantly different than what was described by the seller.
Beginning from July 20, 2021, when a seller receives a payment identified as for goods or services or to the user’s business profile, they may also be eligible to keep the full amount from the sale, for example, if the buyer claim they did not authorize the payment or that they did not use receive the item from the seller If the seller can provide proof that they shipped the item or they fulfilled the transaction.
These new updates will be rolling out in the Venmo app in the coming weeks. Be sure to download the latest version of the Venmo app on iOS and Android to access these new experiences!
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