Venmo?

Come on in and introduce yourself!
General watch talk.
Post Reply
User avatar
mattcantwin
mattcreatestonsofwatchrelateddrama
Posts: 15985
Joined: Wed Dec 02, 2009 3:53 pm

Venmo?

Post by mattcantwin » Thu Sep 13, 2018 6:32 pm

Is Venmo a safe form of payment?


Potential buyer explained it to me as follows:

Venmo is from PayPal, used for sending cash to friends for things.

You just download it and add a bank account, when I send you money you can just transfer to your bank.

You can look it up to find out more, it’s widely used.




I've never linked a bank account to PayPal before, a bit leery about that.
Image

User avatar
r.palace
Posts: 7205
Joined: Tue Aug 13, 2013 10:36 pm
Location: Tray-O-Five

Re: Venmo?

Post by r.palace » Thu Sep 13, 2018 6:38 pm

Did he at all suggest he’s against a more common form of payment such as PayPal? Usually a red flag for me
ImageImage
Many will register, few will last :htfu:

User avatar
nweash
Posts: 3762
Joined: Tue Jul 22, 2014 9:52 pm
Name: Nick
Location: Alta Loma, CA

Re: Venmo?

Post by nweash » Thu Sep 13, 2018 6:46 pm

Venmo has a 2999.99 limit per week FWIW.

A scammer can attempt to use the "someone hacked my account" excuse just like with Paypal F&F.

User avatar
mattcantwin
mattcreatestonsofwatchrelateddrama
Posts: 15985
Joined: Wed Dec 02, 2009 3:53 pm

Re: Venmo?

Post by mattcantwin » Thu Sep 13, 2018 6:52 pm

r.palace wrote:
Thu Sep 13, 2018 6:38 pm
Did he at all suggest he’s against a more common form of payment such as PayPal? Usually a red flag for me
Suggested this form of payment in order for me to lower price by $50.
Image

User avatar
hoppyjr
HJ
Posts: 34546
Joined: Thu Feb 24, 2011 9:05 am
Name: Hoppy

Re: Venmo?

Post by hoppyjr » Thu Sep 13, 2018 6:55 pm

mattcantwin wrote:
r.palace wrote:
Thu Sep 13, 2018 6:38 pm
Did he at all suggest he’s against a more common form of payment such as PayPal? Usually a red flag for me
Suggested this form of payment in order for me to lower price by $50.
Say no.

User avatar
hollywoodphil
Posts: 153
Joined: Fri Jun 29, 2018 5:41 am

Re: Venmo?

Post by hollywoodphil » Thu Sep 13, 2018 6:56 pm

I payed for something this year through Venmo - can't recall exactly what at the moment, but probably a watch - and the sky didn't fall.
I read a review or two before I went through with it - CNET, I think, was one - and they said it's legit.
I don't remember it as being connected to PayPal, though.

Sent from my SM-N950U using Tapatalk



User avatar
toxicavenger
President Tranny
Posts: 45736
Joined: Fri Mar 12, 2010 8:25 am
Name: HeadDIK
Location: Colorado Springs

Re: Venmo?

Post by toxicavenger » Thu Sep 13, 2018 7:02 pm

check this out matt https://www.dailydot.com/debug/is-venmo-safe/
to cover processing costs, Venmo charges a 3% fee for payments by credit card. In comparison, Venmo's parent company, PayPal charges a 2.9% fee for all debit and credit card transactions.

User avatar
unixshrk
This. Truth.
Posts: 10157
Joined: Wed Oct 12, 2011 8:29 am
Name: Chris
Location: North Texas / Colorado

Re: Venmo?

Post by unixshrk » Thu Sep 13, 2018 7:27 pm

We pay the guy who mows the lawn with it. No further experience.

User avatar
toxicavenger
President Tranny
Posts: 45736
Joined: Fri Mar 12, 2010 8:25 am
Name: HeadDIK
Location: Colorado Springs

Re: Venmo?

Post by toxicavenger » Thu Sep 13, 2018 7:35 pm

1) Buyer and seller protection
Venmo does not offer the same level of buyer and seller protection as its sister app, PayPal. That’s because it’s designed specifically to be used only between friends, or through Venmo-approved apps and websites that enable it to handle payments. According to its terms, “Venmo may not otherwise be used to receive business, commercial or merchant transactions, meaning you CANNOT use Venmo to accept payment from (or send payment to) another user for a good or service.”

Venmo explicitly warns that if you send a Venmo payment for a good or service, “you could lose your money without ever getting what you paid for.” Venmo does not offer any sort of protection program for this kind of transaction.

User avatar
unixshrk
This. Truth.
Posts: 10157
Joined: Wed Oct 12, 2011 8:29 am
Name: Chris
Location: North Texas / Colorado

Re: Venmo?

Post by unixshrk » Thu Sep 13, 2018 7:36 pm

toxicavenger wrote:1) Buyer and seller protection
Venmo does not offer the same level of buyer and seller protection as its sister app, PayPal. That’s because it’s designed specifically to be used only between friends, or through Venmo-approved apps and websites that enable it to handle payments. According to its terms, “Venmo may not otherwise be used to receive business, commercial or merchant transactions, meaning you CANNOT use Venmo to accept payment from (or send payment to) another user for a good or service.”

Venmo explicitly warns that if you send a Venmo payment for a good or service, “you could lose your money without ever getting what you paid for.” Venmo does not offer any sort of protection program for this kind of transaction.
That settles that pretty clearly.

User avatar
mattcantwin
mattcreatestonsofwatchrelateddrama
Posts: 15985
Joined: Wed Dec 02, 2009 3:53 pm

Re: Venmo?

Post by mattcantwin » Thu Sep 13, 2018 7:37 pm

Without an extensive search, I found this:


Unfortunately, Venmo payments you receive can be reversed after they hit your account.

When you receive a payment, it looks as if the transaction is complete: The money appears in your Venmo account instantly, and you might even be able to use the funds. However, that money is only made available under the assumption that everything is fine.

If it turns out that there’s a problem, the payment will be reversed, and you’re responsible for that money. If you haven’t used the funds, Venmo will take the money back. If you already spent the money, you’ll need to replace it.



Doesn't sound so safe. :raised:
Image

User avatar
MDF
Posts: 1450
Joined: Thu Jul 08, 2010 8:45 pm
Name: Mark
Location: Chicago Burbs

Re: Venmo?

Post by MDF » Thu Sep 13, 2018 7:56 pm

so do you think this guy was trying to scam? Seems like it.
Regards,

Mark

User avatar
mattcantwin
mattcreatestonsofwatchrelateddrama
Posts: 15985
Joined: Wed Dec 02, 2009 3:53 pm

Re: Venmo?

Post by mattcantwin » Thu Sep 13, 2018 9:14 pm

MDF wrote:
Thu Sep 13, 2018 7:56 pm
so do you think this guy was trying to scam? Seems like it.
We'll see; going to get back in touch and tell him I can only accept USPS money orders.
Image

User avatar
Ryeguy
Posts: 4072
Joined: Fri Sep 09, 2011 1:03 pm
Name: Chris
Location: Rye

Re: Venmo?

Post by Ryeguy » Fri Sep 14, 2018 3:51 am

I get leery on the idea someone would offer an alternative financial transaction service in order to get a discount. I guess if you were first saying "PayPal" and they said "Venmo will save you $100" I'd understand (still not agree given the lack of protection), but it sounds like you were already asking for a money order.

When it comes to selling (and I'll be doing a fall cleaning soon) I think I'll just follow Brice's path with the wire transfers. He's got a ton more experience than me on the subject so there is no sense in reinventing the wheel.

User avatar
Chronos
Posts: 632
Joined: Wed Apr 02, 2014 6:45 am
Name: Jim
Location: In the lead

Re: Venmo?

Post by Chronos » Fri Sep 14, 2018 5:18 am

We definitely need a better alternative to Paypal, but Venmo isn't it

User avatar
logan2z
IT Admin
Posts: 11063
Joined: Sat Nov 24, 2012 1:08 am
Name: Andrew
Location: SF Bay Area, CA

Re: Venmo?

Post by logan2z » Fri Sep 14, 2018 5:22 am

Bank. Wire.

User avatar
abuemily
Posts: 746
Joined: Mon Apr 05, 2010 6:08 am
Name: Michael
Location: God's Country

Re: Venmo?

Post by abuemily » Fri Sep 14, 2018 5:28 am

My son uses it at college, it’s very popular there—he and his roommates use it to pay each other for shared expenses. I’ve never heard of it being used as a PP-type service. I’d pass.


Sent from my iPhone using Tapatalk

User avatar
tyd450
Posts: 399
Joined: Tue Apr 17, 2018 11:40 am
Name: Tyler
Location: Chicago
Contact:

Re: Venmo?

Post by tyd450 » Fri Sep 14, 2018 8:21 am

It's fine for friends and family and people you trust but there is absolutely no buyer or seller protection. The same as PayPal friends and family. All they have to do is tell their bank that is was a fraudulent transaction and it gets reversed and there is nothing you can do

User avatar
Erratic101
Posts: 2553
Joined: Wed Jan 08, 2014 7:40 am
Name: Justyn

Re: Venmo?

Post by Erratic101 » Fri Sep 14, 2018 9:49 am

mattcantwin wrote:

I've never linked a bank account to PayPal before, a bit leery about that.
My bank account is linked to my PayPal. It makes it easy for me to transfer money back to my bank account.

Venmo was created and owned by PayPal. It has more of a social media following. Other people can see what you bought and how much you paid. It’s weird.

It does have monetary limits. And I believe a sender can pull there money back up to 72hrs.

User avatar
Knome
Posts: 1661
Joined: Fri Jan 10, 2014 2:08 pm
Name: Ken
Location: Los Angeles

Re: Venmo?

Post by Knome » Fri Sep 14, 2018 10:25 am

I mainly use it with people I trust and even then it's mostly for smaller transactions like splitting a bill or something.

Post Reply

Who is online

Users browsing this forum: 93 Turbo, DaveT, matt.wu, pbj204, R_Ongjoco, TIMUR, tyd450 and 36 guests