Venmo

[Snow mom]

Okay, I’ll start by admitting I’m basically a little old lady with being up to date on technology and what is popular in the moment. Do you accept Venmo from strangers? I was recently selling something expensive and a woman contacted me and wanted me to meet up with a relative of hers for handoff. She was going to Venmo me the money either right before or when we met (not really sure). I told her cash only and she got really huffy about my not being willing to accept any electronic payments. I thought about telling her I’d take PayPal friends and family but it didn’t seem worth the hassle (and the item ultimately sold with someone coming to me with cash in hand). I did a bit of reading on the security of Venmo but wanted feedback from people who live in the 21st century. Is Venmo safe to accept from people on Craigslist or Facebook marketplace? Does it have issues with chargebacks like PayPal does?

[SnuggleBuggles]

I have no problem accepting Venmo. I also offer to accept PayPal. What is your concern?


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[AnnieW625]

I have been using Venmo for the last few years without a problem. I also have PayPal. I usually know the person who I am sending money to, but last year when we were moving all transactions for home repairs, and paying the movers was done through Venmo. My dh doesn’t have Venmo and doesn’t feel the need for it (he says WCS he will just text me if he needs to pay someone), but we have started seeing payment options for beauty/hair services being either cash or Venmo/Zelle/PayPal, and no credit card option. We usually just pay with cash in those situations but some people are sup comfortable with Venmo. Zelle uses your phone number so honestly while I have an account I use it rarely.


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[Snow mom]

I have no problem accepting Venmo. I also offer to accept PayPal. What is your concern?


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I think it’s because I used to sell on eBay and heard so many horror stories of people buying items and then claiming the charge wasn’t authorized and receiving their money back. eBay will leave you high and dry in these situations. Reading on Venmo security it sounded like the same could easily happen. They advertise it as a way to pay friends, so I wasn’t sure how common chargebacks were. The money definitely isn’t guaranteed through Venmo.

[khm]

Okay, I’ll start by admitting I’m basically a little old lady with being up to date on technology and what is popular in the moment. Do you accept Venmo from strangers? I was recently selling something expensive and a woman contacted me and wanted me to meet up with a relative of hers for handoff. She was going to Venmo me the money either right before or when we met (not really sure). I told her cash only and she got really huffy about my not being willing to accept any electronic payments. I thought about telling her I’d take PayPal friends and family but it didn’t seem worth the hassle (and the item ultimately sold with someone coming to me with cash in hand). I did a bit of reading on the security of Venmo but wanted feedback from people who live in the 21st century. Is Venmo safe to accept from people on Craigslist or Facebook marketplace? Does it have issues with chargebacks like PayPal does?

If it is expensive, I'd also be leery. With Paypal Friends and Family, you are only supposed to use it with.... just friends and family - ie people you know won't scam you. There really aren't protections there for that.

If they use a stolen account or something, the funds can appear in your account and then be reversed.

Same with Venmo. The account they are using COULD be stolen, then plucked back out.

Typical scams involve everything online (not meeting in person), so that would bring me a bit of peace. But, ultimately, I read way too much Personal Finance on reddit and the amount of scams with PP and Venmo is off the charts. They have all sorts of ways, if they are indeed a scammer.

For a few bucks? No biggie, I'll take the risk, but for something really expensive, it just isn't worth it to use an app like that that stresses is only to be used with a *trusted* other party.

If they aren't trusted, it's on you for using it in spite of that. If they are using business paypal or business venmo, then that is different.

[twowhat?]

I'm an old lady too but more and more people would like to pay using Venmo so that they don't have to get cash. I tried to set up an account and link to our bank account but it wouldn't let me because DH already has a Venmo account linked to our bank account! I'm soooo frustrated by this dumbness - does anyone know about being able to use Venmo when you and DH share a bank account?

If it's something expensive, I think the better way to go is PayPal Goods & Service where the fees are worth it for the protections. But I think you have to be careful here too...if you sell over some certain $$ of stuff I believe you'd have to claim it on tax returns.

[DualvansMommy]

I wouldn’t have a problem with vemno. What I would have done in your situation with an expensive item to sell; is actually meet at off site for the exchange of the item. But I would ensure the item is in my hands, and staying at the spot to exchange vemno details to ensure payment went through. I wouldn’t do anything expensive sight unseen or without a meeting.

It’s just so handy, as I rarely have cash on me. Often only 20 or 40 bucks. And my ATM from my local bank is 10 min drive, so I would be annoyed at this banking errand I’ve yet to squeeze in if the seller wanted cash.

My kids school PTO use vemno/PayPal/ etc and I’ve found i donate more and likely donate now. In the past, whenever I got request with just 2-3 days of notice to send in cash only, it’s often half of the time I do it cuz I only do it if I had cash on me that day.


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[mmsmom]

I take Venmo from strangers but for lower amounts. They send on site then when I get the confirmation they take their item and leave. I’ve never had an issue but I have also not looked at how charges can be reversed. I usually say cash or Venmo only. But if you are concerned I would just say cash only. I’ve had plenty of people still want to pay cash.

[jgenie]

I would have done what you did. Cash for the item or move on to the next person. If the item had been sitting with no interest I would be more willing to take Venmo.

[khm]

I would have done what you did. Cash for the item or move on to the next person. If the item had been sitting with no interest I would be more willing to take Venmo.

Exactly, if someone really wants said expensive item, they should be willing to go get cash. If not, I'm on to the person who will. For cheaper stuff, sure, I get the convenience and am willing to risk a small amount. But not when a bunch of money is on the line. Just too many horror stories in treating a stranger as a "friend / family" with those apps.

Those apps assume you KNOW the person and will work it out amongst yourselves if something goes awry. They won't step in. They'll just tell you you shouldn't have used the friends and family option if you didn't know and trust the buyer.