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Venmo is the same way. A friend of mine accepted payment for a piece of hardware through Venmo. My friend handed over the hardware in person to the buyer once t
by eckmLJE 8y ago
Venmo is the same way. A friend of mine accepted payment for a piece of hardware through Venmo. My friend handed over the hardware in person to the buyer once the payment was "in" my friend's wallet and he had initiated the cash out, but before the money had actually cleared into his bank account.
Once he and the buyer parted ways, the payment was canceled due to a claim of fraud by the card's owner, and my friend's Venmo account was suspended because had used it for commercial purposes and not just sending money between friends.
Apparently, even if you already have the money cleared in your bank account, Venmo has the ability to charge it back once a fraud claim is initiated. Apparently this is very common on the platform.
- panarky 8y ago> Venmo is the same way. If Venmo reverses payment due to claims of fraud, then this is pretty much the exact opposite of Zelle. That makes Venmo more like PayPal, with a dispute resolution process. Zelle doesn't care if your counterparty is a scammer. If you initiated the payment, the money is gone.
- ianburrell 8y agoThere are two different kinds of fraud. One is where there is fraudulent payment like from account being taken over. Venmo and Zelle can reverse those transactions. The other kind is where purchase is fraudulent. Venmo and Zelle don't offer any protection for purchases or sales. It is only credit cards and equivalent that offer purchase protection.
- panarky 8y ago> It is only credit cards and equivalent that offer purchase protection And PayPal, Payza, etc.