Venmo is one of the most popular digital platforms in the United States for cash transactions. Commonly, you choose this option to make the payment of your daily purchases. Besides, it is an application with many services available to the customer.
This application is owned by PayPal, which could explain the similarities and quality when making payments. The mission is to make your payments and transactions as intuitive, fast, and easy as possible.
Venmo payment declined
The “payment declined” message can come at the worst time from Venmo; it has many reasons to appear, so you should know all of them to understand the error of your particular transaction.
One of the reasons could be that your account is temporarily frozen; if so, you will receive an email where you will be given all the information about why the transaction failed and what you can do to solve it.
It is also common to receive a rejection when you exceed the daily payment limit; this is common when you are new to the application because while your identity is being verified, a weekly limit is applied to all your transactions.
If you do not have sufficient funds to complete the transaction, you will not be able to make the payment, and therefore it will be declined. You can easily check this by accessing your mobile app to ensure you have enough money to purchase.
How to make payments with a Venmo balance?
Through the app, you have different payment methods; and are free to choose the one that best suits your needs and convenience. One of the preferred ways is using your bank account or the card linked to the application.
This service is available from the first moment you register in the application. To do so, you must transfer funds from the linked account to the Venmo debit card to complete the payment.
You can make the application for the Venmo debit card on the website, and you will receive it within a week. Another effective method is to use your balance for online purchases at U.S. retailers or ATM withdrawals.
You also can make payments to another Venmo user; the application has a similar operation to PayPal; if you are a user of that platform it will not be complicated to use your funds.
How does Venmo work?
To use your Venmo funds properly, you need to know how the application works. When you download the application, you can link your bank account with Venmo to have funds available.
You can start exchanging money with other application users when you have funds in your account. It is essential to note that Venmo is not a bank. Therefore, it has some limitations in sending money to banks or people outside its network.
To pay, you only have to press the application’s payment or request button and enter the recipient’s email, username, or phone number. The platform will indicate each procedure to make it effective.
After adding the corresponding information, you must enter the amount to be sent and click on “send.” The transaction may take one to three business days when you choose the free option; if you want it to be automatic, you must pay the fee set by Venmo.
What are the fees charged by Venmo?
Before you start using your funds, you need to know the fees. To begin with, opening an account is free, and there are no monthly fees either. But as we mentioned, if you want instant transfers, you must pay a fee of 1.75%.
Furthermore, if you use a credit card for payments, Venmo charges a 3% fee to the sender for the transaction. Credit card fees change according to what you do; if you request a cash advance, the price will be 10 or 5% of the amount.
It would help if you also considered that cash advances have an APR of 20.99% plus the prime rate.
Is it safe to use Venmo?
Of course, their security terms are the best; they are constantly monitored to detect any fraud and stop it from the first moment. It is a simple and versatile application; you should consider whether you can wait a couple of business days to complete the free payments.
The operation of the mobile application is simple and intuitive; the best thing is that in each procedure, you will find the transaction details and guidance to complete it successfully.
Most U.S. citizens use this method for some payments. However, having an alternative option in emergencies is not a bad idea.