When using Venmo, you might run into problems every once in a while. One common problem that users often face is sending the wrong amount on a transaction, or sending a transaction to the wrong person. If you send a Venmo transaction by mistake, you may be wondering how to reverse the transaction. You cannot technically reverse or cancel a Venmo transaction. What can you do then?
This simple guide will walk you through some steps you can take to fix this problem. It is very important that you understand the steps involved in Venmo transactions so that you can avoid problems like this in the future.
Let’s dive right in and find out what to do if you need to cancel or reverse a Venmo payment.
How Do You Reverse a Venmo Transaction?
You cannot reverse a Venmo transaction. If you have made a Venmo payment to someone by mistake, don’t get discouraged too quickly. There are ways to fix this issues. We will discuss those steps in a moment. First, let’s take a look at ways you can avoid making this mistake in the first place.
In order to avoid sending payments to the wrong person, you should add recipients to your contacts. When you send money through your contacts, you will be sure you are always sending the money to the right person.
Contacts can be added manually or they can be added by means of transacting with someone. Do not accept contact requests from people you do not know. Never send money to people you do not know.
Why Would You Need To Reverse A Venmo Transaction?
You might find yourself wanting to reverse a Venmo transaction because you sent the money to the wrong person, you sent the money by mistake, or you sent the wrong amount.
You need to remember, that you cannot technically reverse or cancel a payment, but there are ways to get the money back.
How Can I Get My Money Back?
If you find that you sent a payment by mistake, there are some steps you can take. Venmo will not cancel the payment or reverse the payment, though.
The only option available to you would be to send a request to the recipient explaining that the money was sent by mistake and that you would like for them to send the money back through another transaction.
This should not be a problem if you mistakenly sent the money to someone you already know on your contact list.
If you sent the money to someone you do not know, you should be aware that the money is immediately available to that person the moment you sent it. If they do not send the money back there is no way to retrieve the money. This is why it is very important that you double check who you are sending a payment to.
Payments From Recipients
The recipient may not be able to send back your payment in some situations. You can certainly request that the money be sent back to you, but in some cases, the recipient will not be able to send it back. Let’s look at some of these reasons.
Account inactive- If the account is inactive or not in good standing they will not be able to send back your money.
They refuse- If the person simply ignores your request or refuses to send the money back you will not receive the money back.
No funds available- If the money is no longer available in their account, they will not be able to send the money back until they have sufficient funds available.
What About Scams?
Venmo provides excellent safety and security for users, but scams can happen under even the best conditions. If you believe that you have been a victim of a scam, you can contact Venmo support to explain the details of your situation.
Venmo may be able to work with you to resolve issues in which payments were made as a result of fraudulent activity or a scam.
Can I Reverse a Payment I Received By Mistake?
If you are the recipient of a mistaken payment, you should send the money back to the sender immediately. You simply initiate a payment to the sender in the exact amount. This will not affect your previous Venmo balance at all. This is the most honest way to deal with mistaken payments that are sent to you.
Keeping a mistaken payment is unfair and fraudulent toward the person who mistaken sent you the payment.
To keep everyone safe and secure on the Venmo app, it is important to quickly return any payments that were sent to you by mistake.