Cancel / Reverse Venmo payment : When a Venmo payment goes wrong

Mistakes are human nature but with technology we learned a word ‘UNDO’ .When it’s connected to money a mistake is so crucial to bear . Suppose you make an online payment to a wrong person then what can be done. So if you committed one such in Venmo then here is the way to Cancel / Reverse Venmo payment.Today,an individual can order a car through Uber,book a room through Goibibo, pay a friend through Venmo with just a 3G/4G mobile phone.

The ubiquitous access to the internet afforded by laptops,smartphones & tablets has laid the groundwork for many startups .

How does Venmo work ?

Venmo carries out money transfers between persons/organizations ,permitting  consumers to pay back people in their contact for any so forth  reason. A linked credit card,debit card or bank account is required to use this service. Besides this, the beneficiaries i.e. the users  can sends money to  friends or receive payments that can then be stored as a Venmo balance for use at a later date or can be  cashed out immediately to a bank account.

Is Venmo safe?

A major drawback of being digitised  is that everything goes on the network ,even the person’s personal details, adhar card nos. etc, which can become a threat to someone, if went in wrong hands. Yes,Digitsation brings convenience,but it’s security is also a major concern.

We know that applications that  are directly linked to one’s bank accounts must be held to the highest security standards . However, in 2015, Venmo became the target of criticism due to security breaches of user accounts. And hence as a result ,it uses bank level security  & data encryption to protect users against unauthorized transactions & allow users to set up a PIN for mobile application access for additional security.

Read Also : Venmo User Guide for Safe Transactions – Venmo payment

How to Cancel / Reverse Venmo payment

When someone sends money to a Venmo user, the amount is directly added to his account balance . Since transfer of money through Venmo is so instantaneous that one can’t cancel a payment once its been made.

Suppose you transferred a venmo payment to someone else by mistake instead of the actual person. Then you will worried about the ways to Cancel / Reverse Venmo payment.Here you can request to do a payback from the person to whom you transferred by mistake.

In order to do this you should write to that concerned person requesting a pay back . If you don’t hear back from them or need help sending a charge request,contact the support team of Venmo & they will help you to Cancel / Reverse Venmo payment.

When you contact Venmo support team to Cancel / Reverse Venmo payment, please be sure to include the following details to expedite the process:

  • Username of person to whom you sent the funds
  • Amount of payment
  • Date of payment
  • Username & phone number of person to whom you were about to pay

Read Also : Credit Card Debt Myths – Top 8

Some simple steps to Cancel / Reverse Venmo payment:

You can Cancel / Reverse Venmo payment easily .

Cancel / Reverse Venmo payment If you paid the wrong person:

  1. Open the Venmo app.
  2. Tap the Send/Request icon at the bottom right corner of the app.
  3. Search for the person to whom you accidentally sent money.
  4. Search the person’s name in the currently searched list.
  5. Type the amount to be sent,next to the dollar sign.
  6. Leave a message into the message box,mentioning what it is meant for & to whom(optional).
  7. Click “Request” icon.
  8. Click” Confirm Request” icon.
  9.  Set a reminder,so that you can be notified.
  10. Approach  Venmo help centre, if your request is not accepted.

Cancel / Reverse Venmo payment If you paid someone who doesn’t possess a Venmo account :

  1. Open the Venmo  app.
  2. Click the menu icon.
  3. Choose “Incomplete” icon.
  4. Click” Payments” icon.
  5. Click “Cancel” icon near the payment. By doing this the entry will be removed from the list, and the money will be refunded to the card or account from which it was sent.

Read Also : Exclusive Nest Egg building guide for painless millionaire dreamer

How to secure a Venmo Account:

As we all know,evolution of technology & its increasing applications in our day to day life had made life easier & convenient .

Just with a click of button, we can carry out all important banking transactions ,pay our bills,can do important business conferences/meetings through Skype, can interview for job also & even with the introduction of MOOC’s one can learn any skill/subject of his interest at his residence only.

But,in the case of carrying out financial transactions & other banking processes, we are a bit more concerned about security of that service provider,since its linked to someone’s personal details & monetary savings. With a single loophole in the service, it can become a threat to a consumer .

So, let us learn here ,how to secure a Venmo Account from thieves,hackers & snoopers :

  1. Create a Very strong password & immediately log put of the app,when not in use.
  2. One can add a two step authentication like a password with a pin or some pattern etc.
  3. One can set a not to easy detectable authentication to the phone also,in addition to Venmo,so that an unknown can’t access your phone without your consent.
  4. One can set his account’s settings to “privacy”.
  5. Twice check whether you are sending money to the right person/company.
  6. Timely keep an eye on notifications.

Overview about Venmo security & service:

With the recent introduction of Venmo’s Multi-factor  authentication feature, is now more secure to use , it automatically adds an extra step authentication to the user,when you attempt to login from a new device.

It will send an OTP to the registered phone no. of the user & only after submitting that OTP, you can access the account.

This feature is designed to maximize security while continuing to provide a quick and easy sign in experience to the users. If you have any query, you can contact Venmo team or can approach the help centre.

So this is the overview of Venmo online payment and its security along with methods to Cancel/Reverse Venmo payment & Venmo account security tips.

Leave a Reply