Venmo is a convenient way to send money to friends and family, as well as to complete online transactions. Most of the time, it runs quite smoothly and is very user-friendly. However, some people have encountered an error message that says there was an issue with your payment on Venmo. What could be the cause of this message?
If you encounter an issue with payment on Venmo, it could be easy to explain like insufficient funds, payments in excess of limits, incorrect card details, or a bad connection. You may have also triggered a red flag for suspicious activity. It could have been denied by your bank or card issuer.
For the detailed breakdown of all the possible problems, this guide gives you everything you need to check first.
Venmo Issue with Payment: Insufficient Funds
Do you keep close tabs on the balance of your Venmo account? Many people use it so regularly that they don’t think twice about whether they have money in the account. However, it is always good to be in the habit of checking in with your balance.
Not knowing how much money is in your account is one of the main reasons you might face an issue with payment on Venmo.
When you see a screen that says there was an issue with your payment on Venmo, then you should first check to see if you had enough funds in the account. Insufficient funds might be the real culprit of your problem.
Consider adding more money to your account using an instant transfer. Once you see the balance in your account increase, then you can try the transaction again. If you are still having an issue with your payment, then you may want to consider some of the other possibilities.
Sometimes, Venmo may allow the payment even if you do not have sufficient funds. In this case, they will then freeze your account until you pay the amount that you owe them. It can take two to three business days to unfreeze your account once you add enough funds to cover your debt.
Exceeded Payment Limits
Venmo is quite strict about how much money you can send and spend on their platform. Many people do not realize that they are over their payment limits until they get a notification that there was an issue with your payment on Venmo. Just how much can you send in a given week?
When you first set up your account, you can only send $299.99 per week to friends and family. The same limit applies to making purchases from various merchants. It isn’t hard to go over these limits over the course of seven days. If you are even a few dollars over the limit, your transaction is likely to be denied.
Fortunately, there is a way to increase these weekly limits. All you need to do is verify your identity by providing your legal name, address, date of birth, and social security number.
This will not be an instant increase, but it is a good idea to do it if you think you may want to send or spend more than $299.99 per week.
Once your account is verified, you will see a hefty increase in how much you can send or spend in a week. The payment limit at merchants increases to $6,999.99 while peer-to-peer payments will increase to $4,999.99 per week.
If you have recently made some major purchases, then you may want to take a moment to review how much you have spent in the last seven days. You may find that your transaction was denied due to being over the limit. You will have to wait seven days from the time of your purchase until the limit will reset.
For more information on Venmo daily limits, we have a full guide to this topic here!
Incorrect Debit or Credit Card Details
When is the last time you reviewed the payment details on your Venmo account? After exceeding your limits and insufficient funds, one of the more common reasons that a payment may be denied on Venmo is because the linked debit or credit card details are out of date.
How does this happen? Chances are your bank automatically sends you a new card when your old one expires or when there has been a security breach on your account. You never have to think twice about when your new card comes in the mail.
Unfortunately, many people forget to update all of their payment information even on popular apps like Venmo.
Even a small change in your credit or debit card information such as a change in expiration date can trigger Venmo to decline your payments. Always take a quick minute to review the payment information on your account before you jump through hoops contacting customer service about the issue.
Issues with Data Connection or Servers
Are you trying to make a payment on your Venmo while you are out and about? Internet service can be a fickle thing if you are tapping into the free wi-fi at your favorite restaurant or café. If your connection times out or you lose your data in the middle of the transaction processing, then Venmo will deny or cancel that payment.
How do you fix this? You can either try to reconnect to the network or wait until you get home to try again. This is a relatively simple fix that just delays your transaction. It can be a bit annoying, but it doesn’t require a whole lot of work to correct on your part.
On the other hand, the issue may not be with your connection at all. There is a real possibility that Venmo is to blame for your issues with payment processing.
Consider how many people use this service at any given time. If there are too many people trying to process a transaction at the same time, it is possible for those servers to become overloaded. There may be a glitch in their system.
Much like reconnecting to the network, there isn’t much you can do other than wait until the issue resolves itself. Wait a couple of hours to see if the issue gets corrected. If you are still experiencing issues with payment on Venmo, then you may want to reach out to customer service to get to the bottom of things.
There was an Issue with Your Payment on Venmo: Red Flags
If none of the other scenarios on this list seems to apply to your most recent failed transaction, then you may want to consider reaching out to Venmo.
Their system tries to be as thorough as possible to protect you from fraudulent transactions. If they feel that it is potentially a suspicious transaction, they are likely to decline. Certain keywords in your purchase can trigger a red flag.
Understanding their algorithms is a challenge, so it is hard to know all of the possible reasons why a red flag may have been thrown up on your transaction. You may never know exactly why one transaction triggers a red flag while another does not. However, the solution is still the same.
You will need to reach out directly to Venmo customer service. Their phone number is 1 (855) 812-4430.
A customer service representative should be able to help you pinpoint the cause of the payment issue on Venmo and help you to resolve it so you can make your purchase.
They may have frozen your account if they notice any suspicious activity. A customer service rep can also give you the information you need to unfreeze your account and go back to making your usual transactions.
Reach Out to Your Bank Directly
Many people use Venmo to make payments that are actually funded by a separate bank account, credit card, or debit card. If you encounter an issue with your payment on Venmo, then it is likely because your bank or card issuer declined the transaction. Unfortunately, resolving the issue can be a bit complicated.
The best thing to do is to reach out to your bank or card issuer directly. You can do this by calling the number listed on the back of your card. Customer service should be able to help you get to the appropriate department.
If this situation describes you, then you should not contact Venmo. They are not able to see the details about why your payment was declined. Without seeing the specifics, they will not be able to give you any insight into how to correct the problem.
Venmo also does not have the right to override the payment issue.
For those who don’t have time to sit on hold over the phone with their bank, you may simply want to try using a different payment method or a different card. This can oftentimes solve the issue with payment. If you have some time, you might also want to simply try processing the transaction again in a little bit using the same card.
There was an Issue with Your Payment on Venmo
There was an issue with your payment on Venmo, and you aren’t sure why. Start by checking your account for simple solutions like insufficient funds or incorrect debit card details. If everything is right, try again in an hour or two. Consider contacting Venmo customer service or your bank if the payment issue continues.