Using Venmo is incredibly easy, for the most part. The online banking service allows you to transfer money to other Venmo users with no additional charges. It's also effortless to use your Venmo account to pay for goods at merchants. You can even get a card for the account, which will let you use your Venmo account anywhere. However, there are downsides to Venmo, and one of those is refunds. The process of getting a payment refunded is extremely awkward and not at all clear. What follows is our guide for how to refund on Venmo.
Once you've sent money to another user on Venmo, it's available instantly. There is no way to claim a refund. Instead, you need to ask the person you've sent the payment to for a refund. They will then need to send back the required amount. However, if you need to cancel a payment to a phone number or email address, you can do so using the “Take Back” button. You can also send a Refund Request in the app if you accidentally pay the wrong person.
How to Cancel a Venmo Payment to a Phone Number or Email Address
Using Venmo, you're able to make payments to people without a Venmo account. You'll do this via an email address or phone number. However, those without a Venmo account can't accept that payment. They need an active Venmo account. If you happen to pay someone who you thought had a Venmo account but doesn't, this is how you cancel that payment and get a refund:
- First, you need to open the menu using the three bars in the top left-hand button in the app. This will have a red dot on it to indicate that you have a notification.
- The notification will be telling you that the payment you just made is incomplete because the recipient doesn't have a Venmo account.
- Tap the ‘Incomplete‘ tab on this menu, which will also have a red dot on it. There are two options here, ‘Requests' and ‘Payments.'
- You need to select ‘Payments.' Now, you can select the payment you sent to the person who doesn't have a Venmo account.
- At the top of the screen, you will see an option called ‘Take Back.' You need to select this option to get a refund on this payment. Tapping it will change its status to ‘You canceled this request.' When you return to the home screen, the payment will have disappeared, and the money should be back in your account.
How to Cancel a Venmo Payment to the Wrong Person
It's very easy to make a payment to the wrong person through Venmo. Unfortunately, as I pointed out at the start of this article, payments to other Venmo accounts are instant. This means that your funds are gone as soon as you select the recipient and confirm the payment. Rather than contacting the payee, which you still could do, it's best to get in touch with Venmo directly.
- To do this, you need to open the Venmo app and select the button in the top right-hand corner. It looks like a draft symbol for writing a message.
- Here you'll be given a form. Enter the name of the person that you accidentally paid, and how much you accidentally sent to them. You should also add a note explaining that you accidentally paid this person when you meant to pay someone else. It will help ease the process of getting the payment refunded.
- With that done, press the ‘Request‘ button, and your message will be sent.
- If a few days go by and you hear nothing from Venmo about the refund, you can send them a reminder. Head to the ‘incomplete‘ tab again, and you should see an open request.
- Here you have an option to remind Venmo by pressing the ‘Remind‘ button. Press it every day if you need to so that the company addresses the issue.
How to Push for a Refund on Venmo
Sadly, Venmo doesn't guarantee that a refund will be processed back to you. This is a risk with using an online bank like Venmo, but it doesn't happen regularly enough to worry about. If you're having trouble getting in touch with the company, try phoning them directly on 855-812-4430 and checking their website here.
The sad truth is that Venmo is a bank that you can accidentally lose money through if you don't double-check your payee information. To avoid this happening to you, check every detail at every stage of making a payment. This is the only way you can be sure that you won't lose money, and if you send the money to the wrong person, it can be difficult to get Venmo to process a refund.
If you'd like to know how to transfer safely between Chime and Venmo, check out our guide here.