Can Venmo Payments Be Reversed?
Canceling payments in Venmo could prevent costly transaction errors. You might have sent money to the wrong person or accidentally entered a number that’s too high. Either way, you’d like to get your money back.
But is that even possible? In this article, we’ll find out if you can reverse payments in Venmo.
Can You Cancel Venmo Payments?
Unfortunately, reversing a Venmo payment isn’t currently doable. The moment you send someone money through Venmo, the recipient can draw the amount from their account. As a result, you can no longer access your funds.
However, there’s a way to rectify the situation. Namely, you can always ask the recipient to return the funds the same way you sent them. If successful, you can transfer the money to your bank account via Venmo.
Can Venmo Support Reverse Your Payment?
Venmo Support does have the authority to cancel payments, but only at the recipient’s request. This means that the recipient has to issue a consent to Venmo Support, their account must be in good standing, and the funds must still be available in their account.
While having the recipient reverse the payment is a possibility, asking Venmo Support to do it on your behalf isn’t a request they can grant.
What If the Recipient Doesn’t Want to Return the Money?
In case you can’t contact the recipient, or they aren’t complying with your demand to return your money, you can reach out to Venmo Support to assist you. Nevertheless, Venmo makes no promises that they’ll be able to retrieve your funds.
But since you’re running out of options, be sure to get in touch with the support team and they’ll do everything in their power to assist you. While explaining the situation, don’t forget to disclose the following information:
- The recipient’s username.
- The amount you sent.
- The date of the transaction.
- Email address, phone number, and the username of the intended recipient.
Are There Any Payments That You Can Reverse?
Luckily, not all payments in Venmo are irreversible. There are a couple of transactions you can cancel before the money reaches the recipient:
If your transaction is classified as “Incomplete”, this means that you sent the money to a phone number or email address that’s not connected to any active Venmo accounts. Also, if Venmo is yet to verify the recipient’s phone number or email address, the payment will be designated as “Incomplete”.
You can reverse the payment at any moment before it reaches a verified Venmo account. Here are the steps for recovering incomplete payment funds:
- Press the “☰” button at the top of the screen.
- Go to “Incomplete”.
- Find the “Payments” section.
- Locate the transaction you want to reverse.
- Press “Take Back”.
After successfully retrieving your money, the amount will be transferred back to the initial account. On the one hand, if you sent the payment through your Venmo balance, the returned funds will end up there.
On the other hand, you may have transferred the money using your bank account or card. In the case of a bank account, you can expect to get your money back in three to five business days. If your card was the payment method, the amount should be returned in five to seven business days.
In some cases, you can cancel a Venmo transaction if you used iMessage to send it. In particular, you’ll automatically get a refund if the recipient fails to accept the money within three days. If you want to reverse the transaction before the three days expire, here’s what you need to do:
- Either enter the “Incomplete” section in the menu where you can reverse the pending payment, or:
- Access the payment bubble on your iOS 10 or desktop and press “Incomplete Payments”. Doing so, you’ll reach the Venmo App where you can reverse the transaction.
How to Avoid Cancelling Venmo Payments
The best way to avoid getting into a tricky payment situation is by being extra careful while performing transactions. To make sure you’re sending the money to the right recipient, double-check the username and the user’s photo. Additionally, be sure you’ve entered the right amount before you complete the transaction.
Another precautionary measure you should take is using Venmo with only the people you know. Any questionable recipients could prove to be scam artists trying to take advantage of you.
Finally, don’t use Venmo for online sales or business operations. The only scenario where it’s safe to pay an online merchant is if Venmo authorizes it. Otherwise, use Venmo to send payments to your friends, family, or other trustworthy sources.
Venmo Is Convenient but Use It Safely
Venmo offers a quick and hassle-free way of making payments online. However, this doesn’t mean you should be reckless while performing transactions. If that happens, canceling your payment may not be possible. So, make sure to avoid such a mistake and you won’t regret using Venmo.
Have you ever tried to reverse your Venmo payment? Did it work? Let us know in the comments sections below.