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In case a buyer wants to pay you via Venmo, beware...

https://www.theverge.com/2017/7/19/1...t-clause-fraud

Take a read. Many people using Venmo nowadays aren't aware of the lack of protection for those receiving money in a business-like transaction.

Quote:

Originally Posted by mav1178 (Post 2948303)

https://www.theverge.com/2017/7/19/1...t-clause-fraud

Take a read. Many people using Venmo nowadays aren't aware of the lack of protection for those receiving money in a business-like transaction.

Good read. I have only used Paypal or cash for person to person transactions, however I do have friends who use Venmo regularly. Distributing link now. :cheers:

In fairness Paypal has been known to be quite dangerous for the seller as well due to the ease of reversing charges.

If selling, get cash. I use Paypal often to buy things. It offers an additional layer of protection to a credit card, which describes the problem exactly for sellers. These are imbalanced apps which do not replicate banks.

Quote:

Originally Posted by 8RZ (Post 2948357)

PayPal owns Venmo.

Fully aware of this but many people buying/selling items are not aware of the policies, especially when the buyer insists on one form of payment.

Just because they have the same corporate ownership doesn't mean the policies match.

Edit: here's the relevant text in case you want to know.

PayPal:
https://www.paypal.com/us/webapps/mp...agreement-full

Quote:

You can also use a personal account to receive money for the sale of goods and services, but if you plan to use your PayPal account primarily to sell things, you should consider a business account. You can upgrade a personal account to a business account should circumstances change.

Venmo:
https://venmo.com/legal/us-user-agreement/

Quote:

Personal accounts are for use in person-to-person transfers with friends and family, and other people whom you know. Personal accounts may also be used to make Authorized Merchant Payments as described in this Agreement. Some features of personal accounts may be limited based on how you wish to use the Venmo Services, how much you need to send or spend and what we know about you. We may require that you provide more information in order to complete a transaction. Personal accounts may not be used to receive business, commercial or merchant transactions.