It’s not uncommon to make a mistake when transacting on Venmo. Sometimes you may send money to an inactive account, enter the incorrect amount, or send the amount to the wrong account. The best way to resolve these problems is to ask the recipient to return the money. But if they don’t, you can get a refund on Venmo by contacting customer service.
You can cancel the wrong payment instantly, but this option isn’t possible if you send it to a different person. Remember, contacting Venmo support doesn’t guarantee a refund. However, if you accidentally send a transaction to an inactive Venmo account on their email address or phone, you can get it back with the “Take Back” option. This applies to all personal transactions. For businesses, Venmo allows them to refund customers with a new payment. You can see the “Refund” option in the Venmo app if you have a business account.
Let’s look at the nitty-gritty of Venmo’s refund policy to help you learn how to get your money back. So, let’s get started.
How To Get a Refund on Venmo for Personal Transactions
If you send money to the wrong personal payment, you have three options. First, tap on “Take Back” to cancel a transaction. Second, request the recipient return the amount. You can also contact Venmo customer support for assistance. However, none of the above methods guarantees you’ll get a refund on Venmo. So, you can try each, hoping things work out just fine.
Method 1: Canceling a Payment via the Take Back Option
If you send the payment to an inactive amount, you can get it back through the “Take Back” option from the app’s settings. But make sure to do the process quickly to increase the success rate. Follow the below steps to get started:
Step 1: Open the Menu in the App
First, open the Venmo app on your iPhone or Android phone, and look for the menu button. It’s on the upper-left side of the app’s homepage—the three horizontal lines or “hamburger” icon. Tap on it to open the side menu.
Step 2: Choose “Incomplete”
Now, look for “Incomplete” in the list, and tap on it to proceed. The next screen will display all your unsuccessful payments with a red circle. You can view transaction requests from your friends in the “Notifications” section.
Step 3: Tap “Payments”
You will have two options on the next screen: “Requests” and “Payments.” Choose “Payments” to view the wrong payment you sent. You can also see more details about that payment, including your message, transaction amount, and the recipient’s email. If that person doesn’t have an active account, you can get a refund on Venmo.
Step 4: Choose “Take Back”
Select the “Take Back” option present next to the wrong payment. Soon, the transaction will become gray, and the screen will show, “You canceled this request.” Your work is done!
Return to Venmo’s home or reopen the app, and the transaction will disappear from your payment history. You can confirm this by checking your account balance. There will be no deductions from your linked bank account.
Method 2: Requesting the Recipient for a Refund on Venmo
You can simply ask the recipient for a refund on Venmo. That’s helpful when the money is transferred to the wrong person. It’s a common type of mistake on Venmo since many users have the same usernames. After all, most people opt for the username that Venmo automatically chooses during the account signup process.
When you tap the “Pay” button, the payment is automatically transferred to that user. The recipient can instantly transfer that amount to their linked bank account. You can bid goodbye to your money if you accidentally send it to a scammer.
In such cases, it’s always better to request the amount from the recipient before emailing Venmo support. Here is how you can do that:
Step 1: Tap the “Pay or Request” Button in the App
First, open the Venmo app on your device and tap the “Pay or Request” option on the screen’s bottom.
Step 2: Find the Recipient
The next step is to search for the recipient with their username. Tap on that person’s name once you find them to open a payment form. Finally, choose Done.
Step 3: Type in the Amount
Now, enter the amount in dollars that you sent to the user by mistake. After that, write a note in the “What’s it for?” box, telling the recipient why you’re requesting the money. Then, decide who can access your payment details. It will be “Public” by default. Tap on it to make the transaction “Private” or only visible to your “Friends.”
Step 4: Tap Request
Lastly, press “Request” to initiate a refund on Venmo. Choose the “Confirm” option prompted at the screen’s bottom to complete the process.
Step 5: Choose “Remind”
If luck is on your side, you may receive the payment immediately. However, you can remind the recipient if you don’t receive the payment back. For that, open the menu from the top-left corner and choose “Incomplete.” Then, navigate to the “Requests” section to see all your unsuccessful requests. Tap the “Remind” button underneath the payment.
Method 3: Contacting Venmo Support To Get a Refund on Venmo
Your final resort is to contact Venmo support. Their representatives will assist you in getting your money back, but they won’t guarantee a reversal. Here is to contact Venmo customer support about a refund.
Step 1: Open the Menu
In the app, tap on the three horizontal lines on the top-left corner of the screen to open the menu.
Step 2: Tap “Get Help”
Scroll down to the bottom of the menu and select “Get Help.”
Step 3: Choose “Contact Us”
On the next screen, tap “Contact Us” and then choose “Chat With Us” or “Email Us” to contact someone from Venmo’s customer support. You can also call them from the “Check Our Hours” option.
How To Get a Refund on Venmo With a Business Profile
Businesses can instantly refund their customers on Venmo from the “Refund” option in the app. The company allows them to send another payment as a refund. Meanwhile, it marks the initial transaction and the refund as “Refunded” in your transaction history (statement) and the app. You can also access them from the payment details.
As a business, you must fulfill some requirements to use the in-app refund option. These include the following:
- You must complete the identity verification process for your business profile.
- Your business account should have money equivalent to the original transaction amount to send a full refund.
- Your business account must have enough money to cover the amount for a partial refund.
You can send full refunds to your customers even if you don’t have enough money in your business profile. Here are some ways to do that:
- First, initiate a new payment from your bank account or card. Mention the initial amount in the payment note to keep it separated from the original transaction.
- You can also request Venmo to transfer money from your personal profile to your business profile.
- After receiving payments, you can keep them in your business profile to fund upcoming refunds.
How Business Refunds Work on Venmo
To initiate a refund on Venmo for your customers, you must first locate the payment in the app. Open the payment details screen to see the refund option under each transaction. You can get the refund as money directly into your Venmo account.
You can easily make a partial or full refund if you have enough funds in your account. As a business, you will have to cover the seller transaction fee. Venmo will notify you and the customer through emails and in the app once the refund becomes successful.
Here is how you can use different options in your business profile to request a refund on Venmo:
- Full Refunds: The full refund option includes payment, tips, and fees. Simply click on the “Refund” option to initiate the total refund.
- Partial Refunds: You can tap the gray “X” present next to the payment amount to initiate a partial refund. Enter the amount you want to refund, and you’re good to go.
- Held Payment Refunds: You can refund the on-hold payments to your customers. Venmo returns full refunds to your customer when the payment hold is completed. The company will send you the remaining amount for partial refunds when the hold expires.
How Long Does It Take To Receive a Refund?
Now that you know how to request a refund you’re probably wondering how long it will take to receive it. If you’ve used the “Take Back” option you should receive the money back instantly. If you have requested a refund another Venmo user then how long it takes to receive will depend on the how quickly the person that you have requested it from responds.
If you have requested a refund using the Venmo customer support then most refunds will take 1 to 5 business days to complete. However, this may vary depending on the reason that you are requesting a refund and how much information you have provided. To minimize the delay you should provide accurate information regarding the time, date, and amount of money that you sent, as well as who you sent it to. You should also fully explain the reason that you are asking for a refund.
Nothing guarantees you will get your money back after submitting a refund on Venmo. However, you can try a few things to retrieve payments sent to the wrong account or an inactive user. The easiest way to get a refund on Venmo is to cancel the transaction made to an inactive user. Alternatively, you can try requesting the money back from the recipient. If nothing works, contact Venmo customer support for assistance.
The image featured at the top of this post is ©rafapress/Shutterstock.com.