We recently shared that we would be rolling out expanded payment types and protections with the introduction of goods and services P2P payments on Venmo, giving you new ways to buy and sell with confidence on our platform. Now that this new functionality is available in the app, we’ve prepared a simple guide below to help you understand more about how the feature works.
The goods and services payment setting enables you to seamlessly buy or sell items or services from other Venmo users that you may not know well, and are ideal for transactions that may fall outside of a traditional business setting. If a customer tells Venmo they’re paying for a good or service by tapping the toggle in the payment note, the seller will pay a small fee to receive their money (1.9% of the transaction + $0.10). This amount is automatically deducted from the total amount sent, and the payment may be eligible for coverage under Venmo’s Purchase Protection Program* if the transaction doesn’t go as expected, meaning both the buyer and seller could be covered.
As always, you can continue to use Venmo to send, split and share payments with your friends, family and people you know well without any fees when funded with a linked bank account, debit card or your Venmo balance.** Simply send your payment without toggling the good or service setting, and you’re all set!
*For full terms, see the Venmo User Agreement.
**For more information on fees, see the Venmo Fees page.
***Purchase protection is available for eligible transactions, see terms and limitations.
A New Way to Buy and Sell with Confidence on Venmo
June 28, 2021
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July 20, 2021
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