Everything You Need to Know About Goods and Services Payments on Venmo
Sep 2, 2021

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.

Venmo Goods and Services

Payments for Goods and Services

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.

How to Use for Buyers

  • Buying a couch from a local ad listing or paying movers you found online? You can choose to tell Venmo you’re paying for a good or service by tapping the goods and services toggle in the payment note.
  • If something goes wrong with the transaction, for example, if you don’t receive what you purchased or it’s significantly different than what the seller described, you could be eligible to have your money refunded for the purchase.

How to Use for Sellers

  • Interested in selling tickets to Sunday’s game or selling some furniture before your big move? You can ask the buyer to choose to send the payment with the good and services toggle turned on in the payment note. A small fee will automatically be deducted from the total payment you receive (1.9% of the transaction + $0.10), and both you and the buyer can have peace of mind knowing that things may be covered if something doesn’t go as expected.
  • For example, if the buyer should make a claim that they did not receive the item they purchased, you could be eligible to keep the funds from the sale if you can provide proof that you shipped the item or fulfilled the transaction.

Payments for Friends and Family

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.

 

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