Do you use Venmo? Pros/Cons

Ahrensdad · December 12, 2018 1:18PM

I do not currently use Venmo. As a small dealer at coin shows I use Square to accept plastic, I also accept PayPal. I have been asked in a non-coin related transaction to pay by Venmo and thought, should I be considering this as another form of payment for coins at shows or on the BST? I am aware Venmo is a PayPal product and plan to do some research, but thought I'd ask you what you thought, or what your experiences were.

Do you use Venmo for coin purchases/sales?
Do you know of any risks, or is it just like using PayPal?
I see that some of the payment information is public-I don't like that at all, but it looks like I can select privacy settings that could solve that issue.

Let me know what you think.

Thanks-
Andrew

TwoKopeiki · December 12, 2018 1:30PM

I would only use Venmo with people you know and trust.

Check out this article on Venmo Scams. In a nutshell, a payment made through Venmo can be reversed by the buyer. So the funds will appear in your Venmo account and you will even be able to use those funds, but a reversal is possible days later.

Ahrensdad · December 12, 2018 1:34PM

Great info. Thank you.

TradesWithChops · December 12, 2018 1:36PM

venmo is not to be used for business use. they explicitly say that.

LindeDad · December 12, 2018 1:53PM

Not all financial intuitions will accept it my Credit Union is not in the circle.
So no I do not use.

Do you use Venmo? Pros/Cons

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