If you ever had your Venmo payment declined, you know exactly how frustrating the experience could be.
Learn the potential reasons for Venmo transaction failures and how you can fix them using this guide.
Declined payments with Venmo may be due to several reasons, including insufficient funds, technical glitches, account linking setbacks, and fraud suspicion. While some of these can be easily fixed, others entail you to reach out to the Venmo support team for solutions.
For over a decade, Venmo has been a reliable payment app that offers convenient and comprehensive processing services to users all over the world.
However, like with other financial services platforms, users’ experience with Venmo is not always seamless.
According to Venmo, cases of payment getting declined may happen for two reasons – problems with the partner bank or card issuer, or triggers in the platform’s security flags.
The first happens when you make a payment funded by a bank account or debit/credit card. In such instances, you must reach out to your bank directly.
Venmo has no way of knowing the specifics whenever a bank declined transactions, so you need to call the institution for answers.
If there is no problem with the bank, there may be a glitch in the system. You should try making a payment using Venmo later once it is resolved.
If your transaction is flagged by Venmo’s security, you may dispute it. Keep in mind that a resolution may take a while, so you may want to consider a different payment method for urgent situations.
Here are the possible reasons why your Venmo payment got declined and how you can fix them.
Venmo will decline your transaction if you do not have enough funds to cover the payment. To avoid setbacks like these, you should ensure that your account balance is sufficient.
Before making a payment, you should always check your current balance via the Venmo app's account dashboard. You may also consider linking your bank account to Venmo for faster and hassle-free transactions.
While Venmo does not require users to link a bank account to utilize the platform, having one has its advantage.
If you have a linked bank account with Venmo, you have a steady fund source for when you want to share money with another platform user. You can also use the linked account to purchase items without transferring funds to your Venmo account.
To add a bank account to your Venmo profile, you need to go to Settings > Payment Methods > Add a bank account or card.
Afterward, enter your card information and follow the onscreen instructions for verification.
Once the linking is successful, you can now transfer money from your linked account to Venmo.
To do this, just go to the Me tab in your Venmo app, then select Balance. Key in any amount you want to transfer and press “Next.”
Double-check if the amount you indicated is correct and that it does not exceed the limits set by the app. Finally, select “Add [amount] now.”
It goes without saying that you should always replenish your bank account or Venmo balance. This way, you will have enough money to cover your purchases.
You should also keep in mind that transferring funds from your bank account into Venmo may come with additional costs.
Venmo limits the amount of money that users can transfer within any given week. If you somehow breached this limit, any payment you will make will likely be declined.
Verified Venmo accounts receive more leeway in terms of limits. For instance, you can transfer up to $60,000 per week if you have a verified account.
In comparison, unverified accounts only have a weekly spending limit of $299.
You should check with Venmo about how much money you are allowed to transfer per day or week. To do this, open the app and go to Settings > Limits.
Aside from knowing your account transfer limit, the app will also show you the number of transactions you are allowed to carry out within the day or week.
Your Venmo payment may get declined due to technical glitches and network problems. These can be resolved by performing simple troubleshooting.
Issues with Venmo servers or your device’s web browser can prevent a payment from being completed. If you experience having your payment declined, you should check your internet connection.
Try to access any website using your device’s browser. If you are unable to do so, there may be an issue with your Internet connection.
Solve this by refreshing your connection by turning the router on and off. You should also try to close and reopen your Venmo app.
If the issue is not with your Internet connection, it may have something to do with the Venmo servers.
Like other mobile payment apps, Venmo users secure servers to process transactions. Occasionally, these servers become overloaded, resulting in malfunctions.
In such cases, you need to wait a few minutes before retrying the transactions. The glitch may be gone by this time.
If you have made several failed attempts at making payments, you may want to uninstall your Venmo app and reinstall it. Just make sure you sign in using the correct credentials.
If everything else fails, you should call the Venmo support team for further assistance.
Linking your bank account to Venmo means you have a reliable fund source for transactions. As long as you always reload your balance, you should have no worries about insufficient funds.
However, connection problems between the two accounts may still result in declined payments.
This typically happens when the bank detects unusual activities in your account.
If you have reasons to believe that your Venmo payment was declined due to account linking problems, you should contact your bank immediately.
Venmo will not be able to help you with this, as they have no access to the problem's specifics.
Resolution to account linking issues may take a while to happen. If you need to make payments urgently, you may want to try using a different payment processor, like PayPal.
Or, you can add a new payment method to Venmo using another bank account.
Venmo allows users to have multiple payment methods comprising debit, credit, and prepaid cards. If you have several and one is not working as it should, you can readily use the other option.
When you sign up for Venmo, you will be asked to verify your account for security purposes. Failure to do so may result in transaction failures.
As a money transfer app, Venmo is obligated by law to verify the accounts of its users. It will not allow an unverified user to make payments, even if there is a balance available in their account.
To avoid problems, you should undergo the verification process and keep your account updated.
Updating your account is necessary if you made changes in your financial or contact data. Venmo may deny you payment services until you have ensured that your information is current.
Venmo will not process payments if the bank account you have linked with the platform has been blocked from having transactions.
This typically happens if your account is suspected of fraudulent activities due to hacking or breach of security.
Sometimes, Venmo payments get declined if your account shows an unusually high transaction volume. Venmo may take it as swindlers hijacking your account.
If fraud is suspected, Venmo’s system will automatically flag the account and will continue to do so until the issue is resolved by the bank and the customer.
During this time, your Venmo account will temporarily be suspended and your available balance is frozen.
Venmo will also send you an automated notification via email, informing you about the temporary block of your account.
If this happens to you, you should contact Venmo’s customer service and ask for a thorough explanation.
Too many failed attempts at logging in may result in the Venmo system freezing your account. If this happens, you will not be able to access your funds to make payments.
As a Venmo user, you are required to supply your username and security pins when opening your accounts. Sometimes, the app will ask you to provide a code sent to your registered phone as part of their two-way factor authentication.
If you failed to log in using your credentials too many times, Venmo will interpret this as someone else trying to access your account and temporarily block it.
In most cases, Venmo will restore your account within a few hours. You may retry the transaction at this time.
Having your account blocked can be a nuisance, more so if you need to access your funds urgently. To prevent setbacks like these, always be mindful of your username and PIN during log-in.
You should also never share your information with anyone.