Why Is My Venmo Payment Being Declined?
If your Venmo payment is being declined, it can be an indication of an account issue. These helpful tips can assist you with finding out why your card has been declined.
Venmo is a digital wallet that allows people to process payments via the mobile phone app. The company was founded in 2009 and is owned by PayPal. In the first quarter of 2018, Venmo processed more than $12 billion in transactions.
Venmo has become increasingly popular over the years and many rely on their Venmo accounts to process quick payments to their friends and family. If your Venmo payment is being declined, it can be an indication of an account issue. Keep reading for the possible explanations as to why you Venmo payment might be declined.
Reach Out to Your Card Company or Bank
Venmo recommends the first step you take is to reach out to your card company or bank to identify why your payment may have been denied. You can often find the phone number on the back of your card. Venmo is unable to see the exact reason your payment was denied.
Try PayPal as a Secondary Option
If the bank is unable to identify what the issue is, you can also try to send the payment through another method such as PayPal.
You've Reached Your Payment Limit
Each Venmo user has a Venmo Payment Limit. This limit is decided based on the user's Venmo account history and their previous activity and is reviewed periodically.
When you first open your Venmo account, and before your identity has been verified, you will maintain a weekly rolling limit if $299.99.
After your identity has been verified, your limit will increase to a $4,999.99 weekly rolling limit. That limit includes all transactions such as sending funds, Venmo Mastercard purchases and authorized merchant payments.
If your payment has been denied, first confirm your weekly limit. Next, add up your transactions for the past week to see if you have reached your limit.
The rolling week is continuously updated. So, when you make a purchase on a Monday at 11:00 am, it will count towards your week of purchases until the next Monday at 11:00 am.
You Don't Have Access to Your Venmo Balance
When you have a Venmo account, you can carry a Venmo balance that is made up of money that you've received from friends and family that you did not transfer to another bank account.
If you have not verified your identity with Venmo, you may be carrying a Venmo balance but won't be able to use it for payment. To check if you have a Venmo balance:
Open the app or go to https://venmo.com/account/sign-in
Sign in to your account with your email address, mobile number or username, and password.
Select the three lines button, then click on 'Settings.'
Select 'Payment Methods.'
If you see a Venmo balance at the top of the screen, then you have money in your Venmo wallet.
Verify Your Identity for Venmo
If you have a balance and can't access it, the next steps are to verify your identity with Venmo.
Open the app.
You may be asked to provide either your US passport, driver's license, US government-issued ID, SSN/ITIN assignment letter, DHS card, or your Tribal ID card. You cannot submit any document that is expired.
To see which documents Venmo requires, go to 'Settings' and click on 'Venmo Card.'
Upload the documents requested for review.
Wait to receive an email from Venmo stating your identity is confirmed and you have full access to all the account's features.
Troubleshooting with Venmo Customer Service Team Via Phone
If you are still having difficulties with your Venmo payments, you can reach out to the Venmo Customer Service Team via phone. The team is available Monday to Fridays from 7:00 am to 11:00 pm CST. The average wait time is nine minutes.
Troubleshooting with Venmo Customer Service Team Via Email
If you prefer not to speak on the phone, you can choose to email the Venmo Customer Service Team. Customers can expect a reply within 24 hours, any day of the week, but the average reply time is actually only three hours.
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