Venmo Has Updated and Changed It’s Policies

If you’re one of the millions of Venmo users, you’ll want to take note of some recent changes to the app’s User Agreement. As of January 24, 2019, Venmo will implement several updates that affect its users. While most of the changes are minor, there are a few key updates that you should be aware of. As an easy and secure way to send and receive money, Venmo has become a popular app for freelancers, friends, and families alike. So, if you want to continue to use the app, it’s important to stay informed about these changes. In this blog post, we’ll go over the changes in detail and what they mean for you. Let’s get started!

We’re writing about a few changes to our User Agreement that will be effective for you on January 24, 2019. In addition to the below changes, we’re reorganizing the content of the User Agreement.

Please review these updates and familiarize yourself with the changes being made. If you do not agree to these changes, you may close your account before January 24, 2019.

Changes include, among others:

  • Updating the Venmo Protected Purchase Program (previously named Authorized Merchant Payment Protection) to include unusable items as potentially eligible for protection and to exclude payments sent using a bill payment service.
  • We’ve moved the terms for business account holders into their own addendum for ease of reference.
  • We’re changing the actions that we may take if you engage in any restricted activities to include refusing to provide other PayPal services to you in the future, holding money sent to you for up to 180 days if you have violated our Acceptable Use Policy, and suspending your eligibility for the Venmo Protected Purchase Program. We’re also explaining that if you violate our Acceptable Use Policy, you’re responsible for any damages caused by the violation.
  • We’re clarifying that we may set off any amounts you owe to us from other accounts you have with PayPal.
  • We’re further explaining that the amount of any invalidated payment (plus any applicable fees) may be recovered from the sender or the recipient (for example, by holding the sender liable or reversing the payment from the recipient’s account).
  • We’re clarifying that you may not be able to close your Venmo account if you have an open dispute or claim, or amounts owed to us.
  • We’re clarifying that we may take up to 90 days to investigate whether an error has occurred on a new account, and, if we determine an error occurred, that we may take up to 20 Business Days to credit such accounts.

– The Venmo Team

In conclusion, the recent updates to Venmo’s User Agreement bring about some important changes to their policies, including updates to their purchase protection program, clarifications on account closures and payment disputes, and revised actions for users engaging in restricted activities. It is crucial for Venmo users to review and familiarize themselves with these changes before they take effect on January 24th, 2019. At the end of the day, Venmo remains a convenient and secure way to transfer money, and these updates only serve to enhance its usability and protection for all users.

If you have any questions or concerns about these Venmo policy updates, or if you need help navigating the world of digital payments and marketing, Full Scale Marketing is here to help.

We can provide you with guidance and support to ensure that your business is making the most out of the latest technology and trends. Email Full Scale Marketing at office@fullscale-marketing.com or call us at 407-340-8573!