Venmo is a peer-to-peer payment application designed to be installed on smartphones or other mobile-friendly devices to make or receive payments across the US. It has become very popular recently, it began operating in 2009 as a text message payment app till 2012 when it launched a platform of its own.
But, what does it mean when you see an error stating “Venmo transaction declined please try again in a short while”? Having a Venmo payment declined is not a good feeling if you want to send money instantly, there are simple ways to solve the problem which we will cover later. Let’s get started!
Can Venmo Transaction Be Declined?
Although, Venmo is the best payment app at times users receive alerts that ” transaction could not be completed”. This causes a great deal of embarrassment especially when you need money urgently to solve or make an urgent payment at a point sales terminal.
Below are some of the causes or reasons why Venmo transactions can be declined and ways to remedy it to avoid embarrassment when using this payment app.
1. Your Venmo Account Is Not Verified
As a registered user of Venmo, you are required to verify your account to protect its privacy and security. If you fail to verify your account or due to a reason your account is out of date then eventually your account will be declined. So to avoid this, a user should get their account verified or updated.
As a user, you need to verify the email address that you used to create the account. Failure to act in this direction will lead to a decline in your transaction. For a user to avoid this, then he/she should go into “Settings,” then “profile” and have the email filled in.
2. Inconsistency In Your Bank Information
If for any reason the merchant refuses to accept the payment from your Venmo account, or if you have recently manipulated the bank information used to open your Venmo account, then it can lead to your transaction being declined. Make sure that the bank information is genuinely saved in “Settings,” under “Bank Info.”
Some dealers or merchants will require that payments made from Venmo accounts should be instant at the points of sale terminal. In this case, the bank information used to open the Venmo account should be consistent to avoid any mismatching.
To prevent this unfortunate incident from happening, check that the correct or the original bank account is saved in “Settings,” under “Bank Info.”
3. You Have A Limited Account
As a Venmo user, you are sometimes limited to the amount of money that you can send from your account per day or weekly. This action is undertaken to prevent fraudulent activities as far as the use of the payment app is considered.
If a user reaches this transaction limit, then he can’t send money again so it will automatically lead to a decline in the transaction process.
If a Venmo user reaches a stage where he can’t transact any longer for a day then it means he has reached a limit to transact on the payment app. To find out how much money one is allowed to transfer per day or week, go into “Settings,” and then “Limits.” You will get to know the details of the amount to be transferred when this action is undertaken.
4. Invalid Email Used To Send Or Request Money
If as a user you are trying to send or request money from someone who has changed or manipulated his email account then it is likely that the transaction being performed will decline
To prevent this from happening, the user should make sure that the current email address is saved in the money payment app.
Merchants or traders will ask for the genuine email used to send or request money to match the email that is saved in the Venmo app. If this doesn’t match then the transaction will fail or decline.
To prevent this from happening then make sure that the current email address is saved in the money payment app under “Settings,” under “Email Addresses.”
5. Insufficient Funds In Your Venmo Account
If a user is not having enough funds or money in their Venmo account to perform the transaction, then it is likely that the transaction will be declined. To prevent or avoid this from occurring, the user should have enough funds saved in their account.
When a user is trying to make a payment with their Venmo account, Venmo will verify to know if there are enough funds in the account and if any other bank is connected with the account. If your balance is not up to the available money, then the transaction will be declined outright. To avoid this from happening, make sure that you have adequate money saved in your account before performing a transaction.
6. A New Account
If you are using a newly created account it can lead to your transaction being declined. To avoid this wait for about three or four days to let the account be active before performing the transaction.
Most dealers will not accept transactions from newly created accounts. They will accept transactions from accounts that are at least more than three days old. They do this to avoid any further problems with the transaction. It is therefore advised that users should wait for at least more than three days to transact with newly created Venmo accounts, to avoid failure or decline in a transaction.
7. When The Receiver Has Not Yet Registered for Venmo Yet
If the receiver you are trying to send the money to is not registered on Venmo, then your transaction will fail or decline.
To transfer money to someone who is not registered on Venmo, they should, first of all, create a Venmo account. If the person to that you are trying to transfer the money to does not have an account, then your payment will be declined. Make sure that both parties are registered on Venmo before transferring the money.
8. If Your Account Has Been Frozen By Venmo.
If a user’s account is frozen by Venmon, then it is obvious that any transaction performed will be declined or failed.
To enable/activate your account if it has been frozen, go into “Settings,” then “Profile” and carefully follow the instructions under “Account Freeze.” A user is advised to follow the Terms and Conditions of Venmo to avoid breaching of contract. When an account is frozen there is no way money can be transferred to or out of the account.
9. Suspicious Activity Detected.
If any suspicious activity is detected then your transaction can be declined. This means that any transaction to be carried on cannot be processed. To avoid or prevent this from happening, care should be taken as to whom the money is being transferred to or being requested from. Venmo has several security measures to detect any fraudulent activity is going on concerning any transaction going on within the app.
To avoid this, users should be very careful about whom they are sending money or requesting money from.
10. When The Dealer or Merchant Has Not Registered For Venmo Yet
If for any reason the merchant you are trying to pay does not accept Venmo, then this could be why your transaction failed or was declined. To find merchants that accept Venmo, go to “Settings” and click on “Merchants.”
Not all merchants accept payments through Venmo. If the merchant you are trying to pay does not accept Venmo, then your payment may be declined. To find out if the traders that you are dealing with accept payments through Venmo, go to “Settings” and click on “Merchants.”
In conclusion, Venmo is a great tool for making payments quickly and easily. It’s important to remember, however, that sometimes transactions can be declined due to various reasons as mentioned above. If you experience a declined transaction, the best plan of action is to try again in a short while and ensure all your information is correct and up-to-date. Additionally, if the issue persists it may be wise to reach out to Venmo customer service for assistance.