Previously on Venmo as a business owner, you can only refund on Venmo to customers by initiating back a new payment. Currently, there’s a new feature that allows merchants to refund back the payment by clicking the “Refund” tab.
How to cancel a payment on Venmo is different from “How to Refund on Venmo”. Payment refund is for business owners or Merchants. You can only access the feature with a Venmo Business Profile, not a Personal Profile.
In this article, you’ll learn the ins and outs of Venmo payment refunds, and all related issues, stick around.
What Are The Eligibility Requirements For Payment Refund on Venmo?
There are some requirements you need to provide before you can use the “Refund” feature as a business owner.
Here are a few important ones to note.
- You must complete your business profile verification.
- For Full Refunds: make sure the money in your Venmo business account is enough to refund the complete payment.
- For Partial Refund: make sure the money in your Venmo business account is enough to refund part of the payment.
Once a refund is successful, the refund and the original funds are labeled as “Refunded”. It shows in your app and your statement. Also, you’ll see both transactions linked together in the payment details.
How Do You Fund a Refund on Your Venmo Business Account/Profile?
To fund a refund is not hard, and doesn’t take much time. There are many ways you can fund your account if you don’t have enough money in your business account. So lack of funds in your account isn’t a hindrance.
Here are ways to fund a refund on a Venmo business account.
- You can make a new payment gateway using your bank account or your Card. While paying back the money, don’t forget to mention the original payment because this method of funding doesn’t link to the original transaction.
- If you have enough money in your “Personal Account”, you can transfer it to your “Business Account”. Read This article, to know more about balance transfer.
- You can retain some payment in your business account, to take care of any emergency refund.
How Does Venmo Refund Work?
You can only refund payment from your Venmo business account balance. You can send a full or partial refund to your customers. Have it in mind, you’re the one to take care of the seller’s transaction fee.
To refund a customer on Venmo,
- Open your Venmo business profile
- Locate the particular payment you want to refund
- Click on the Payment
- You’ll see the “Refund” button, click on it, to refund the money.
Immediately after the refund is successful, Venmo will notify you and the customer via email, and in the app.
How Long Does Venmo Refund Take?
Once a business owner issues a refund, it takes 1-5 business days to show. But if you didn’t see the money after that period, you can reach out to the business owner.
Does Venmo Refund Money if Scammed?
You cannot cancel any payment to an existing Venmo account. This means if you’re scammed, it’s impossible to receive the money back. However, you can reach out to Venmo contact support if you’re a victim of a scam.
How Do I Use the Full Refund on Venmo?
When accessing the “Refund” feature on Venmo, you’ll see the complete payment, fees, and tips. If your business account balance is enough to take care of the refund, you can use the “Full Refund” to pay completely.
How Do I Use the Partial Refund on Venmo?
If you want to refund half or a lower amount of the payment received, you can do so. To do this,
- Open your Venmo app
- Select “Refund”
- Locate the payment, and click on the grey “X”. You will see it next to the refund amount
- Finally, enter the amount of money you wish to refund, to complete the request.
How Do I Refund Held Payment on Venmo?
Sometimes you might receive a payment but are placed on hold. However, you can as well refund such payment. If you choose to make a “Full Refund”, Venmo will release the money for you to transfer back the payment. But if you’re making a “Partial Refund” the remaining funds will be released once the hold has elapsed. Here is a complete article on payment holds.
How Do You Check a Refund Status on Venmo?
The sender receives refunds directly from the main payment source. Such as a Venmo account, Debit card, Credit card, or Bank account. This feature is default by Venmo, you don’t need to set it up.
To check your pending refund status,
- Open your Venmo app
- Click on the “Refund” icon which can be seen on your transaction feed, under the “Me” icon.
Immediately after the refund is successful, the refund status will show “Completed”. Venmo will as well notify you and your customer via email.
What Are the Venmo Refund Errors, and How to Solve them?
Venmo made the refund process to be easy. However, you can encounter some errors when accessing it.
Here are some errors you may encounter, and how you can solve them.
“You can’t Refund more than ($….)”.
Once you receive this message, all you’ve to do is, reduce the amount you want to send or send the complete money.
“We need a little more info in order to refund your customers, we’ll need you to complete your identity verification”.
If this is the case, go and complete your identity verification on your business profile. Know more about business account identity verification
“This refund can’t be completed right now”
In this case, reach out to your customer, and tell them to contact Venmo.
“This can’t be refunded right now”
In this case, the payment you want to refund is not yet completed. You can try again later. Venmo payments take 1-5 business days to complete.
“Value cannot exceed your Venmo balance amount ($….)”
If you come across this error, all you need to do is initiate a new payment via a balance transfer or transfer money from your personal to your business account.
Read Also: How To Cancel A Venmo Payment
To refund payment as a business owner on Venmo, you need to complete your business profile identity verification. Once you are done with it, you can go on to make a full or partial payment refund to your customers. Again, make sure you hold some money on your business account, for an easy refund.