Venmo User Agreement Changes

The Company`s Terms of Service state that personal accounts “may not be used for commercial, commercial or merchant transactions with other personal accounts, including payment or acceptance of payments from other personal accounts held by users you do not know personally for goods or services.” It remains to be seen how Venmo`s new fees will affect small traders who have less than a month to prepare. Nevertheless, the platform changes are coming as many different payment apps, including CashApp, Zelle, and Shopify, continue to compete for transactions. The new fees also remind us that companies with an easy-to-use platform can attract many users simply to change the rules at all levels. Your preferred payment method for an automatic payment agreement will be used for transactions with that seller. If you have an available balance in a linked Cash or Cash Plus account, that balance can be used before your preferred payment method. Venmo`s changes come after PayPal announced a series of fee increases for the main platform PayPal late last week. Fees for PayPal business transactions such as Core Checkout will soon be 3.49% plus 49 cents, up from 2.9% plus 30 cents previously. You are responsible for all chargebacks, chargebacks, claims, fees, fines, penalties and other liabilities incurred by us, a customer or a third party caused by or arising out of your breach of this Agreement and/or your use of the Venmo Services. For example, if you send a payment financed by your bank account and your bank tells us that you do not have sufficient funds to cover the payment, you may be responsible for the payment.

If you receive a payment and the payment is disputed, you may be held responsible for the payment. If you used Pay with Rewards to fund your transaction, your refund will be voided in the form of a dollar amount: Depending on your card agreement with your issuer, your issuer may or may not credit your purchase to your reward credit. Our liability to you or a third party will in all circumstances be limited to the actual amount of direct damages. We may revise these Terms of Use and any of the above policies from time to time. The revised version will be effective at the time we publish it, unless otherwise stated. If our changes limit your rights or increase your obligations, we will notify you for at least 21 days. We reserve the right to change this Agreement at any time without notice, subject to applicable law. By continuing to use our Services after any changes to these Terms of Use become effective, you agree to comply with and be bound by such changes. If you do not agree to the changes to these Terms of Use, you may close your account. “Pre-authorized payments” are a type of billing agreement that allows an authorized merchant to receive payments from your Venmo account on a recurring basis (by .B.

each month or otherwise in a routine billing cycle), and if the amount of such payments varies, you have the right to disclose the amount and date of the merchant`s transfer at least 10 days prior to the transfer in advance. If the merchant offers the option, you can only get this notice if the amount of your pre-authorized payment is outside a range established between you and the merchant. .