The Venmo Purchase Protection Program, as explained in Venmo’s updated user agreement, will require sellers using a personal account to maintain documentation about sales. “As Venmo has introduced new experiences, we’ve also seen increasing consumer demand in the market for a safe and easy solution that enables people to buy and sell other items or experiences that may fall outside of a traditional business setting,” a spokesperson for the company told Recode. Now, sellers are trying to figure out next steps, and some are considering leaving the app for good. But sellers who will be impacted by these new rules say Venmo is hurting their relationship with their customers and making it more expensive for them to operate on the platform. Venmo says its new system is meant to protect buyers and sellers.
Certain purchases made through Venmo Business accounts already have access to this program.
#How to download venmo transactions plus#
Doing so would mean that Venmo will automatically deduct 1.9 percent of the transaction, plus 10 cents, from the money sent to the seller, and the buyer will be eligible for Venmo’s Purchase Protection Program. In other words, this lets a buyer flag a commercial transaction with a seller who doesn’t have a Venmo Business account.
The company recently told its users they’ll soon be able to add a “goods and services” tag to payments sent to other personal accounts (this would differentiate these payments from personal financial transactions, like reimbursing a friend for dinner). The new model won’t affect everyone, but if you’ve been using your personal Venmo account for your side hustle, it’s about to get more expensive.