Venmo’s Purchase Protection program is designed to provide users with a layer of security when buying or selling goods and services.
It helps in situations where items are not received as described, or when unauthorized transactions occur.
However, there may be times when users prefer to disable this feature, such as when sending money to friends or family where purchase protection is not necessary.
You might be wondering how you can disable your purchase protection option in Venmo. There is no need to worry anymore as we are here to help you!
What is Purchase Protection in Venmo?
Purchase Protection in Venmo is a program designed to provide a safeguard for users when they’re buying or selling goods and services through the app.
When a payment is tagged as a purchase for goods or services, it may be eligible for coverage under Venmo’s Purchase Protection program.
This means that if a buyer pays for an item and either doesn’t receive it or receives an item that is significantly different from the seller’s description, they can file a claim with Venmo. If the claim is deemed eligible, Venmo may refund the payment to the buyer.
Similarly, for sellers, Purchase Protection can help prevent loss due to unauthorized transactions or claims that the buyer never received their item.
It’s an important feature that adds a layer of security to transactions, ensuring that both buyers and sellers have some recourse in the event of a dispute or fraudulent activity.
To be eligible for Purchase Protection, users typically need to follow specific guidelines laid out by Venmo, such as properly tagging the transaction and responding to any requests from Venmo for additional information regarding the transaction in a timely manner.
How To Turn Off Purchase Protection On Venmo?
Below are the steps through which you can disable the purchase protection option in Venmo easily.
Step 1: Log in to Your Venmo Account
Open the Venmo app on your mobile device and sign in to your account using your credentials.
Step 2: Initiate a Payment or Request
To disable Purchase Protection for a specific transaction, tap on the “Pay or Request” button to start the payment process.
Step 3: Choose the Recipient
Enter the username, phone number, or email of the person you want to send money to, or select them from your list of Venmo contacts.
Step 4: Enter the Payment Details
Type in the amount you wish to send. Below the amount, there is a section where you can add a note to the payment. This note is optional but can be helpful for record-keeping.
Step 5: Disable Purchase Protection
Here’s the crucial step: before sending the payment, look for the option that says “Turn on for purchases” or a similar phrase indicating Purchase Protection. This option is typically a toggle switch or checkbox.
Note: This option is only available for business accounts.
Step 6: Send the Payment
Once you’ve confirmed that Purchase Protection is turned off for the transaction, you can proceed to send the payment as usual.
What to Consider When Turning Off Purchase Protection in Venmo?
1. Risk of Unprotected Transactions
By disabling Purchase Protection, you acknowledge that the transaction is not eligible for Venmo’s protection program.
This means if there’s an issue with the transaction, such as not receiving an item or receiving an item that’s significantly different from described, Venmo will not cover the loss.
2. Decrease in Security
It’s generally recommended to turn off Purchase Protection only when transacting money to people you know and trust, such as friends and family.
For transactions with sellers or for goods and services, keeping Purchase Protection enabled is advisable for added security.
3. Seller Fees Can be Avoided
Keep in mind that Venmo charges a fee to recipients when Purchase Protection is enabled, as it’s considered a payment for goods and services.
By turning off Purchase Protection, you can avoid these fees for the recipient, which might be suitable for personal transfers.
4. Reversibility is Not There in Transactions without Purchase Protection
Once a payment is made without Purchase Protection, it is generally not reversible through Venmo unless the recipient agrees to send the money back.
This emphasizes the importance of only using this option with trusted individuals.
