Since its founding in 2009, Venmo has become an invaluable payment portal for consumers and business owners worldwide. Its convenient platform allows users to make payments and share funds from all over the world in a wide range of currencies. As the first mobile payment app, Venmo paved the way for today’s digital wallets and cash apps by being the first of its kind to offer comprehensive payment processing services with customized payout schedules.
However, not everyone can avail themselves of Venmo’s financial services. If you’re in a high-risk business or industry, you may have had your Venmo payments declined, or your account canceled, even if your bank accounts are in good standing. Unfortunately, even the most successful businesses might be denied Venmo’s convenient processing services through no fault of their own.
If you’re a Venmo customer and you’ve experienced declined payments, or if you’ve been denied payment processing services from Venmo, Paypal, or any credit card company or a payment processor, Bankcard can help. As one of the nation’s leading merchant service providers, Bankcard can get you approved, so you can accept VISA, Mastercard, American Express, and Discover, as well as e-check and mobile wallet payments. And with Bankcard’s affordable pricing, you’ll never have to pay huge fees for your high-risk merchant account.
Why is Venmo declining your payments?
If you’ve seen “Venmo transaction declined” messages on your account, it may be due to a variety of reasons, from funding issues to technical glitches. And while some of these might be quick fixes, others might involve using a different payment method or even a money transfer to ensure sufficient funds are available.
Here are some possible reasons why your Venmo payment was declined:
If you don’t have enough funds to cover a payment, Venmo will decline the transaction. If you’re a Venmo user, you can easily check your current Venmo balance on your account dashboard. If you need to fix Venmo payment issues involving your balance, it’s a good idea to contact their customer support team as soon as possible.
Technical issues may range from a poor internet connection to technical glitches on the Venmo app. Networking problems are a common reason why a payment doesn’t go through. As with payment issues, the fastest way to fix these tech glitches is to contact Venmo’s customer support team immediately.
Bank account linking problems
Sometimes bank accounts don’t correctly link to debit or credit cards. When this happens, the card issuer won’t recognize the payment as valid and will decline it. You can call the credit card company to see what the problem is, but if it’s an issue that involves linking your bank account, you’ll need to go online to your bank’s website and take care of it yourself.
Incomplete account information
Sometimes it’s necessary to update your Venmo account, especially if you’ve experienced any changes that affect your financial or contact data. If Venmo needs updated financial or tax information, it may deny payment services until you’ve ensured that your information is current.
If a bank or credit card account has been blocked from having transactions, Venmo won’t process the payment. When this happens, you’ll need to immediately call your card provider to find out the reason for the block. In many cases, transaction blocks are due to fraudulent activity on the account. This means that your account may have been hacked, and your identity and account data were stolen.
Whenever fraud is suspected, Venmo puts an automated security flag on an account, which remains until the issue is resolved by the bank, the card provider, and the customer.
Large transaction volumes
If your business shows unusually high transaction volumes, this may trigger a red flag on your Venmo account. Sudden bursts of activity can signify fraudulent transactions, indicating that hackers have hijacked your account. Venmo may deny payment processing until you’ve talked to customer support and confirmed that the activity is legitimate. Likewise, if you notice increased activity and fraudulent transactions, call Venmo support immediately so your account can be protected.
Large transaction volumes may put some businesses on the high-risk list, even if the charges are legitimate. If you’ve applied for and been denied a Venmo account or other payment processing services, Bankcard can help you get approved for debit and credit cards, plus e-checks and mobile app payments, at affordable low rates. Bankcard also provides the tools you need to help you streamline your invoices and billing, so you won’t have to spend unnecessary hours doing bookkeeping when you’d rather be tending to your customers.
Quick fixes for Venmo payment issues
While it’s always best to contact Venmo customer support, the good news is that some Venmo payment issues may be solved by quick and easy fixes that you can do on your own. If the problems involve security issues or account blocks, however, you’ll want to call Venmo support right away to ensure that your account is kept safe.
1. Keep your Venmo account updated
Sometimes a payment might be declined because Venmo simply needs updated information on your account. Always check to make sure that all your information is current.
2. If you’re using your personal computer, there’s a chance that the problem may be computer-related or due to an internet glitch. Go ahead and try to make the transaction on another device, such as a tablet or phone. If it still isn’t working, you’ll know not to blame your computer network.
3. Do an anti-virus scan to ensure that something malicious isn’t blocking your transaction.
4. If you suspect that your bank account may be improperly linked to your payment card, go to your bank website and try to link it from there. If you think there’s a glitch, you might want to try removing and then re-linking it. If the problem persists, call your bank’s technical support line.
5. If you’re trying to send a payment and suspect that the recipient’s phone or email may be incorrect, contact them and confirm that you’ve got the correct information.
6. Temporarily disable your VPN. VPNs can interfere with money transfers and may end up blocking your transactions.
7. If you suspect a network glitch, call your bank. The site might be experiencing problems or even be undergoing maintenance.
8. Go online and check Downdetector to see if Venmo or your credit card issuer is experiencing problems. If the problem is due to network glitches, sometimes the only thing you can do is be patient and wait for them to be resolved by Venmo, the bank, or the credit card company.
9. Go over your transaction history and check for anything that looks suspicious. If you see anything that shouldn’t be there, contact Venmo customer support immediately.
It bears repeating: Always contact Venmo if problems persist. The problem may be a glitch or even a security issue that could negatively impact your account if it’s not fixed right away.
If you’re worried about security, Bankcard can help you get the safest, most secure payment processing for your business. That’s because Bankcard only works with payment card industry (PCI) compliant processors, so you can rest assured that your merchant data, as well as your customers’ data, will stay safe during every transaction.
If you’re wondering, “Why is my Venmo payment declined?” here are some frequently asked questions and answers that might help:
- Why does Venmo continue to decline my payment?
As discussed above, common reasons for declined payments may be insufficient funds, improper bank account linking, network glitches, account blocks, suspicious transaction volume, and suspicion of fraud. To deal effectively with any of these issues, you’ll need to contact Venmo customer support to find the best way to fix these issues.
- Why doesn’t Venmo customer support tell me exactly what the problem is?
Within the financial industry, there’s a limit on how much information customer representatives can share with callers. These limits are imposed to ensure that customer privacy is always maintained.
- I’ve tried several solutions I saw online, but my Venmo payments still aren’t going through. What should I do?
If the problem continues, contact Venmo. Their phone number is easily accessible from the Venmo website, and they also have a chat line on their mobile app, as well as email support. In addition, if you have a Venmo credit card, you can call Synchrony Bank 24 hours a day, using the phone number listed on the back of your card.
- Why is my payment showing a “pending” message?
If payment continues to show a “pending” or “incomplete” message, it may be because you sent it to a phone number or email address not associated with a Venmo account. If this is the case, you’ll need to ask your recipient to verify their email address or phone number so it can be linked properly to Venmo. If you wish, you can also contact Venmo support and have the payment refunded.
- How can I find out about my Venmo transaction history?
If you want to track and monitor your payments, you can do so quickly and easily by logging into your Venmo profile. If you’re using a web browser, click “Statement” or go to Venmo’s sign-in page. You’ll be directed to your transaction history, which you can download by clicking the “Download CSV” tab next to the date tab. If you want to view your transaction history through the Venmo app, you can do so by clicking the “Me” tab.
On Venmo, you can only view and download a month at a time, so if you need to check multiple months, you’ll have to select and download each one individually.
Difficulty getting Venmo services.
If you’ve tried to make payments through Venmo and your transactions have been declined or canceled, it may be because you’re in a high-risk industry. Surprisingly, these can be some of the most financially lucrative industries in the country, but in many cases, their high-risk designation has more to do with their reputation than their financial success.
Here’s a list of some of the most popular businesses on the high-risk list:
- Subscription services
- E-cigarettes and vape products
- Adult products and entertainment
- CBD products
- Multi-level marketing
- Pawn shops
- Online dating
- Health and beauty
- Property management
- Online gaming and fantasy sports
- Gun sales
- Document preparation
- Payday lending
- Alcohol and tobacco
Because these industries are considered high-risk by banks and credit card companies, it can be extremely difficult for them to get payment processing services — including services from online processors like Venmo.
Why is my industry high-risk?
Here are some common reasons why industries are considered high-risk by banks, payment processors, and credit card companies:
High chargeback ratio
If your business has a tax lien, processors won’t work with it until it’s removed.
Unusually high transaction volume
High transaction volumes can be a red flag to financial institutions and card issuers.
A high rate of card-not-present (CNP) transactions can make businesses more vulnerable to fraudulent activity.
If you have a poor credit history, you might have trouble getting a bank to offer payment processing services.
Social stigmas within the industry
Industries such as cannabis, tobacco, and adult entertainment are often associated with social stigmas, making banks shy away from working with them.
If you’re in a high-risk industry and have trouble getting payment processing services, it’s time to call in the experts. With Bankcard, you’ll never have to worry about constant transaction failures and payment processing denials. Instead, you’ll be able to accept debit and credit cards, e-checks, and mobile app payments and get approved for convenient payment platforms such as Venmo.
In addition, Bankcard offers tools to help you streamline your monthly invoicing, making things easier for you and your customers. Plus, Bankcard provides solutions that can keep your account more secure, including tracking and monitoring so you can follow every transaction from its point of sale to its completion.
When you’re ready to take your business to the next level, contact Bankcard to find out how we can get you the merchant account services your business needs at low rates that you can afford.