Venmo is a social way to pay and request money from your friends. If you do not want to pay cash and you owe your friend, you can use venom for paying the money. There is also a debit card of Venmo which you can use for paying anywhere in the U.S. While setting up the Venmo account, it will ask you to set your funding source by any of the methods i.e. your Venmo balance, bank account, and debit/ credit card. If your Venmo transaction declined it might be some reasons behind it. You can take help by contacting them.
Reasons behind the cancellation of transactions:
Sometimes, you will face an error on Venmo, and here are some reasons for it.
- If your bank account is frozen then your transaction will be canceled on Venmo. The main cause of failing the transaction is insufficient money in the bank while making the transaction. A message will be sent to you by Venmo that your Venmo transaction could not be completed. You have to contact your bank for the details and once Venmo will receive the payment, it will bring back your account to normal.
- Venmo put some limits on the transaction. From the very first time when you create your account on Venmo, you have to wait for one week as it will verify your identity. If you will try to pay in between this period, your transaction will decline.
- There is a weekly limit on Venmo that you cannot purchase and pay more than $4999.99 combined. You cannot spend money more than $2999.99 in a week. There is a limit of $2000 per transaction on payments to the authorized merchants and only 30 transactions are allowed per day. If your payment exceeds the limit, your Venmo transaction declined.
- The Venmo card will not allow you to purchase more than $3000 per transaction. When you see an error message like “Venmo transaction declined prepaid card”, you can call them. You will get the number on the back of the card.
How to set up a Venmo account on your iOS and Android phones?
You can set up the Venmo account on your mobile phones with these simple steps.
- Download the Venmo app.
- Open it and click on “create account”.
- Enter your full name, email address, and phone number registered with your bank account.
- Then, enter a secure password.
- It will verify your information and will take up to one week.
- After that, add your bank account by clicking on the top of the app.
- Then, select a payment method.
- Enter the name of your bank and link it with your Venmo account by entering the personal details.
- On the top of the screen, there is a pencil icon. You can add your friends by clicking on this icon.
- After that, you can start requesting and paying money.
To conclude, if your Venmo transaction declined, maybe it is because of the above-mentioned reasons. If you have done any mistakes which are written above then, you can resolve the problem by following the solutions.