If you have been avoiding using cash in all your payment transactions, Venmo is an excellent alternative. Using the Venmo mobile app, you can pay or request money from anyone that will directly go to your account or be taken from it. Venmo is a safe and reliable social payment platform, so you don’t have to deal with cash if you don’t want to.
To use Venmo, you need to set a funding source. It is where you can get the fund you need when you have to transfer payments to a friend or pay for your online purchases to a merchant. Venmo lets you set up your funding source right at the start. You can choose your Venmo balance, credit or debit card, or bank account.
Your Venmo balance is where all the money that you received from others goes to. For instance, if a friend sends you $10, it will go directly to your Venmo balance. You can use it for other payments that you have to make. If you don’t have a Venmo balance, you can add and link your credit/debit card or connect your US bank account. It will be your primary funding source when you need to pay someone.
The good thing is Venmo lets you add a new default payment method or a backup payment option even when you have been using the app for a long time. You can also update your current payment method and make the necessary changes such as setting a default option.
How to Change or Add a New Payment Method Information on Venmo
There are three ways to add a new payment method data to your Venmo account. You can use the Venmo website on your browser. Another way is by using the old version of the Venmo app. If you installed the latest software update of Venmo, you can also use the new app version.
Adding a Credit/Debit Card and Bank Account Details on Venmo via Browser
- Launch any browser and go to //venmo.com/account/settings/payment-methods.
- Sign in to your account.
- Navigate to Edit payment methods.
- If you want to add a credit/debit card, click Add Debit or Credit Card.
- To link a bank account to your Venmo app, go to //venmo.com/webviews#funding.
- Click Link Bank Account.
Adding a Credit/Debit Card and Bank Account on Venmo through the Old Venmo App Version
- Open your Venmo app.
- Tap the three-lined icon.
- Go to Settings.
- Select Payment Methods.
- Tap Add a bank or card. To add a bank account, select Bank. For credit/debit cards, select Card.
Adding a Credit/Debit Card and Bank Account Information on Venmo using New Venmo App Version
- Launch the new Venmo app version.
- Tap the Person icon and go to the You tab.
- Select Settings.
- Go to Payment Methods.
- Tap Add a bank or card.
- To add a bank account, select Bank. For credit/debit cards, select Card.
How to Update your Default Venmo Account Payment Method Details
If you need to change the details on your current payment method, you need to edit it before you send any money. Navigate to the Payment Methods on your Venmo app. Select the bank or card that you want to edit.
How do you like using Venmo as your payment solution for your online transactions? We value your opinion, so drop us a comment below.
Venmo Purchase Program:Venmo Purchase Program is only available for purchases made on an authorized merchant’s app or mobile website using Venmo or when using the Venmo Debit Card to complete a transaction. For these qualifying purchases, Venmo will cover you for the full amount of the item plus shipping costs if you do not receive the item or if you receive an item but it is significantly different than the description the seller provided. Protection is not available for payments sent from within the Venmo app or on Venmo.com (including, without limitation, any person-to-person payments sent using Venmo), or any other ineligible purchases.For full eligibility and claims details for Venmo Purchase Program, please review the Venmo User Agreement. Credit Card Protection: You may pursue a claim under Venmo Purchase Program, or you may contact your credit card company and file a chargeback. You may not pursue both at the same time or seek a double recovery. If you have an open Venmo Purchase Program claim with Venmo, and also file a chargeback with your credit card company, Venmo will close your claim.If you pursue a Venmo Purchase Program claim with Venmo and if you do not receive a full recovery, you can then file a chargeback.Credit card companies must abide by these statutory guidelines, including but not limited to the following:
- If a consumer claims a "billing error" because an item is not received or is refused at the time of delivery, the card issuer is obliged to investigate, resolve, and to correct written claims filed by the consumer within 60 days of receipt of the applicable credit card statement. If a consumer claims a dispute with a merchant, the card issuer is obliged to investigate and resolve consumer claims, provided the consumer: (i) has not paid for the charge (ii) has made a good faith attempt to settle the dispute with the merchant (iii) lives in the same state as or within 100 miles of the merchant and (iv) paid more than $50 for the item.
You should contact your credit card issuer to learn more about your rights and remedies.Debit Card Protection:Your debit card issuer is not required by law to provide you with protection against items that you do not receive or that are significantly not as described. Many debit card issuers voluntarily provide protection similar to the chargeback rights provided by credit card issuers.Venmo may process debit card transactions through either (a) an ATM debit network such as STAR or NYCE, or (b) a Visa or MasterCard network. Transactions processed through the Visa / MasterCard network may give you additional protection compared to the ATM debit networks. You should contact your debit card issuer to learn more about your rights and remedies if you pay with your debit card.Bank Account Protection:Your bank is not required by law to provide you with protection against items that you pay for with a bank transfer but that you do not receive or that are significantly not as described. You should contact your bank to determine if they voluntarily provide any purchase protection.