Venmo for trades

what do you guys think about using venmo here on Sythe for trades? It's very accessible on mobile, used on college campuses across the states, owned by PayPal but not restricted to what PayPal bans, and it's irresivible

Check it out

 

Venmo prohibits the use of their service for business purposes, they also make it look as if the money has cleared instantly when you see the money in your account but it actually takes days and can be reversed by the sender contacting their funding source and reporting unauthorized activity. Venmo won't post a credit to your bank account if it's reversed before they pay you out. I wouldn't recommend taking money from anyone on Venmo unless you know them personally and trust them.

 

Venmo is actually highly reversible, from what I've read.

 

Surprised by this. I guess I figured it was irreversible because I've only used it with my friends and they don't try to scam me. I guess I'll stick to just using it irl.

 

Do you have any sources? I've done my reading after using it extensively in real life and would love to bring the payment to Sythe. It seems a lot less reversible than PayPal is. Yeah, they don't allow you to use it for business purposes but for average traders it seems pretty convenient.

A quick Google search shows that there are other forums that use venmo actually and that in order to get charge backed the person sending it to you has to be using stolen and fraudulent bank accounts

 

I've also been using venmo for upwards of 2 years now for Craigslist stuff and I've never once had any issues

Edit: and yes I know venmo takes a day or two to transfer to your bank account but so do most other payment services

Edit 2: I've found some articles outlining venmos reversibility, but can it be worse than PayPal?

 

Venmo is used in the darknet fraud industry as a cashout method so although it is not reversible, funds could be seized if they originate from carding and/or stolen funds fraud.

Same applies to paypalmycash and paysafe cards.

In short, never accept bulk amounts in these methods. Fraudsters target them for a reason, and people have lost thousands falling victim to methods they thought were not reversible or easily reversible.

It's happened to sythe users too. Last year I was told of somebody losing $20,000 in paypal mycash funds from accepting large cards like $500.

And more recently somebody lost a few thousand £ (british pounds) to UK bank transfer.

 

Venmo does not mess around when you use them to sell something. Period. To give you a prime example here is: It’s Shockingly Easy to Get Scammed on Venmo

They obviously take their ToS very seriously so I would advise ANYONE on Sythe to never use this platform unless you're just giving away money.

 

I legit haven't heard of it i'll check it out