That amount will be deducted from the total amount sent.īoth customers are protected under the program which Venmo said is ideal “for customers looking to purchase a higher priced item from someone they don’t know, giving customers added trust and confidence that Venmo has them covered. The seller will pay a small fee to receive their money (1.9% of the transaction plus 10 cents). Buyers can simply toggle the button on the payment note screen to identify it as for a good or service. “Goods and services payments are designed to provide both buyers and sellers peace of mind knowing that they may be covered if the transaction doesn’t go as expected,” the company said in its announcement. Venmo provides protection, not just education, for payments for goods and services through Venmo’s Purchase Protection Program. So that is why we do so much on the education side - don’t use Zelle to buy stuff on Craigslist.” If you make an authorized payment, like tickets on Craigslist where you pay them $200 and you don’t get a ticket - you authorized that payment so you are not protected. With Zelle you can send money to another person just using their email address or their phone number. Zelle is used through your existing bank account at a participating bank or credit union. It allows a customer to transfer money almost instantly to another person’s account. “It matters whether it is fraud or a scam. Zelle is a digital payment system that is owned by several US banks. In the past, you might’ve paid your friends, family, and other trusted people with cash if you had it. Or, you just need to send money to the babysitter or help a family member. Or you want to settle up for your share of a gift or other expense. “It’s not the same as a credit card,” said Menken. So, you need to repay a friend for your part of the groceries or take-out. While credit and debit card networks uses some very fast, very sophisticated fraud detection tools, backed up by guarantees that fraudulent transactions will not cost consumers, Zelle is relying on education and leaving the ultimate risk to consumers. “We provide consumer resources on our web site and make it clear to the consumers they should only be paying people and businesses they know and trust.” The company relies on education to protect its users. Zelle warns users they should only make payments to people they know and trust. I don’t see checks coming back.”įraud is a concern in P2P payments. We had whole new consumer sections that adopted digital banking. They needed money fast and Zelle is the perfect option. “With the pandemic people weren’t even going to the ATM any more. Money was a big thing that people needed, and it was flowing through Zelle,” said Menken. Zelle® is a fast, safe and easy way to send and receive money directly between almost any bank accounts in the U.S., typically within minutes. “When we first launched it was about paying back your friends for dinner or concert tickets, and then in the pandemic it was life saving use cases.
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