Bitcoin Forum

Hi I'm really confused about venmo at the moment so yesterday i thought it was unreversible and so many people on this forum said it's worse than paypal .So I was wondering what makes it reversible ? Is it if you pay by credit card?

What if someone pays you via a verified bank account , is that considered reversible ? Really need help understanding this

update:I'm not talking about naming the transcation "here's 40 usd for btc " i'm asking if it was labelled " here's 40 usd have a great christmas" and paid with a bank account how is that reversible?

 Not as well as this article (http://time.com/money/4036511/venmo-more-check-than-cash/).

Using your bank account or credit card doesn't really make much of a difference.
It's reversible because the sender can easily cancel the transaction. Say, you get the notification that +$xxx has been added to your account, do not assume that it's really already in there since the sender can still cancel it.(reverse)

So, do not use venmo for merchant transactions. Ever.

Have a look. http://www.slate.com/articles/business/moneybox/2015/09/venmo_scam_and_fraud_why_it_s_easy_to_get_ripped_off_through_the_mobile.html

Thanks for explaining .I never knew all this :/ I just withdrew all my venmo funds and I'm closing it after it hits my bank . Thanks again

Closing your account alone will not shut your problems completely because even after closing your account also they reserve rights to send you legal notice and to recover the funds in the case of a dispute.
Better gather more information about the sender of those funds and enforce him to escrow something for the period of 180 days till becomes unable to cancel or file a dispute.