Questions about Venmo

[DebitMe]

Hello,

I sell locally on localbitcoins and meet up with people to do cash trades.  I have had someone contact me wanting to use Venmo as a payment source and have done a little research but wanted others opinion, hopefully users of the service, on the merits of trading with it.

From someone I talked to, he says that if the buyers Venmo account was funded with a credit card, then he could easily claim fraud and the money would be reversed.  If the account was funded with a bank account, then they usually do not reverse the transaction.  Has anyone had any experience with reversals through Venmo?  What if I do small amounts and then just withdraw to my bank account every time a payment comes in?  Can Venmo take it back out of my account if the buyer tries to reverse payment?  The buyer is saying he can provide proof of ID and bank account balance, but I don't understand why he would not just be open to withdrawing the money into cash and meeting me?

Thanks anyone for help or advice.

[cptdome1]

I'd just assume venmo is like paypal in which it is fully reversible.  I'm not sure if they can withdraw money from your bank account in the case of a chargeback, but I wouldnt leave any venmo balance or my account linked to find out.

[DebitMe]

I'd just assume venmo is like paypal in which it is fully reversible.  I'm not sure if they can withdraw money from your bank account in the case of a chargeback, but I wouldnt leave any venmo balance or my account linked to find out.

Yea, that was what I was worried about.  I have never used it before and honestly just kind of heard about it when this guy asked for me to accept it.  I don't think I am comfortable accepting it for bitcoin payments.  Seems like a neat idea for friends to split bills or pay rent or something, but not if you don't know the other party who is paying you.

I think I have to classify it similar to Paypal and not accept it.