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?
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