8 Dos and Don’ts When It Comes To Venmo Requests
Venmo accounts have become an essential tool for sharing expenses, splitting bills, and sending or receiving money from friends and family. Not only are Venmo transfers convenient, but they also have a social component to the extent that you can see the transaction history of everyone in your group chat, or even that your friend Gary charges his wife for pizza.
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Requesting money you are owed is one thing, but is there etiquette for Venmo users regarding the nitty-gritty of this payment system? Let’s break it down below, and also check out some common Venmo scams out there.
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Quick Take: Venmo Etiquette
When it comes to sending money, person-to-person platforms have taken some of the direct confrontations out of IOUs. However, is there a cut-off for the amount of money you should request? Many people debate whether or not you should digitally ask for transactions less than $5 on the Venmo app.
Surprise requests for money on Venmo from someone you thought was doing you a favor can also sour even the closest of friendships. Though keeping your bank account correctly balanced is important, there are some nuances to sending and receiving money effectively, without seeming like you’re settling a score.
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Dos and Don’ts of Venmo Requests
Venmo offers everything from account balances to credit cards, but like any financial tool, there are some best practices to ensure smooth sailing for transactions and maintain healthy relationships. Here are eight dos and don’ts when it comes to Venmo requests.
Don’t: Send Requests for Small Amounts
While Venmo is great for splitting expenses or nudging someone who owes you money, it’s best to avoid sending requests for very small amounts, like a couple of dollars for coffee. Transactions under $4 or $5 are small requests that can seem petty and might annoy the recipient. Consider if the amount is worth the transaction before hitting send.
Do: Be Clear and Specific
Before you send a Venmo request, be clear about what it’s for so there is no confusion or awkward back-and-forth. Specify the reason for the payment, whether it’s setting a bar tab or future concert tickets. This helps avoid confusion and makes it easier for the person to remember and validate the request, with or without emojis.
Don’t: Ignore or Decline Legitimate Requests
If you receive a Venmo request that you recognize and it’s legitimate, don’t ignore or decline it. Responding promptly and correctly maintains trust and ensures that financial matters are settled without unnecessary tension or misunderstanding.
Do: Send Requests Promptly
Timing is crucial, and sending your Venmo request as soon as possible after the expense is incurred will make it easier to handle. The longer you wait, the more likely the other person might forget or question the request, which is an uncomfortableness that can be avoided. Promptness keeps the transaction fresh in everyone’s mind.
Don’t: Make Public Requests for Sensitive Expenses
Venmo has a social feed where transactions can be public, shared with friends, or kept private. For sensitive or personal expenses, opt for the private setting. No one needs to know about your share of the electricity bill from the apartment you share with your ex or other personal loan details.
Do: Double-Check Amounts and Details
Before sending a request, double-check the amount and the details. Mistakes can happen, and it’s better to catch them before sending the request. This ensures accuracy and prevents unnecessary confusion or disputes.
Don’t: Use Venmo for Business Transactions
Venmo’s terms of service specify that it is meant for personal use only. For business transactions, consider using Venmo’s business profile or other payment services designed for commercial purposes. This keeps you compliant with Venmo’s guidelines and avoids potential issues or fees with your account.
Do: Follow Up Politely
If someone hasn’t responded to your Venmo request within a reasonable time, it’s OK to follow up. Send a polite reminder, as they might have simply overlooked or forgotten it. A friendly nudge can prompt action without seeming aggressive.
Final Take To GO
The bottom line is that though the days of Emily Post are far behind what is currently trending, Venmo transactions remain a new landscape on which to tackle the sometimes-uncomfortable subject of money. Intention goes a long way, so make sure to be clear with yours, especially when it comes to settling debts.
Simply put, don’t write Venmo requests that you yourself wouldn’t be willing to cash.
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This article originally appeared on GOBankingRates.com: 8 Dos and Don’ts When It Comes To Venmo Requests