Bit-venom.com Review: Is Bit Venom Limited Scam or Should I Invest?
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Bit-venom.com Review: Is Bit Venom Limited Scam or Should I Invest?
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About our company bit-venom Limited was founded in early 2020 by a group of trading professionals. The name of our company speaks for itself – we were born as the king of the sports car trade, and always benefit us not only in growth but also in strong merchant competitors. The unique trading strategy in the stock and currency markets, as well as the use of special automated programs enable our company to bring high daily dividends to our customers!
Venmo Review: How Does It Work and How Safe Is It?
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Venmo makes it easy to send money to someone else in a snap using your mobile device. Using the PayPal-owned app, you can send payments to split rent, restaurant tabs, cab fares and more.
It’s also got stiff competition from several other p2p payment apps on the market today. We’ll explain how sending money via Venmo works — and how to do it safely — in this review. Fees and pricing in this piece are accurate as the date of publishing.
In this review, we’ll cover:
What is Venmo?
Venmo was created in 2009 by two former college roommates looking for an easier way to exchange money. In 2020, PayPal bought the app and expanded the product offering. Now you can use it to pay back friends, and select merchants accept it as a payment option.
Although it’s a go-to P2P payment option for many, Venmo has had its fair share of bad press because of its limited user protections. In this post, we’ll dig into app safety concerns, how to protect yourself from scams and how it stacks up against other P2P payment apps.
How Venmo works
To get started, you have to sign up for an account. You can do this through the app website or through the mobile app. One unique feature that sets it apart is the social media news feed, which shows the transactions of you and your friends. If you prefer not to broadcast transactions, you have the option to turn off posting.
How to send money
There’s no need to add money to your Venmo balance to start sending money. Instead, you link a bank account, credit card or debit card to your account. Money comes from your funding source, unless you have sufficient funds in your Venmo balance to cover the entire payment. You transfer money using someone’s email address or phone number. If the recipient doesn’t have a Venmo account, they’re considered a “new user.” The “new user” needs to create an account to accept the money. You can cancel the payment if the receiver doesn’t want to accept money.
How to receive money
If you have a Venmo account, money will appear in your account balance when someone sends you money. You can leave money in your balance or transfer cash to another account. You cannot transfer cash to a credit card; you have to transfer to an eligible debit card or bank account.
How long it takes to transfer money to a bank or debit card There are two ways to get money from your balance — via instant transfer or standard transfer.
Instant transfers go to your eligible Visa or Mastercard debit card account within 30 minutes. The fee for instant transfer is $0.25.
Standard transfers go to your verified checking account through the ACH network. This transfer can take one to three business days but is completely free.
Venmo fees and fine print
You can use the app for free, for the most part. There are only two fees to worry about. You’ll get hit with a 3% fee if you use a credit card to transfer money to someone. Fortunately, the credit card fee doesn’t apply when you make credit card purchases at authorized merchants. There’s also the $0.25 fee for instant transfer if you want to get money from your Venmo balance right away — of course, this is an optional fee.
How Venmo makes money
One way the company makes money is to charge merchants a percentage when customers use it as a shopping payment option. There’s also the 3% fee when users make P2P payments with their credit card, and the $0.25 fee for instant bank transfers from your balance.
Sending and receiving limits
Until your identity has been verified by Venmo, you have a maximum of up to $299.99 per week to make purchases and payments, and only $999.99 per week can be sent to you bank account. However, once confirmed, you can send a maximum of $4,999.99 weekly in combined payments to friends and authorized merchants. You’ll be able to transfer a maximum of $19,999.99 per week to you bank account, and at most $2,999.99 at any one time.
You must be physically in the U.S. with a U.S. mobile phone to use the app. You need a U.S. bank account to deposit funds from your balance, and a U.S. credit card, debit card or bank account to send funds.
P2P payment apps are generally safe to use when you’re sending and receiving money from people you trust. Venmo protects your information with data encryption. If you lose your phone, you can log out of the app on the website to minimize the risk of fraudulent transactions.
Fraud protection: What Venmo does and does not cover
Venmo offers 100% protection for unauthorized transactions with some limitations. Unauthorized transactions are characterized as transactions “that you did not authorize and that did not benefit you.”
An example of this is if someone gains access to your account with your password and starts transferring funds. However, you do not qualify for protection if you willingly give someone access to your account and they make transactions without your permission.
Other errors that could qualify for Venmo protection include:
If you send an amount and the company debits a different amount
If you receive a payment and an incorrect amount is deposited into your account
If a transaction doesn’t appear properly on your statement
If there’s a math error made by the company
In order to qualify for 100% protection, you must report the unauthorized transaction within 60 days of its appearance on your account. Venmo suggests you regularly review your statements and report unauthorized transactions promptly.
Interestingly enough, instances of people hacking into accounts to transfer funds without your knowledge isn’t the fraud that’s thrown the app into the spotlight.
Early in 2020, the Federal Trade Commission settled a case with Venmo, which concluded that the company didn’t properly disclose to users that money credited to their balance were still under review and could be reversed or frozen. This led to scam transactions where fraudsters would use shady funds to buy items using the app. The seller would hand over the product when money showed up in their account balance only for the transaction to be reversed after review. The buyer would get a free product out of the deal and the seller would leave empty-handed.
In one scenario, a seller handed a pair of $13,550 Zebra Yeezys over to a buyer, only for the five-figure transaction to disappear. The FTC settlement required that the company update terms and properly disclose transaction review practices.
How use Venmo safely
To avoid getting scammed by someone through Venmo, you must only initiate transactions with people you trust.
Do not sell items on this app. You don’t know where the money is coming from to fund the buyer’s account, and if they’ve stolen a credit or debit card, the transaction can be reversed and you will not get the money.
You should also be weary of buying a product unless it’s from an authorized merchant. Do not buy items like concert tickets, clothing or electronics through the app unless you know the person. There are no buyer protections if you send money and the product ends up being faulty. Venmo does allow you to make purchases from certain approved merchants. If approved, the Venmo payment option will appear when you checkout.
Venmo vs. other person-to-person payment networks
Here’s how the app stacks up against the competition as far as transfer speed, fees and security.
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