Venmo functions as a go-between for users who want to send payments to each other. For merchants who have made the decision to accept Venmo payments, it is imperative that they understand how fraud and chargebacks work on this platform, and what they can do to mitigate these potential hazards. Merchants can always reach new customers by offering more diverse and varied payment options, but with every new method of payment comes new forms of fraud and chargebacks. Venmo is especially popular among younger people, so many merchants who target those age groups see a clear benefit to including Venmo as one of the payment options they accept. Since its debut in 2009 as an app designed to facilitate bill-splitting and IOU payments between acquaintances, Venmo’s user base has grown to exceed 65 million people, making it one of the most popular and widely-used P2P payment platforms. What do merchants need to know about how Venmo works and what their exposure to fraud and chargebacks on the platform might be? And while it was originally intended for transfers between friends and colleagues, some merchants have started accepting Venmo as a method of payment for purchases. One of the major players in this emerging market is Venmo. These apps facilitate small electronic payments from one user to another, making it easy for those who don't always carry cash to split a check or pay out a friendly wager. This phenomenon has created a new market: peer-to-peer (P2P) payment apps. Many people now say they don't even carry cash most of the time. More and more customers are using credit and debit cards, mobile wallets, and other methods of payment.
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