Accepting Payments OTHER than PayPal G&S? -- The Lounge in photography-on-the.net forums

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Apr 28, 2022 17:24 | #1

Hey all, I've been selling online (eBay) since 1999 so I'm not new to the game. Just curious though: someone wants to buy one of my items and pay via Venmo. How can they scam me that way? Claim to Venmo that I sent the wrong item, or defective, whatever? And Venmo turns around and does a chargeback??

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Wilt

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Post edited over 1 year ago by Wilt. (8 edits in all)

Apr 28, 2022 17:29 | #2

Not to address your question, but be aware that Venmo and Paypal and other 3rd party payment services are now obligated to report on 1099K at end of year all transactions >$600 (the transaction value is lowered from $20000 threshhold before Jan 1, 2022). That puts the burden on YOU to be able to prove the price you sold it for is LESS than the price you paid for it, or you could owe Income Tax on the transaction!
Also, you are likely to need to provide your Social Security number to such payment services, too, (since only businesses have Tax ID numbers). A thread on another forum was raised by a hobbyist questioning why he was being asked for his SSN, in selling some of his personal hobby equipment!

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imm140.6
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Apr 28, 2022 17:35 | #3

OK, I should have Googled the question before posting but I hope this may help anyone selling gear. This is taken directly from Venmo's website:

Unless directly given the option by Venmo, DO NOT USE VENMO TO TRANSACT WITH PEOPLE YOU DON’T PERSONALLY KNOW, ESPECIALLY IF THE TRANSACTION INVOLVES THE PURCHASE OR SALE OF A GOOD OR SERVICE (for example, concert tickets, electronic equipment, sneakers, a watch, or other merchandise). These transactions are potentially high risk, are not allowed under Venmo’s User Agreement, and Venmo does not have a protection program for such transactions unless directly offered. So:

If you send a Venmo payment to an unauthorized business profile or another individual for a good or service without identifying the payment as for goods and services, you could lose your money without ever getting what you paid for.

If you accept a Venmo payment from someone for a good or service via your personal profile and the buyer didn’t identify a payment as for goods and services, we may later review the payment. When that happens, we may reverse the payment, meaning you could lose both the payment and the item sold. This review process may not occur until after you attempt to transfer the funds out of Venmo.

Thank you for your cooperation!

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