Venmo payments usually go through instantly, but if a transaction is unusual, it will be declined even if you have money in your balance.
Usually, they do this for security reasons, but sometimes, it can happen accidentally or even out of Venmo's control, in which case you'll have to take necessary action to release the payment.
So if Venmo declined your payment even with money in your balance, read on to know how to get Venmo to release your payment so it can go through.
Why is Venmo Declining My Payment When I Have Money?
As earlier mentioned, Venmo typically declines payment for security reasons, but in some cases, the reason can be something else besides your security.
You'll typically see something similar to this when facing this issue;
Venmo there was an issue with your payment try again later
To understand this issue better, let us discuss all the possible reasons why this occurs.
1. Your Bank or Card Issuer is Declining the Payment
This usually occurs when you try to make a payment through Venmo while using your card or bank as a funding source for the payment. There are a couple of reasons why your bank or card issuer might block your transaction, including for your own security or insufficient balance on your card or bank account.
In case the transaction is suspicious, your bank will decline your payment even if you have sufficient balance in your account to cover the transaction.
Your card issuer can also decline your payment if you're trying to make it from an expired debit card—and it is one of the major consequences of using an expired debit card.
2. The Transaction Was Flagged by Venmo's Automated Security System
Venmo has automated security flags that are put in place to pin out any transaction identified as out of the ordinary. A good example is when you use a debit card that isn't in your name or when you try making an unauthorized payment.
When a transaction is flagged by Venmo's automated security system, it typically gets declined and this is whether or not you have funds in your balance.
3. You've Reached Your Payment Limit
Venmo payments have a limit and this limit is determined on whether or not you've verified your identity on Venmo.
Unverified Venmo accounts are always limited to sending only up to $299.99 every week and if you try sending more than this limit in 7 days, Venmo will decline the payment even if you have enough funds to cover the transaction.
4. Your Venmo Account is Frozen
If Venmo freezes your account for violating its TOS, all transactions you attempt to make through the platform will get declined even if you have money in your balance.
5. Technical Issues
Another possible reason why your Venmo payment may be declined even with funds in your account is due to a technical fault. This is usually the case for most transactions that have passed all the aforementioned reasons and it only happens as a mistake.
Venmo's functionality depends on the good functioning of its servers and systems and if those involved with making payments on the platform have an issue, there's a great chance that your payment will get declined.
Venmo Payment Declined But I Have Money: The Fixes
Now that we've covered all the possible reasons why a Venmo payment gets declined even with money in the account, it should be very easy to address the issue and if you've pinned out the reason in your case, you must have probably figured out a fix for you.
Nevertheless, let's see all the possible ways you can resolve this issue.
1. Reach Out to Your Bank or Card Issuer
If the issue is related to your funding source (your bank, credit, or debit card), then the first thing you'll even consider doing is reaching out to them directly. Venmo cannot directly be of help in this case because your bank is not authorizing the transaction to go through Venmo.
So just call your bank and inquire to know why this is happening and what you can do to resolve the issue. If they require you to reach a branch, you'll only have to do so to release not only this payment but future payments you'll make through Venmo.
2. Change Funding Source or Use Your Venmo Balance
If the issue is related to your bank or card issuer and you've tried to resolve the issue with them and it doesn't seem to work, the best thing you can do is to change the funding source or simply use your Venmo balance instead of your card or bank.
I even recommend using your Venmo balance because if this still occurs you'll better sort out the issue with Venmo and know why your payment isn't going through.
3. Verify Your Identity on Venmo
If you are trying to send more than the authorized limit for unverified Venmo accounts without verifying your identity, then it is great time you consider doing so.
Verifying your identity on Venmon not only increases your payment limits but also gets you easily past most automated security flags as your transactions will be genuine as compared to those who haven't verified yet.
4. Contact Venmo's Support Team
In case you haven't been able to make the payment go through with the aforementioned steps, you may want to reach out to Venmo to know why this is actually happening. In fact, this step will address three possible reasons why your payment is declined, including, flags by Venmo's automated security system, a frozen Venmo account, or due to a technical glitch or automated mistake.
However, this step is mandatory if your account gets flagged by Venmo's automated security system or if they freeze your account.
They might require you to explain the source of funds or the reason why you're sending this payment. Just do what's required from them to get your payment go through.
If the issue is related to technical glitches or simply an automated mistake, they'll tell you and inform you when you can retry the payment.
Final Thoughts
When you make a payment on Venmo and it gets declined even with money in your account, it means there's something that isn't right. It can be due to an issue with your linked funding source, the transaction being flagged for security purposes or your payment limits being reached.
This guide compiles all possible reasons why this is happening and also shows the fixing steps you need to take to get your payment go through.