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Venmo: The Price of Convenience

It was mid-June in 2015 when Jared Miller wanted to resell four NBA Finals tickets. With the next

match in the game series only days away, the 28-year-old web developer decided to post his tickets on

Craigslist, a popular choice for classifieds in San Francisco. To his surprise, an eager buyer, Robin, soon

contacted Jared and agreed on a price. The purchase was confirmed but Robin suggested for the payment

of $4,700 to be made via Venmo. Jared had only just signed up to the mobile payment service after

several friends convinced him of the convenience of this “trendy, fast and reliable” fintech app. To them

it was Facebook and PayPal combined, and a cool way to avoid the awkward “you owe me”

conversations when splitting bills.

Robin asked if he could Venmo half the payment that day and the rest on the following day. “Okay,

that’s perfect” replied Jared without hesitation, in excitement about his first ‘business’ transaction on

Venmo. He had previously only used the fee-free app to pay friends for beer nights, movies and settle

rent dues, and enjoyed its convenient single-tap payments. He also particularly liked the ‘cha-ching’

sound, one of Venmo’s signature feature, that resonated with the joy of getting money into his account.

With Venmo’s growing popularity among millennials, Jared’s friends assured the safety of the simple

and quick money-transfer service, that he agreed to the buyer’s request with no second thoughts. The

first instalment as promised, arrived the same evening to his Venmo account with the description “for

Games 4” from Robin. The remaining $2,350 followed the next morning, the day of the big game. Jared

promptly sent a request to transfer the complete $4,700 to his personal bank account and received

Venmo’s “You cashed out!” notification. Satisfied with the confirmation, Jared immediately emailed

the tickets to Robin.

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Figure 1: Installments from Robin on Venmo

He was aware of the lag time for the transfer from Venmo to show up in his bank account and waited

until late evening for it to come through. “Strange” he thought. But he still waited for another two days.

In the morning that followed, he woke up to a bank notification, and breathed a sigh of relief assuming

his funds were finally credited. But on the second take, he was shocked to notice that it was rather a

debit of $2,350 made through Venmo. Confused, Jared immediately tried to access his Venmo account

only to find his password was now invalid. After several tries, he managed to gain access by resetting

his account. Here he noticed that his email was changed to a new address, notifications were disabled,

and weekly spending limit was now set to the highest amount. To his horror, the payment history showed

that the two previous installment payments had disappeared from his account balance, with the

description “this payment was reversed”, and an additional $2,350 had been sent to Robin in the last

hour. Robin had since gone silent, cutting off all form of access after several attempts to contact him.

Jared panicked and knew he had fallen victim to a major scam. “I lost $7,050 in one day, and I don’t

even understand how amounts sent to my account can be reversed" he said anxiously. Just like any user

that encounters a fraud would do, Jared’s first reaction was to try and ring the helpline. To his surprise,

there was no phone line dedicated to customer issues. Agitated by this, he fired off an email to Venmo’s

customer support, but received no response even after 24 hours, and had to publicly call out Venmo on

Twitter before they could respond.

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Figure 2: Payment history with scam transactions on Jared’s Venmo account

Deeply disturbed by the incident, Jared wondered how such a popular money transfer service that

promised smooth, easy and fast payments compromised security. Whether he would ever use the app

again was a question Jared was faced with despite its rising reputation among his peers.

Faults in Financial Security

Since its release in 2012, Venmo has grown to become a major player in the mobile payment industry.

It was founded by two university friends who had a hard time transferring money to each other when

one of them lost their wallet. Venmo was eventually acquired in 2013 by transaction-giant PayPal [1],

whose involvement soon set a benchmark for success. Phrases such as “Just venmo me” or “I’m

venoming you now” have since become a norm whenever people want to transfer money. Such ‘brand

verbification’ is something most companies only dream of achieving [2]. However, serious faults in

Venmo could cause its undoing.

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Venmo’s shortcomings present a cause for concern for users, especially as a popular payment service

that handles sensitive financial information. Jared discovered that he was not the only user to report such

an experience, as Venmo’s Twitter feeds and other forums were rife with users complaining about its

lack of assistance. Some experienced frozen funds, delayed transfers and some like Jared, were victim

to scams [3].

Figure 3: Reviews and complaints from Venmo users [4] [5]

Never at any point was Jared notified of any suspicious activity. “Even with all these changes to my

password, email address, device log-in in addition to a lot of other settings changes, there was no email

notification- zilch!” Jared complains. “These are basic security holes that even a giant could fit right

through”. In addition, unlike most popular payment apps, Venmo did not provide a two-factor

verification, which requires its users to provide a secondary authorisation to access an account. Venmo

has constantly assured its customers about the security of their information through the reliability of its

mobile-payment infrastructure. It states that they use “bank-grade security systems and data encryption

to protect you and guard against any unauthorised transactions and access to your personal or financial

information”. However, when hackers are allowed to easily breach through accounts transferring

thousands of dollars as conveniently as ordering fast-food online, the weight of that promise almost

seems feather-like. As the offshoot of PayPal and having a monthly user base of 10 million in U.S.,

Venmo’s consumers have an expectation of quality, especially in terms of facilitating payment services

[6]. Rob Shavell, CEO and co-founder of Abine, a company that specialises in data-privacy by helping

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users secure sensitive information, is also of the view that, “there ought to be email warnings, there ought

to be two-factor authentication. It’s true for us, it’s true for Venmo, it’s true for all these services” [7].

Jared confidently agreed to receiving payments on Venmo from an unknown user, as he was unaware of

the potential risks of using it for commercial purposes. Funds within a user’s Venmo account are not

automatically wired to their bank account, meaning that scammers can take advantage by cancelling or

reversing their payment after collecting the goods [8]. “I’m not sure how many users are even aware of

this. Receiving money in my Venmo is more like a check than cash” says Jared, criticising the lack of

relevant information provided. Additionally, most users connect their Venmo account either to their

debit card (fee-free option), credit card (chargeable at 3%) or directly to their bank accounts [7]. In what

seems as a method of attracting more sign-ups, Venmo encourages linking to debit card or bank, which

are fee-free but also the riskiest option, which at no point does Venmo indicate. With these security

issues on the rise, only 21% users in 2017 felt the payment app to be secure in comparison to other

similar financial apps [9].

Figure 4: Secure payment apps according to users in U.S. [9]

Dealing with frauds and other breaches in security is usually something that banks and other related

payment services excel at. Fraud departments are specially equipped to handle cases like Jared’s, and

dedicated lines work round-the-clock when customers report issues [7]. However, oddly enough, Venmo

did not seem to offer that level of assistance. Jared was quick to report the unauthorised activity via an

online form found on the company’s support page. But even after 24 hours and multiple emails later,

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Jared was still waiting for assistance. “As a financial services company, it’s very scary when someone

gets hacked and you are not around to help them”, Jared berates.

Yet Venmo is favoured among 66% of American mobile payment users, with processed payments of up

to $9 billion in 2017 [10]. Although, the app is winning on the popularity front with its quick,

uncomplicated and even cool transfers, the reasons for Venmo’s popularity is outpacing its customer-

support abilities. This was evident in its shabby customer service provided by a small staff size of 70 in

2015 (compared to PayPal’s 10,000 employees) [11]. It therefore, adds to the costs and sacrifices incurred

by the customers instead of enhancing the benefits provided by the app. In Jared’s case, this failure cost

him time and money. Since his Venmo was linked to his bank account via a routing number, Jared’s

bank advised him to temporarily close out his account, which meant in the short-term, he had no access

to his money.

Figure 5: Rise in payment volumes processed by Venmo in U.S. [8]

The Social Dilemma

Venmo does not just promote itself as a financial app, but more uniquely as a social one. Signing up to

Venmo, means that users are now immersed in their friends’ ‘public displays of transaction’ via their

social feed [7]. Users have expressed their fondness in reading descriptions under transactions of friends

and admit using it as their new favourite social media platform [1]. But the social pleasure of this service

also has a dark side.

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The app’s defining social quality has created unique security issues. First and the most obvious, everyone

is able to see every transaction a user makes. This means that the relationship a user may have wanted

to keep secret now is publicly known, thanks to Venmo’s default setting. Secondly, Venmo’s interface

combined with its social characteristic makes it easier for copycat hackers to customise “social

engineering attacks” by requesting money from the user or their friends simply through imitation [7].

Lack of visual distinction (interface fault) as well as the ease of changing profile details, allows benign

payment requests to be accepted without further questioning. Thirdly, coupled with the app’s other

security faults, banking information stored on the app also runs the danger of being allowed public access

to. This adds to the already existing financial risk due to its poor security. However, known to only a

few, Venmo allows users to switch privacy levels to where only the user is able to see transactions and

decides what is shared; a fact that is often buried in Venmo’s privacy terms and conditions. The company

also assures users that it will not share sensitive information publicly, but in today’s digital age users

must be careful [12].

Figure 6: Public feed (left) versus personal feed interface (right) [2]

“I know a lot of people who think this is safe,” Jared says. “But when an app asks for something like

your bank routing number, which is incredibly personal, a ‘public’ default setting is not an option that

should even be there”. Jared suspects that this might be one of the many causes that facilitated his issue

because the pursuit of convenience and socialisation makes individuals compromise their financial

security and privacy.

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Inconvenience in the Convenience

For an app that promotes a value proposition of convenience, the way Venmo delivers its service seems

contradictory. Venmo’s essentially non-existent customer service model might make sense if it were

solely a social app, and all that was on stake was getting more ‘likes’. However, when users give apps

like Venmo, direct access to their personal piggy bank, they start paying for ‘convenience’ with actual

sweat, tears and money. Additionally, adding insult to injury, Venmo’s user agreement also states that

in relation to peer-to-peer transaction, a user is expected to “use it at your sole risk and we assume no

responsibility for the underlying transaction of funds, or the actions or identity of any transfer recipient

or sender” [13]. Moreover, even if the fraudulent individual is convicted of any wrong doing, the money

is not immediately transferred back to the user’s account until several business days later, which in turn

means an increase in liabilities and in some cases a struggle to survive.

What Happened Next?

A day and a half later, Jared finally got a response. The response outlined the basic steps he needed to

take to protect his account (password change, add a PIN) while Venmo “works to prevent unauthorised

account access in the future”.

“The email lacked any empathy for my situation,” Jared says. “It just seems like company procedure to

me”.

As a result of the entire ordeal, Jared intends to cancel his account with Venmo, and has also advised his

friends who regularly ‘venmo’ each other to do the same. It can be seen that Jared’s erosion of trust

caused him to engage in negative word-of-mouth, affecting Venmo through loss in business. With his

money eventually reimbursed, Jared has hope again.

“I did not know how I was going to survive this week with no money,” Jared says. But once the fix came

through, “I could buy lunch”.

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BIBLIOGRAPHY [1] Jeon, M. (2016, October 14). The Rise of Venmo Revealed on Social Media [Blog post]. Retrieved from

https://www.crimsonhexagon.com/blog/the-rise-of-venmo-revealed-on-social-media/

[2] McGowan, S. (2017). UX Case Study: Venmo. Retrieved from https://usabilitygeek.com/ux-case-study-

venmo-app/

[3] Buxton, M. (2017). We Read Venmo's Epically Long User Agreement So You Don't Have To. Retrieved

from https://www.refinery29.com/2017/10/175845/venmo-account-frozen-user-agreement-violations

[4] Consumer Affairs. (2018). 84 Venmo Consumer Reviews and Complaints. Retrieved from

https://www.consumeraffairs.com/finance/venmo.html

[5] Better Business Bureau. (2016). Reviews and Complaints. Retrieved from https://www.bbb.org/new-york-

city/business-reviews/online-payment/venmo-inc-in-new-york-ny-136371/reviews-and-complaints

[6] Hwong, C. (2017). Chart of the Week: Who’s Using Which Mobile Payment Apps?. Retrieved from

https://www.vertoanalytics.com/chart-week-mobile-payment-apps/

[7] Griswold, A. (2015). Venmo Money, Venmo Problem. Retrieved from

http://www.slate.com/articles/technology/safety_net/2015/02/venmo_security_it_s_not_as_strong_as_the_comp

any_wants_you_to_think.html

[8] O’Brien, E. (2017). People Venmo Money to Their Friends Just to Say 'Hi'. Retrieved from

http://time.com/money/4893457/people-venmo-money-to-their-friends-just-to-say-hi/

[9] Morning Consult. (2017). Most secure money transfer or payment app according to users in the United

States as of July 2017. In Statista - The Statistics Portal. Retrieved May 8, 2018, from https://www-statista-

com.ezp.lib.unimelb.edu.au/statistics/783217/money-transfer-payment-app-user-security/

[10] Richter, F. (2017). The Meteoric Rise of Venmo. Retrieved from

https://www.statista.com/chart/12158/payment-volume-processed-by-venmo/

[11] Griswold, A. (2015). Venmo Scammers Know Something You Don’t. Retrieved from

http://www.slate.com/business/2018/05/paul-ryan-is-trying-to-kick-a-million-people-off-food-stamps.html

[12] Phillips, H. (2017). This Is The Dumbest Thing You Can Do On Venmo [Blog post]. Retrieved from

https://www.popsugar.com/career/Venmo-Safe-43192041

[13] Wolff-mann, E. (2015). WHY YOU SHOULD STOP USING VENMO [Blog Post]. Retrieved on

https://www.thrillist.com/culture/why-you-should-stop-using-venmo-venmo-problems-security-issues-and-

customer-service

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QUESTIONS AND ANSWERS

The following have been answered in reference to the case above.

1. Explain how Venmo’s facilitating and supporting services affected Jared’s experience. How

could Venmo increase its user’s perceptions of value?

The effective delivery of Venmo’s value proposition is dependent on its provision of information,

financial security, ease of transfer and customer support. These are also the main variables that

affected Jared’s experience. Total service product concept divides supplementary services into

facilitating and supporting services (Frow et al., 2014). Since the former works directly to deliver

the core service, it is essential for businesses to consider the fool-proof functionality of its

facilitating services before enhancing the latter (Frow et al., 2014).

Customers’ perception of value is the benefit received relative to the cost incurred in a service

exchange (Ivanauskienė et al. 2012). The higher the benefits received compared to sacrifices, the

better it is; but this was contrary to Jared’s experience. Firstly, Venmo’s improper

communication of information led to higher psychic costs or mental energy spent by Jared in

using the service. By avoiding misleading clauses in terms and conditions, disclosing safety

issues in linking bank accounts, and implementing an effective notification system for changes

to personal details, users can be better equipped to make informed sign-up decisions, thus

increasing their perceptions of value. Moreover, all actions and improvements should be

communicated through the webpage, app tutorials and customer service employees, to help

customers follow service scripts.

Payments being a key facilitating service to Venmo, poor execution can cause dissatisfaction

among users. This is evident in Jared’s case, as the process of receiving payments and making

transfers were far from easy or convenient. It rather cost Jared’s time, energy and a short-term

loss of access to money, which greatly affected value gained from the service. Venmo thus needs

to focus on improving its core service of quick and convenient transfers, over other aspects, to

be able to develop an impenetrable infrastructure.

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Frauds and hacking issues have been an eternal struggle for technology that provides

convenience, even in the case of prestigious banks. Therefore, the key here is for Venmo to

develop comprehensive supporting services to quickly react to customer needs, which would

have helped increase Jared’s zone of tolerance to short-term inconveniences. This is achievable

by improving Venmo’s internal service quality, through educating service workers about the

importance of their role, and following scripts congruent to the role played. They should also

understand user’s situations by taking account of their emotions and coming up with tailored

answers that guide them to quicker solutions; something Venmo failed to do. In doing this,

Venmo will be able to create a sense of perceived control, even though users may still face some

risks associated with online payments.

2. What perceived risks are relevant to financial payment app users?

Perceived risks play an important role in a customer’s decision-making process. The degree of

uncertainty associated with the consequence of making a wrong decision is the main cause of

concern when deciding on using a particular service. For customers that engage in online

payment services like Venmo, the quality of that service is determined by how it is able to

mitigate possible financial, functional, temporal and social risks.

Users often sign-up to online payment services due to the ease and security of connecting it to

their bank account to make quick payments. However, while these services like Venmo get rid

of rigid bank procedures, it also creates room for fraudulent transactions to occur due to weak

infrastructures. Such security loopholes increase the financial risk of users like Jared. Research

also indicates privacy concerns and security awareness as major influencers of customers’

perceived risk and trust propensity (Yang et al., 2014). Moreover, being a high involvement

service, users look for certainty in a financial app’s performance during the pre-purchase stage

(Hoffman & Bateson, 2010). They are faced with certain risks in the app’s functioning- whether

their funds would be transferred as promised, whether the interface is user friendly and free of

technical errors or if they will be compensated for any loss (Churchman, 2017). The failure to

provide notifications for changes to credentials and settings made it impossible for Jared to

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suspect that he was being hacked, and that he needed to safeguard his account. Additionally, the

possibility of experiencing delays in financial transactions are a source of concern for users.

Therefore, the temporal risks associated with using money-transfer apps can cause inconvenience

to a great extent.

While a majority of financial app users are digitally connected (millennials), they are faced with

increased social risks. With Venmo’s public social feeds aspect, users could construct profiles of

other users according to what they were spending on. This also relates to psychological risks as

users feel conscious of being judged and would thus prefer not to publicly broadcast their

transactions.

With these risks anticipated, a customer’s willingness to avail the service of Venmo becomes

dependent on its ability to prevent possible economic losses, upgrade the security and honesty of

its online environment as well as better the quality of service support.

3. Using ‘The Gaps’ model, elaborate on evidence from the case that suggests that Venmo

suffers from two or three gaps. What are some of the likely contributing factors?

The gaps model helps evaluate problems in a firm’s service quality. While this model identifies

five gaps at different stages of service delivery, the first four can be viewed as being internal, or

in other words, a result of management actions, while the last gap occurs at the customer level

(Parasuraman et al., 1985). In Venmo’s case however, some gaps play a greater role than others

in contributing to service problems.

The delivery gap (Gap 3) occurs when inconsistency exists between a company’s service quality

specification and the actual service delivery (Parasuraman et al., 1985). This is commonly

associated with weak employee performance. A key evidence from the case, that portrays a

delivery gap is Venmo’s specification of customer support services but subsequent failure to

assist users in emergency situations. Staff were slow to respond to Jared’s issue, even after he

promptly reached out through Venmo’s online contact form, email and Twitter page dedicated

to user support. A major contributing factor to this can be the inadequate staff, outpaced by

Venmo’s growing popularity and consequent user concerns. In addition to staff capabilities, poor

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communication of customer service guidelines may also have hindered Venmo’s service

delivery.

The app’s shortcomings also portray a communications gap (Gap 4), meaning a mismatch

between what is promised in communications to customers and the service actually delivered

(Patterson & Johnson, 1993). As promises raise customer’s expectations, they face negative

disconfirmation when it is not reflected in delivery (Oliver, 1980), just as with Venmo’s case.

Venmo’s communications boast of employing bank-grade security that protects users against

unauthorised access to their financial information. It was however unable to prevent fraudulent

transactions, leaving Jared and other users dissatisfied with their experience. This shows how

Venmo over-promised its users without taking necessary steps to deliver the expected service.

Ultimately, these gaps led to a gap in perceived service quality (Gap 5), the difference between

customer expectations and their perception of what is received (Parasuraman et al., 1985). In

Venmo’s case, these expectations were influenced by peer experience, popularity, and Venmo’s

communications on various channels, while perceptions were subjective to user’s satisfaction in

interacting with the service. With the app’s enormous popularity among peers given its focus on

quick and easy transfers, Jared expected his funds to be credited in his account instantaneously.

However, there it was delayed for days, causing concern, and ultimately frustration when it never

arrived. Moreover, Venmo users had an ideal expectation of receiving the same level of benefits

as offered by its successful parent company PayPal, but rather experienced erosion of trust with

Venmo’s shabby security features. This inconsistency between service experience and

expectation led to a gap in perceived service quality among Venmo users.

4. Which service quality dimensions are most applicable to Venmo? Explain how these affect

the perceptions of service quality for Venmo users.

SERVQUAL is a tool for service quality measurement across five dimensions of reliability,

responsiveness, assurance, empathy and tangibles. It can be viewed as being external, based on

how customers envisage service quality depending on the extent to which Venmo achieved or

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exceeded their expectations (Parasuraman et al., 1988). Certain factors greatly influenced users’

assessment of Venmo’s service.

In terms of reliability, the app failed to perform dependably when customer support was most

needed by users. Providing misleading information on privacy policy, compromising safety by

simplifying sign-up process, directing users to the riskier option of linking debit card or bank

routing number, were all contributors to poor reliability of this financial service provider.

Another key element of service compromised by Venmo was its responsiveness to customer

problems. Timely response being crucial to financial apps, Venmo’s delay in handling user

complaints or queries only caused more dissatisfaction. Jared’s experience may have been

different with prompt assistance and information from support personnel, giving him more

perceived control over the situation which would also have widened his zone of tolerance.

While a factor like empathy may not be typical of a money-transfer app, it played an important

role in Jared’s overall experience of Venmo’s service. Being victim to scams that cost thousands

of dollars, users like Jared expect more than a generic message about plans to prevent the event

in the future. By showing empathy in this scenario, service workers can offer relationship benefits

that build confidence in users, thus reducing their anxiety and increasing perceptions of service

quality.

Over other dimensions, assurance largely affected Jared’s experience as it reflects the ability of

staff to induce credibility. Trust can be conveyed through staff behaviour, by assuring financial

security to users and adequate knowledge to assist with concerns, all of which Venmo was

lacking in.

Identifying these gaps in service quality would allow Venmo to decide where resources must be

placed in order to improve services, and ultimately increasing user satisfaction (Seth et al., 2005).

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5. Based on the risks discussed and the subsequent service failure, how can Venmo recover

lost customers like Jared?

Attribution theory teaches that effective management of a service failure begins with attributing

a connection between the failure and a specific problem (Reilly, 2014). This allows to breakdown

the service encounter. Venmo’s intermediary role as a platform in the service encounter played

directly into customers’ dissatisfaction with the company. However, due to the app’s immense

popularity it still has the opportunity to redeem itself and win back lost customers before it is too

late.

Brown and Tax (1998) identified three forms of justice that customers look for after a service

failure namely distributive, procedural and interactional justice. Using this will allow Venmo to

consider different options that will build customers’ perceptions of fairness. Firstly, Venmo

should provide adequate compensation for customers’ loss caused by their service failure. Jared

not only experienced a monetary and time loss, but also a psychological pressure of financial

uncertainty. In addition to the reimbursement of his money, Venmo could also pay for any fees

incurred with transfers or delays, facilitate a quick account recovery and overall compensation

for inconveniencing users. This will not only serve as penance for its failure, but will also reduce

user’s complaint behaviours, increase their equity in exchange and encourage them to continue

using Venmo.

As for procedural justice, Venmo should minimise user’s efforts spent on complaint procedures

by establishing an easy contact with front-line staff as well as proactive follow-ups. It should

facilitate quick acquisition of information such as know-how on set-up, privacy control or other

FAQs. Quick issue resolution will enhance customers’ perceived control in the event that disaster

strikes. Lastly looking at interactional justice, Venmo’s front-line staff need to judge customers’

emotions and act with appropriate responses. Therefore, sincere apologies and genuine concern

about service failure is necessary when Venmo responds to customers; something that was

lacking in Jared’s case (Zeithaml et al., 2018). A service recovery process of this level can result

in customer satisfaction and future loyalty. However, in order to prevent employee burnout with

the sudden culture change, Venmo should consider enlarging its customer support department.

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To conclude, although customer satisfaction cannot be completely restored due to broken trust,

it is important for Venmo to devote resources into service recovery to minimise the effect of

negative word-of-mouth, reputation damage and lost customers (Michel & Meuter, 2008). After

all, Venmo users are after convenience, and are likely to stay with the service knowing that it

will support them when accidents happen.

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