Expand Financial Horizons for Your Small Business: Venmo Now Offers Business Profiles for All Merchants
Small Businesses Can Now Easily Accept Payments and Increase Visibility with Venmo Business Profiles
Small businesses can now join the ranks of professionals, artists, real estate services, personal trainers, beauty shops, and more by creating a Venmo business profile. This new feature, available to all small businesses including sole proprietors and casual sellers, provides a low-cost way to accept payments, increase brand visibility, and engage with customers on Venmo's social platform.
Setting Up a Venmo Business Profile
To get started, you must be at least 18 years old and based in the U.S. If you don't have a Venmo account, download the Venmo app or visit Venmo's website, select the Business option, and follow the prompts to set up your account. If you already have a personal Venmo account, open the app and tap the bottom-right icon (person + dollar sign). Then, tap Create a business profile and follow the prompts.
Your business profile is separate from your personal account, helping track payments and comply with tax requirements.
Benefits of a Venmo Business Profile
With a Venmo business profile, you can boost your business’s visibility among the vast community of Venmo users, allowing customers to pay and tip you directly through the app or website. You can also manage payments easily without mixing personal and business finances, which is important for IRS reporting and avoiding account suspension.
Using the Business Profile to Grow Your Business
To make the most of your Venmo business profile, share your username or QR code on your website, social media, and at your physical location. Encourage customers to pay via Venmo for convenience and to leverage Venmo’s social sharing features. Engage with customers publicly by liking and commenting on their payment activity tied to your business. Track sales efficiently through your business profile dashboard to monitor income and optimize marketing strategies.
Important Considerations
Maintain separate personal and business Venmo accounts or profiles. Using your personal profile for frequent business transactions may lead to difficulties with tracking and potential IRS issues. Venmo business payments are subject to fees, so factor this into your pricing or budgeting. You can only create one business profile per Venmo account, so select the profile carefully if you have multiple ventures.
Special Offer for Small Businesses
Until April 1, 2021, Venmo is waiving seller transaction fees to further facilitate payments and support small businesses. After April 1, Venmo business profiles will be charged 1.9% + $0.10 per transaction they receive. Other fees may apply to Venmo business profiles, and they are subject to change.
Venmo business profiles offer the same social experience as the app's current use among 70 million customers for transactions with friends and family. Businesses can get discovered, organize their business transactions, and accept payments from customers touch-free on Venmo.
For more information about how a Venmo business profile can help grow your business, visit Venmo's official website or follow them on Instagram and Twitter for updates about the business profile feature. If you have questions about your Venmo business profile, visit the Venmo Help Center.
Here are two sentences following the provided text that contain the words 'finance', 'business', and 'technology':
- The new Venmo business profile is a significant advancement in finance technology, providing a low-cost way for businesses to accept payments, increase brand visibility, and engage with customers.
- By using the Venmo business profile, small businesses can manage their finances more efficiently, keeping their personal and business transactions separate while complying with tax requirements.
