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How to set up a Venmo account for a business?

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earnesamuel
How to set up a Venmo account for a business?

Providing customers with accessible, easy-to-use methods for payment is an important concern for small business owners. Venmo is one such method that has now become a go-to app for money transfers. If you’re wondering if Venmo is a good fit for your business, read on to find out what it exactly is, how to use Venmo for business, its business profile features, and the answers to some frequently asked questions. 


Key Takeaways: Venmo’s personal accounts are intended for use by individuals. Venmo can’t be used for business transactions unless the seller has a business profile, or the transaction is identified as being for goods and services.


You can set up a business profile to use Venmo for business purposes. In order to create a business profile, you must also have a personal account—if you don’t already have one, it’s easy to start a personal account when setting up your business profile.


Venmo business profiles work differently for sole proprietors and registered businesses. Business profiles offer users additional features such as formal tax documentation and added security.


What Is Venmo?


Venmo is a PayPal-owned payment platform that’s been around since 2009 and is currently only accessible within the United States. Venmo promotes itself as a social money transfer app that makes it easy to split costs and send and receive funds between people and businesses. 


Note: There is no charge when transferring funds from a bank account or your Venmo balance (business profiles, however, must pay seller transaction fees).


You must link your Venmo account to your U.S. bank account (or a debit card that permits Instant Transfer) if you want to send money between the two. Also, if you want to make payments larger than your Venmo balance amount, you’ll need to link a U.S. bank account, credit, or debit card. 


When users send payments, they are given the option to write a note and accompany it with emojis or stickers. Depending on user preference—accounts can be set to private—the payment may show up in the feeds of others, who can then like or comment on the payment. 

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