![]() That means no records for filing taxes and unofficial documentation in your bank account.Ī client can’t hit an “add 20% tip” option. Its personal accounts are not designed as an online payment solution for small businesses. for sending and receiving money between friends and family. The Venmo app was built for peer-to-peer payments, i.e. (Of course, you would never think this! We would never assume you would! We just love hypotheticals.) Let’s just say we set aside the explicit rules against using your personal Venmo for business payments and that you’re thinking, “But…is it really that bad to use it for business, you know, under the table?” Peer-to-Peer Venmo Doesn’t Have the Features You Need Venmo started enforcing these rules on July 21, 2021. Shortly after its launch of Venmo for Business, the company sent out a series of notifications to Venmo users about new policies and fees for business transactions. Venmo Will Crack Down on Businesses Accepting Personal Payments This can make it - ahem - very tempting to use for small business transactions, but it’s not OK with the company. ![]() Unlike other payment processors, Venmo doesn’t charge a processing fee (because it’s meant to send and receive money between peers). Venmo may NOT otherwise be used to receive business, commercial or merchant transactions, meaning you CANNOT use Venmo to accept payment from (or send payment to) another user for a good or service, unless explicitly authorized by Venmo. In response to the question, “ Can I use Venmo to buy or sell merchandise, goods, or services?”, the team states: Let’s just get this out of the way before digging in: Venmo explicitly states on its site that you should not use it for business payments. Why You Shouldn’t Use Personal Venmo for Business Payments Venmo Prohibits It ![]() We’re covering them below, plus what you should do instead if you’re curious about trying a mobile payment app for your business. Using Venmo for your business transactions might seem like a great idea, but there are several reasons why we don’t recommend it. Some small businesses and sole proprietors also use their personal Venmo accounts to accept payments from customers.Īnd now, Venmo announced it’s going to offer contactless payment processing for small businesses with Venmo for Business. You likely use the Venmo app for peer to peer payments, i.e. There are various fees for different types of credit card processing - Square here, Stripe there -and that client who still writes you a check after every hair appointment. Let’s be real: accepting payments as a small business owner can feel a little murky. In our Contactless Payment 101 series, we’re breaking down the basics of processing transactions device-free. ![]()
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