![]() In an online FAQ about the new feature, Venmo notes that in the future, business owners would be changed a per-transaction fee of 1.9% + $0.10 on every payment made to their profile. Though the service is free during the pilot, Venmo indicates that may not always be the case. ![]() It would also offer Venmo a way to expand its revenue opportunities. The system would formalize what’s already a top use case for Venmo’s platform. PayPal-owned Venmo says the new feature will also offer transactional insights and information, including number of customers and a customer list. Instead, users will be able to switch between their personal accounts and business profiles from the same login. In addition, a new Venmo Search experience would allow users to switch between a “People” and “Business” tab when looking for a particular Venmo username.īusinesses with a profile page will be able to more easily track their transactions without having to create a separate account. Sellers can also email, print out, text or AirDrop their Venmo QR code for their profile to make it easier for customers to find their business on the app. They’ll also be able to see how many customers the seller has and if any of their Venmo friends have ever transacted with the seller. Interested friends and neighbors could then click on the Business Profile to learn more about the seller, as these new profile pages also offer a space to write a short introduction to the business. Instead, Venmo’s Business Profiles may be better suited to sellers such as local artists, crafters or farmers market booth holders, or those who casually use Venmo to support the income they receive from side-hustles, such as mowing lawns or doing neighborhood home repair jobs.Īs Venmo users pay these small sellers, the payment is published to the Venmo social feed where friends or even the public can view the transaction, depending on the user’s privacy settings. The profiles give smaller sellers a way to do business without having to necessarily establish a larger web presence, like a Facebook Page or Google Business listing, for example. ![]() Sellers can share key business details like address, phone number, email, website and more.īy adopting a Business Profile, sellers will be able to raise awareness about their business through Venmo’s social feed and search, as well as keep their personal transactions separate from those for their businesses for accounting purposes. The mobile-payments app announced today it’s piloting a new feature called Business Profiles, which offers small sellers and other sole proprietors the opportunity to have a more professional profile page on its platform.
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