Episode 80: The Venmo Business Profile And How To Use It Legally
Now in previous podcasts and blogs I have told you that as a small business owner, you should not be using Venmo to run your business. Venmo's website even stated previously, not to use Venmo for business transactions. I've given you legal reasons and lists of why, but today I'm going to change course a little bit. I want to tell you one instance where you actually can use Venmo to help run your small business and drum roll, please. It's the new Venmo business profile, and I'm here today in this episode to help break it down for you.
Things we talk about:
- Why before now Venmo was not a way to accept payments for your business.
- How things have changed and what exactly is the new Venmo Business Profile.
- I break down their transaction fees and how Venmo has a 30-day trial period without seller transaction fees.
- How to legally use this new profile and set it up to start collecting payments.
Here are a few quotes:
"Venmo business allows you to create a separate account and process and accept those separate payments for goods and services that are exchanged through your business. Those cha-ching moments that I was talking about. Especially if you're an LLC, if you are using a Venmo personal profile, you've literally essentially just ripped up the whole point of your LLC. It's no longer an LLC."
"You still have the ability to close your Venmo business profile and you can keep your personal profile active. So that is an added bonus here. You can close that business profile at any time you just contact Venmo and you can also do it on your app."
“It is the way to easily take payments from person to person now. It's a great, valuable resource for us as we run online businesses. So I just think, you know, taking this extra little step of creating your Venmo business profile, I promise you the transaction fees are there for a reason and it's okay."