Today we’re going to be talking about a topic I’ve heard WAY to much about; using Venmo for your business transactions. *Hint, you’re not supposed to be doing it.* Not only does this use violate Venmo’s terms and conditions, it also can put you at legal risk. Make sure to stay tuned because I want you all to make sure you’re protecting yourselves and your businesses!
Some things we talked about:
- What is Venmo?
- Why Using Venmo for Business Transactions is a BAD idea.
- Some other options you have besides Venmo.
Here are a few quotes:
- (2:35) “Venmo is a mobile payment service owned by PayPal that has quickly become one of the most popular ways for people to transfer money to each other, probably due to how easy it is to use it’s system and the ability to transfer money with no additional fees.”
- (4:49) “Venmo specifically PROHIBITS users to conduct business, commercial or merchant transactions with other personal accounts, which includes “paying or accepting payment from other personal accounts held by users for goods or services.”
- (7:56) “If you do not have a Venmo approved BUSINESS account where Venmo is taking out transactional fees, then you are using Venmo for your business transactions improperly. Illegally really, because you’re violating and breaching their terms and conditions…It ultimately opens you up to liability that YOU DON’T NEED.”
- (16:22) “While it may be easier and you think there are less fees involved in using Venmo for your business I PROMISE it’s not worth it. Do yourself a favor and choose another option that is not going to open you up to liability and potentially lose your account for misuse and violation of Venmo’s terms and conditions.”