In the complicated world of digital payments, P2P (peer-to-peer payment platforms have become a highly popular choice. The present market has a range of P2P payment apps ranging from Square’s Cash App to PayPal’s Venmo. As a result, consumers can easily transfer funds to others without paying an additional charge. Although there are several payment apps, Venmo has gained the attention of those who need to send money for business purposes.
Venmo is a reliable product from PayPal and presently has more than 70 million users. Originally, Venmo was the trusted platform for paying money to friends, requesting money, and dividing checks. However, PayPal has gradually incorporated business functions into Venmo. Today, millions of US merchants have chosen Venmo for business payments.
The company has recently released a new feature- Business Profiles. It enables users to receive and send business payments safely.
The protection systems and fees of Venmo Business Profiles are similar to PayPal, and other payment processing solutions. Thus, we have delved deep into Venmo and its functionalities.
Venmo Business Profiles- What are the benefits?
By creating a Business Profile at Venmo, you will get several benefits-
- Higher visibility of your business due to the user-friendly Venmo app
- Options for providing business information to potential customers
- Tax documentation based on state and federal reporting thresholds
- Easy to receive and send money from other Venmo business and personal users
- Acceptance of cryptocurrencies, like Bitcoin
- Instant transfer of money
- A faster solution compared to credit card processing.
Venmo Business Profiles- Unique features
- No charge for debit cards.
- The single transaction limit is $4,999.99, and it is perfect for several businesses.
- The QR kit for adding service for your corporate purposes.
Venmo is the right choice for different businesses-
- Online businesses– Since Venmo has a large user base, businesses will find advantages by adding it as one of the payment methods.
- Small entrepreneurs- Venmo enables you to scan QR codes and accept in-person payments. It is best for local shops, freelancers, and mobile vendors.
- Millennial-targeted companies– PayPal is not preferable to several Gen Z and millennials. However, Venmo is acceptable to them.
Venmo processing charge
You can create your Venmo Business Profile free of cost. Venmo processing charges are not different from that of PayPal. You have to pay 2.9% of the amount and $0.30 for every transaction. Thus, for an online sale of $50, the processing cost is $1.75.
When you use a QR code for your in-person transaction, the charge is 1.9% +$0.10. Therefore, the cost is $1.05 for a sale of $50.
The weekly transaction limit for authorized merchants is about $6,999.99.
How to open Venmo for a business account?
You do not need to go through complicated steps for it. You may visit the official site to create an account. Some users like to download the app for this purpose. The screen will show you instructions on business profile creation.
Add a background picture and profile picture to your profile. You can display other details in your profile. Publish the profile, and it is ready for use.
How will your customers come across your Venmo Business Profile?
Venmo users need to use your business name to search for your business profile.
Moreover, after creating your profile, you may share it on social media sites and any other platforms. You have to turn on the Search feature from the menu- Market your Business Profile.
Transactions through your business profile are sharable to highlight additional details. You may also adjust privacy settings in case of private transactions.
While the customer makes the in-person payment, they can scan the Venmo QR code.
Is it safe for you to use Venmo for your business?
Like other reliable payment processors in the market, Venmo relies on encryption technology for the protection of your information. It also stores your data and prevents unauthorized transactions. Moreover, there is a Venmo Purchase Program for the protection of buyers.
Overall, Venmo is not risky for the acceptance of payments.
Terms and conditions of Venmo clearly state that-
- Users must not transact with unauthorized persons and strangers.
- After the payment is made, the payment protection program will not be applicable. Thus, it is important to verify the recipient.
- You must choose Venmo Business Profile for business transactions.
Venmo for Business at PoS
Your customers can enjoy touch-free payments due to the QR code scanning opportunities. The codes make your payment acceptance process easier.
Your customers may also share their deals on the Venmo feed. Moreover, with cashback offers and rewards, you will earn the loyalty and trust of your customers.
Venmo in online platforms and apps-
Your customers will be able to pay you using Venmo on your mobile sites and apps. Thus, Venmo offers a range of advantages to your customers.
A few useful tips for Venmo business profile users–
- Be careful while choosing the person for payments. You can scan his QR code for safety.
- There is no need to do mathematical calculations. Venmo will automatically split your bills. While starting a payment, you can find calculator buttons on the keyboard.
- You may send a particular amount to everyone in your chosen group. Set up the payment and add the recipients.
- You can personalize your payment notes by adding an emoji and animated sticker.
- Managing your Venmo money is easy. There are tools to adjust balance and move money. The speed of money transfer can be about 30 minutes. However, review of transfers can delay the process.
Overall, Venmo is a reliable choice for business-related transactions. However, Venmo Business Profile is not intended for non-profit organizations. It is one of the negative aspects of the platform for non-profit businesses. The original version of Venmo is not for business. Thus, when using a non-business account for corporate transactions, you may face issues. Make sure that you have used the latest version, especially for your business. You can now create your business account at Venmo and help your customers to make online transactions without any risk.