You won’t need to create a special account just to sell goods using Venmo Payments. The the Wall Street newspaper Noted that Venmo change its policies to allow you to sell goods and services through your personal account as long as you are willing to pay the same 1.9% plus 10 cents fee that applies to business users. The change takes effect on July 20.
There will be a toggle that allows you to indicate if the money transfers are for business. All payments marked with this toggle will qualify for Venmo’s Purchase Protection Plan, a spokesperson said.
Until now, personal accounts have been used for day-to-day tasks such as splitting bills or even receiving stimulus checks in the event of a pandemic. You risked an account ban if you used your personal profile for business purposes, although some have used it that way without consequences.
It’s not shocking that Venmo is taking this route. The PayPal-owned brand had nearly 70 million active accounts as of February and is growing in popularity in the United States. Even if only a fraction of those users use these accounts for sales, it could represent a significant increase in revenue. It also promises more flexibility for everyday use – you won’t have to juggle separate accounts just to run a side business.