You won’t have to create a special account just to sell goods using Venmo payments. the the wall street journal noted that Venmo is changing its policies to allow you to sell goods and services through your personal account as long as you’re 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 whether money transfers are for businesses. All payments marked with this toggle will be eligible for Venmo’s Purchase Protection Plan, a spokeswoman said.
Until now, personal accounts have been for day-to-day tasks like splitting bills or even receiving pandemic stimulus checks. You risked an account ban if you used your personal profile for commercial purposes, although some have used it this way without consequences.
It’s no shock that Venmo is going this route. The PayPal-owned brand had nearly 70 million active accounts in February and is growing in popularity in the United States. Even if only a fraction of these users use these accounts for sales, it could represent a significant increase in revenue. It also promises more flexibility for day-to-day use – you won’t have to juggle separate accounts just to manage side business.
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