Venmo payments do not require you to set up a special account. The company is changing its policies so that you can sell goods and services through your personal account, if you’re willing to pay the same 1.9 percent plus 10 cents fee as a business user. On July 20, the change will be implemented.
Money transfers will be able to be designated for business by means of a toggle. The company’s purchase protection plan will apply to payments marked with this toggle, according to a spokesperson.
You can sell items on Venmo through your personal account
Individual accounts used to be used for everyday tasks such as splitting bills and accepting pandemic stimulus checks. While some individuals have used their personal profile for business without consequences, you risk an account ban if you do.
Venmo’s decision to follow this path is not shocking. By February, PayPal-owned Square had 70 million active accounts, and its popularity continued to grow in the US. Those accounts could generate significant revenue growth even if only a fraction of users use them.
You won’t need to juggle separate accounts to run a side business – you can use the app for day-to-day needs as well.