![]() ![]() If you use an EIN, whether you are a partnership or corporation.Your employer identification number (EIN) or Social Security number (SSN).After you’ve completed the above steps, enter the business information Venmo requests: The business profile signup process is quick and easy. Complete your business profile application and get verified. Enter the four-digit code you receive from Venmo to verify your phone number, and then tap Submit Code.ģ.Enter your mobile number and tap Send Code.On the next screen, choose Get Started.Download the Venmo app and choose the Business option.If you don’t already have a personal Venmo account, you can create a Venmo account and a Venmo business profile at the same time. Create a Venmo account and business profile at the same time. You should see an option that says Create Business Profile. If you already have a personal Venmo account, open the app, tap your profile icon and tap Settings (gear icon). Add a business profile to an existing Venmo account. If you want your small business to offer Venmo as a payment option and accept Venmo payments from customers, you’ll need to set up a Venmo account, add a business profile and enter your business information. How to get started with Venmo for Business Since the COVID-19 pandemic started, more and more consumers have opted for contactless payment, making Venmo for Business an ideal payment solution. While teens and millennials sending money to each other make up 82% of Venmo’s user base, the next natural step is for them to use Venmo to pay companies for goods or services.Īfter a pilot program in 2020, Venmo launched Venmo for Business in 2021, letting small businesses create business profiles that allow them to offer and accept Venmo as a payment form. One of Venmo’s unique features is that, in addition to sending money, it makes user payments public via social media-like news feed. There’s no cost for using Venmo as a P2P contactless payment solution however, if you use a credit card to fund the money you’re sending someone, there’s a 3% fee. They could then start sending money to, and receiving money from, other Venmo users. If someone is just getting started with Venmo, they’d download the iOS or Android Venmo app create a personal profile and link their Venmo account to a bank account, credit card or debit card. In simple terms, a P2P service is a digital wallet someone can use to pay another person using a mobile phone app. Venmo is one of the most popular P2P payment services, with more than 70 million subscribers. It’s important to understand how the core Venmo service works when considering using Venmo for Business. If younger people make up a large part of your customer base, if you have a new business or if you’re seeking additional payment options for your small business, here’s what you need to know about Venmo for Business. The COVID-19 pandemic has vastly increased contactless payment usage, which millennials and Gen Z had already embraced. The popularity of cashless, peer-to-peer (P2P) payment services like PayPal-owned Venmo is growing, making Venmo’s Venmo for Business something small businesses should consider.
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