Venmo, the mobile-payments app recently announced a new feature called ‘Business Profiles’, which offers small vendors and various other sole proprietors the opportunity to build and incorporate a professional profile page on its platform. Now, small sellers will be sharing key business details like address, phone number, email, website, and more.
By adopting a business profile, vendors can spread more awareness about the business via the social feed and search bar in the Venmo app. You can keep personal transactions separate from those for the business for accounting purposes.
The Business profiles feature gives smaller vendors an efficient way to do businesses without necessarily establishing a larger web presence such as FB business page, or Google business listing.
Venmo’s business profile features are better suited to small sellers such as local artists, crafters, or farmers, market booth holders, or anyone among the users who use Venmo to support the income they receive from side hustles.
As Venmo users pay the small vendors, the payment is published ton Venmo social feed where the transaction is public and can be seen by everyone, depending on the user’s privacy settings. Interested friends, colleagues, neighbors can click and visit on the business profile to know about the business and its services. The new profiles pages offer a space to write a short description of the business.
The business profile displays the number of customers the vendor has and adding on, a user can also see whether any of their Venmo friends have ever transacted with the seller. Sellers can email, print out, text, or AirDrop their Venmo QR code of the profile to make the search easier on the app.
Adding on, Venmo’s new search experience allows users to switch between a ‘people’ and ‘Business’ tab when looking for a specific Venmo account username.
You can easily track your transaction without having to create a separate account. Users can easily switch between their accounts and business profiles from the same login.
PayPal, who acquired Venmo says the new feature will soon offer transactional insights and information, including the number of customers along with the name.
In an online FAQ about the features, Venmo delivers notes- business owners would be charged a per-transaction fee of 1.9% + $0.10 on every payment made to the profile. The charges imposing on the Venmo are less than parent PayPal and Square charges.
Venmo has a bright spot in terms of growth, with total payment volume in the quarter reaching $31 billion, up 48% YOY.
Venmo’s new feature of a Business profile is starting to pilot today with a limited number of users on iOS. The feature is set to release out for Android in the coming week. Venmo has great plans for its new feature set for the future.