News

February 26, 2024 Update: Updated “subscribe” language for consumers to “follow” local businesses.  

Today, we’re excited to introduce enhancements to Venmo business profiles, offering more personalized and rewarding experiences that bring local businesses and consumers closer than ever before. As small businesses strive to reach and engage loyal customers to grow their business, and consumers seek to shop locally and access deals, Venmo is uniquely positioned to connect these communities through new business profile features that address these needs.
 

What’s New for Businesses

If you’re a small business, you rely on word-of-mouth, social media, and reviews on other sites for referrals. But it’s hard to stand out on social, and one bad review, legitimate or not, can set your business back. Enhancements made to Venmo business profiles offer powerful new ways to help businesses attract new and existing customers to drive traffic, generate sales, and more meaningfully grow their business. Here’s what business profile users can expect from Venmo’s new business profile experience:

• Discovery: Venmo users will have the ability to follow local business profiles to receive notifications about cash back deals nearby. Once redeemed, the customer can choose to share that purchase with their friends in the Venmo feed. Businesses can also enjoy favorable placement in the feed through in-app carousels, providing real-time marketing for your business on a local level. 
• Promotions: Businesses can create promotions for their customers, and they only pay for a given offer when they make a sale with no upfront costs to get started.
• Profile Ranking Badges: Businesses can help build trust and stand out from the competition through profile badges showing how they rank against other businesses in their area. As consumers consistently rely on recommendations from friends and family to drive their shopping behaviors, ranking badges serve as a powerful tool for a business or professional service. 
• Business Insights: Business profile users will have access to weekly insights on their revenue trends and the number of unique views of their business across Venmo, including the feed, their business profile, and anywhere their promotions are featured, helping to optimize their exposure. 
   

What’s New for Consumers

Research shows that 90% of consumers go out of their way to do business locally¹, and 92% of consumers regularly seek out coupons or discount codes whether shopping online or in-store².  While consumers want to support local businesses in their community, they often rely on peer recommendations to discover new places to shop or book services. Through enhancements to Venmo business profiles, consumers can:

• Discover Local Businesses: Much like trusted word-of-mouth referrals on the best hair stylist, dog walker, housekeeper, or local artisans in town, consumers can discover top-ranked businesses and professional services in their community used by people in their network using the Venmo app they already know, love, and trust.
• Enjoy Cash Back Deals: When consumers follow their favorite local businesses, they’ll receive notifications about deals they can save and redeem for cash back into their Venmo account. They can also discover trending deals available from top businesses nearby in the Venmo app.

The new Venmo business profile experience is currently piloting in Seattle and will be available across the U.S. in the coming months. For more information, click here.

DDon’t have a Venmo account? Creating one is free and easy – sign up online or download the Venmo app through the Apple or Google Play app stores. Learn how to sign up for a Venmo business profile if you're a business.
 

_{¹Podium 2022 Local Business Trends Report
²Savings.com 2023 Consumer Survey}