Stories

Jul 1, 2020
Venmo Launches Limited Pilot of New Tools for Sole Proprietors with the Introduction of Business Profiles

Venmo

 | VENMO

More than 75% of small businesses in the U.S. are sole proprietors, and the current environment is creating significant new challenges for them. For these individuals, we know how hard it can be to connect, market and grow their businesses, relying solely on traditional methods like word of mouth without access to big marketing budgets.

Venmo was designed to be a place where friends and family can send, split and share purchases and experiences. Today, we are introducing a very limited pilot to extend that experience to allow sellers to access the benefits of Venmo’s platform through Business Profiles.

Piloting to a limited number of users today, Business Profiles allows sole proprietors, casual sellers, and users with a side hustle to create an additional Venmo profile to accept payments for goods and services. Whether you’re an artist, selling homemade planters at a craft fair, serving up one-of-a-kind haircuts, selling floral arrangements or mowing lawns, you can now leverage the power of Venmo’s community of more than 60 million users to generate interest, referrals and awareness for your business.

We built Business Profiles to offer the same social experience you enjoy when using Venmo with your friends and family today. Now, you can accept payments and track and share activity on Venmo – for your own business. 

Here are some of the ways a Business Profile can help you grow your solo business:

  • Touch-free transactions: As the world continues to social distance, sellers can get paid for transactions with a business specific Venmo QR Code. Simply print out the QR Code and have it at your point-of-sale for customers to pay you by scanning with their phone. Or send the QR Code directly to your customers via email, text or AirDrop (iOS only) to give them a direct link to your Business Profile.

  • Stand out and be discovered: Customize your page by easily adding a profile picture, business URL, description and other important details about your business. Get discovered via the Venmo social feed when customers share their purchases and inspire their friends to explore your products or services.

  • Get organized: Switch from your business to your personal profile under the same login. And track business transactions separately for simple bookkeeping.

  • Understand your customer: Get access to important transactional insights and information, including number of customers and your customer list.

Business Profiles on Venmo is starting to pilot today to a limited number of users on iOS and will be available for Android users in the coming weeks.* In the coming months, we plan to  build on the experience to make it more widely available. At launch, sellers will be able to access Business Profiles at no additional cost.* 

See the Help Center for more information about Business Profiles. 

* The initial pilot phase is invitation only for a limited number of users. In the coming months, we’ll release additional information for eligible sellers to learn more and receive notifications about expanded availability. Check back at Venmo.com for updates.

*Fees are subject to change.

Note: Article updated 7/30/20 to reflect updated number of active users.

 
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