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.

Download venmo