Can You Use Venmo for Business? A Short SBG Guide

ByDanica Jovic
March 03,2022

Cash is slowly disappearing from the US market, and the way customers interact with merchants and complete transactions is changing. Adapting to the new reality can be quite a challenge for small businesses, especially when competing against well-funded large companies. 

However, instruments such as Venmo for Business help small enterprises keep up with changes and consumer trends, giving them the chance to provide a better experience to their clients. So, can you use Venmo for your business? Yes - and you should! In this guide, we’ll tell you more about this incredible tool. 

What is Venmo? 

Launched in 2009, Venmo is certainly not among the most recent startups around. However, the company has been restlessly developing since its launch and established itself as one of the most progressive payment getaways around, prompting PayPal to acquire it in 2013.

What sets Venmo apart from other merchant services is that it retains its social aspect. The company, which was originally envisioned as a platform for musicians to sell songs or merchandise at their gigs, is today accepted by over 2 million merchants in the US.

Venmo is an innovative merchant solution that employs peer-to-peer technologies for online financial transactions. More recently, the platform has started to allow users to hold a balance on their account, while also introducing business features such as invoicing options.

Venmo Personal vs. Business Account: What’s The Difference?

Today, over 83 million people have downloaded the Venmo app and are using it for handling payments. Whether you have used the platform before or not, it is important to understand the difference between Venmo’s personal and business accounts.

A Venmo personal profile gives people a simple and secure way to make payments to their friends and peers. Unlike other payment services, Venmo proposes a highly interactive, social network-like platform that allows users to send and receive transactions immediately, split a bill, or share necessities. 

Venmo for Business is not so dissimilar to a Personal account, and if you have been using Venmo for a while, you will be instantly familiar with its interface. However, it also includes features purposely designed with the needs of businesses in mind, including:

  • Online sales
  • Point of sale transactions
  • Touchless payments
  • Venmo credit card transactions
  • Tax considerations
  • Venmo invoicing and receipts options
  • Safe and trusted transactions

Can You Use Venmo For Your Small Business?

Small business banking can be tricky, so many people look for an easy-to-use, accessible, and intuitive solution. Here is where Venmo for Business can help. 

To begin using Venmo for your small business, all you need to do is set up a business account. You can then start accepting Venmo business transactions - regardless of whether you are running a brick-and-mortar store or an eCommerce business

Venmo for Small Businesses: What To Expect

No matter what type of venture you are running, choosing the right merchant service is just as important as selecting a good checking account for your business. Depending on your merchant service, you will build a different relationship with your customers and benefit from different features. 

From providing low transaction fees to offering invoicing and supply purchasing, Venmo is considered by many to be the best option for most businesses. But is it the right one for you? Let’s take a closer look.

Venmo Business Fees

Merchant services are extremely helpful for small businesses, but they come at a cost. With that in mind,  business owners need to find the right compromise between cost and functionalities. 

While Venmo for Business isn’t free, the cost of this service is designed to fit any small business’s budget:

  • It allows payments by credit card, debit card, and bank transfer.
  • There is no set-up fee.
  • There are no monthly fees.
  • There are no fees associated with online purchases and sending money back to users.
  • Credit card transfer fees are 3%.
  • Debit card transaction fees are 0%. 
  • Seller fees are 1.9% + $0.10.
  • The transfer limit for Venmo’s person-to-person transfers is $4,999.99 per week.

How Do I Use My Venmo Business Account?

So, how do businesses use Venmo? Once you are sure that the fees involved with a business Venmo account work for you, it is time to look at the ways in which you can use your account. These include:

  • Online stores can run most business transactions through Venmo.
  • Your store can accept online orders.
  • It can also offer touchless business transactions.
  • You can use Venmo in your store by pairing it with an approved POS system.

Venmo also offers merchants a QR Kit that allows them to use QR technology for payments, thus streamlining customers’ and suppliers’ transactions. 

Setting Up a Venmo Account for Business: An Overview

If you are ready to set up your Venmo business account, here’s a step-by-step guide on how to do it and start accepting Venmo transactions:

  • Find and download the Venmo for Business app.
  • Verify your business through the One Time Passcode system.
  • Accept the terms and conditions.
  • Create a business profile by tapping on the profile picture.
  • Add details about your business, including brand customization, logos, and products and services offered.

If you already have a personal Venmo account, you can add a business profile by simply navigating to the “Create Business Profile” button and following the instructions. 

As with all good merchant services, Venmo is accessible via an Android/iOS app or your favorite web browser. 

Benefits of Using Venmo For Your Business

When choosing between Venmo and other merchant systems, you might need to draw a list of the pros and cons of each. Start from these benefits and features of Venmo for business:

  • Fees are competitive, and there is no cost for debit cards, setting up your account, and completing online purchases
  • Venmo allows for quick money transfers.
  • The weekly transaction limit is $4,999.99 for person-to-person transfers, while combined weekly spending limits are $6,999.99.
  • If you have used Venmo before, you will be familiar with the interface and functionalities.
  • The software makes completing financial transactions easy and engaging.
  • Venmo is one of the few merchant payment services that fully support cryptocurrencies.

Of course, Venmo might not be right for all businesses, and you should keep in mind that transaction limits can affect your business's operations. Plus, Venmo is only available in the US, and not all companies will accept payments made through this system. 

Final Words

Venmo is one of the most popular merchant services in the US. It provides easy, intuitive, and functional solutions for small businesses while keeping fees competitive. While Venmo for business might not be the ideal choice for all businesses, it is certainly appreciated by a massive number of business owners across the US, and for a good reason. If the weekly transaction limits are not a problem, we can heartily recommend this service to any small business owner.

Further Reading

Frequently Asked Questions
Can I have a personal and business Venmo account?

Yes, just navigate to the “Create Business Profile” button on your profile and follow the instructions to set up a linked business account. 

How do I set up a business account on Venmo?

Tap on the “Get Started” or the “Create Business Profile” button and follow the instructions. You will need to create a profile for your business, customize your account, and accept legal terms before you can start accepting Venmo transactions. 

Is Venmo for Business free?

If your question is can you use Venmo for business without paying a dime, the answer is no. The company offers highly competitive rates, though: 1.9% + $0.10 for seller fees and 3% for credit card fees. There are no set-up, monthly, or debit card fees. 

About the author

Danica’s greatest passion is writing. From small businesses, tech, and digital marketing, to academic folklore analysis, movie reviews, and anthropology — she’s done it all. A literature major with a passion for business, software, and fun new gadgets, she has turned her writing craft into a profitable blogging business. When she’s not writing for SmallBizGenius, Danica enjoys hiking, trying to perfect her burger-making skills, and dreaming about vacations in Greece.

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If you love beer and wine, the thought of opening a liquor store is one you’ve probably considered on more than one occasion. While many industries have suffered in recent times, the liquor industry is still going very strong. The global market revenue in 2022 is estimated at $1,810,873 million, while research into recent trends shows that people have shifted towards drinking at home gatherings rather than social occasions due to the COVID-19 pandemic. There has arguably never been a more exciting time to enter this business. So what do you need to open a liquor store in 2022? Read on for all the answers you need. Why Owning a Liquor Store Appeals to People Before starting any business, you must first be sure that it is the right venture for you. Otherwise, you will inevitably struggle to maintain the motivation needed to establish the brand and achieve sustained success. 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After all, a lack of capital is often the reason why one in two ventures fail within five years, so make sure you are well prepared, and not just for the opening few months. Form a Legal Entity Forming a legal entity is one of the most important requirements to open a liquor store. It is not possible to start trading until you have completed this step. The main types of entities that you are likely to consider are: A sole proprietorship, where the business is solely owned by you.  A partnership between two or more liquor store owners. A Limited Liability Company (LLC), which works as something of a hybrid between a partnership and a corporation. A corporation, which is a legal entity established to conduct particular types of business. Entrepreneurs looking to open liquor store businesses will often choose a sole proprietorship or an LLC depending on individual circumstances. Speaking to a dedicated legal advisor or lawyer is the best way to make the right selection for your business needs. When forming your legal entity, you’ll also want to consider the name of your company. Remember that the name of your liquor store can be the same as the brand name, but it doesn’t have to be. Get Your Bank Account and Licenses How much does a liquor store make? It doesn’t matter if your business doesn't have a bank account to conduct transactions or a license to sell alcohol. Securing a bank account with a business credit card will require a visit to the bank with your ID and Employer Identification Number (EIN). As s liquor store, you’ll need a physical address, which shouldn’t be a problem since you’ll need a property anyway, unless you plan on selling online only. As for licenses, you will need to check state and national regulations. To complete this phase, your state’s Alcohol Beverage Control Board will determine; Who can be served and who can serve alcohol. The times during which your business can operate. The limits on prices on the volume of alcohol sales per customer. In addition to the liquor store permits, you may need to consider special licenses for online sales. Organize Your Finances A liquor store has high start-up costs, and you will encounter a lot of transactions (income and outgoing costs) once your doors open. As such, keeping your finances organized will be vital. To get this right, you’ll want to complete a range of steps. These include: Finding a suitable accountant with experience in supporting liquor store businesses. Putting insurance in place - including Liability and Liquor Liability Insurance, data protection coverage, and Workers’ Compensation Insurance. Managing your invoices, expenses, operational costs, and projected financials. Just because you have funding doesn’t mean you don’t need to spend your capital wisely. Besides, good organizational skills enable your liquor store business to have a great headstart and enter the market, creating a profit in record time. Establish Your Marketing Strategy Branding and marketing are essential features of every business model. An alcohol store isn’t any different. After cementing your brand name and choosing the right color scheme and logo, you must establish the best marketing strategies to help your business thrive in the industry.  When dealing with Pay-Per-Click (PPC), the cost per click in the alcohol industry is higher than in other industries. Insight like this should help you decide where and how to promote your company. Some of the options you’ll need to consider are: Shop signage to attract foot traffic. A strong website and SEO plan to attract local online traffic. Social media campaigns to raise awareness and show the brand image. Shop layouts and staging of products. Local media placements and ads. Referral marketing and recommendations. The great news is that many of the products you stock will already be supported by extensive marketing campaigns from their manufacturers. Perfect your branding skills, and you’ll be rolling in cash, too. Set your Prices Setting the prices is an essential step for your business. You need to find the sweet spot between healthy profit margins and keeping consumers happy. In most cases, markups will be around the 25-40% mark. However, a convenience store's prices will likely differ from those in a wine store, so bear in mind the type of shop you’re planning to open. Crucially, you’ll need to divide all beverages sold into four categories: House beverages.  Standard branded liquors. Premium liquor brands. Super-premium brands. Your liquor shop business will probably run special promotions on a regular basis, but knowing your general pricing before opening the doors will be key to having a strong start. Build Your Team When opening your alcohol store business, a lot of the success will depend on having the right around you. In fact, you’ll have already embraced the support of experts like accountants, lawyers, market researchers, bank managers, license vendors, and web designers by this stage. However, you’ll still need the most crucial aspect for the success of ongoing daily operations - the employees. Workers may include floor workers, cashiers, customer care experts, in-house marketers, drivers, and more. You will want to keep the numbers as low as possible due to their salaries and bonus costs like healthcare and 401K contributions. When hiring employees, be sure to test their; Knowledge of the alcoholic beverages industry as a whole. Knowledge of their specific job role and the tasks within it. Personality traits and alignment with your business philosophy and goals. A winning team won’t only represent your alcohol store in an effective way but will help your business grow and prosper. Stock Your Inventory As mentioned above, stocking your inventory could account for up to $50,000 right at the start of your business journey. Therefore, managing it well is one of the most important steps to opening a liquor store, and for that, you’ll need a good Point of Sale system. It should be able to: Track all stock in real-time, Compile reports of all sales and automate purchases. Give clear info for managing order fulfillment.  In addition to the right stock management system, you should ensure that the liquor store is protected by insurance. This will help prevent losses caused by bottles dropping off the shelves or shoplifting. Naturally, a sound security system should be installed for further peace of mind. Prepare for the Opening By now, you will have: Satisfied all legal requirements. Built a winning brand and designed your store logo, layout, etc. Financed the liquor shop business. Found a winning team of employees. Stocked your business with the right products. All that’s left is to arrange your big opening. Use this as an opportunity to build excitement for your new company, and local drinkers will quickly check out what your business has to offer. We’ll raise a glass to that! Further Reading Best POS System for Your Business What Is an EIN Number? Final Words Opening a liquor store business does require hard work and a significant investment. When done well, though, it is one of the most stable industries to be involved in. Crucially, a combination of online and offline sales will enable you to achieve significant profits for immediate and long-term success.  If you are passionate about alcohol and running a business, there has never been a better time to start.
By Danica Djokic · March 01,2022

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