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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 The Best Business Credit Cards on the Market The Best Free Payroll Software for Small Business What Is Petty Cash in Accounting?

Introduction: What Does SKU Mean? The SKU, or stock keeping unit, is an alphanumeric code assigned to retail products. Using an SKU enables retailers to track sales and manage inventories efficiently. The primary use of SKUs is to identify products, but they offer a wealth of other advantages for vendors. Most articles discuss what SKU means in retail, but there are other industries in which SKUs can be helpful. For example, service-oriented businesses (e.g., auto repair shops) use scannable codes for intangible products. In this guide, we’ll explore how SKUs are used, highlight their benefits for vendors, and offer advice about how to set up an SKU number for each of your products or services. What Does SKU Mean in Retail? A retail stock-keeping unit is a scannable retailer code that provides information about products, tracking, and inventory. The SKU is assigned to a product that is part of an inventory. It will be an 8-symbol mixture of letters and numbers in most cases. The SKU definition outlines the code’s key characteristics: Scannability Uniqueness Letters and numbers Assigned to products to assist with sales tracking and inventory management Created by the retailer Used internally How to Set Up an SKU Number There are two main options for creating an SKU number. One is the necessary entering data manually, and the other is using software to create SKUs for you. Using the software is more efficient, and it can also be more accurate. If you choose to enter data manually, it would be paramount to devise a system for creating unique codes that make sense to you as the retailer. For example, if you own a shoe store, you may choose to use specific letters to signify the brand, following a letter or number to denote size, and another letter or pair of letters to describe the color. If you have a standard coding system, you will soon get used to generating new codes for different products, and your employees will be able to create and interpret SKUs quickly. Once you have either established a system to create SKU numbers manually or installed software, you can print product labels that will contain the SKUs, and use SKU and barcode generators. Best practice SKU guidelines are as follows: Keep SKUs short Use clear identifier codes Separate information with dashes Use a sequence of letters and numbers Avoid overcomplicating the system Avoid special characters Use abbreviations instead of words How Are SKUs Used? Whether you are just starting out, or have an established brand or store, SKUs have a wide range of uses. Here are some of the most common SKU purposes for retailers and businesses: Inventory Management One of the most important SKU uses for retailers is inventory management. If you have a supply of stock, or a busy store, you can use stock-keeping units to keep track of products sold, update orders, and issue reminders when stock levels are low, and you need to replenish the shelves or virtual aisles. You can also organize your store using "order by” SKU. Effective inventory management can save time and effort for retailers, and prevent customer disappointment if they try to order a product that is out of stock and minimize losses. It is essential to understand that administrative errors also play a role: By using an SKU on Etsy, for example, you can track overstock to prevent excess ordering, eliminate human error, and update stock levels in real-time. Sales Analysis An SKU is far more than a product identifier. Retailers can also use SKUs to collect and analyze sales data linked to product ranges, categories, or individual items. This enables vendors to spot trends and patterns, gain insight into consumer habits, and gauge product popularity. Retailers can use the data available to make well-informed decisions about stock ordering, promotion timing, and expanding product ranges to cater to new trends or changing customer habits. Enhancing Customer Experience Technology plays an increasingly influential role in customer experience. Take the straightforward example of going into a store and asking an assistant if they have a particular shoe in your size. In the days when an SKU was not available, the assistant would have to scour the shelves or go into the storeroom or warehouse and check for the relevant size. Today, they can simply scan the code and bring up information about stock levels and location. The customer gets an answer in a matter of seconds, and employees save a massive amount of time and effort. If the product in question is not available, the assistant can recommend similar products or a different branch where said size is still in stock. SKU numbers can also be beneficial for store planning and merchandising, as they enable retailers to design efficient, organized stores that make finding products easy and stress-free. Personalization and Product Recommendations If you shop online, you may have noticed that recommendations pop up regularly based on items you’ve looked at or bought previously. For example, the SKU on Amazon enables the retailer to show you similar products in the range. Is an SKU the Same as a UPC? SKUs and UPCs are often talked about in the same articles discussing eCommerce and stock inventory management, but they are not the same. An SKU is a unique code, which is generated by the retailer. A UPC (Universal Product Code) is an external code used for tracking. The UPC will be the same for a single product, regardless of its vendor. UPCs only contain numbers, while SKUs are usually made up of numbers and letters. Further Reading What Is an EIN Number? Our Top Picks for Inventory Management Software 60 Retail Statistics to Help You Build Your Business SKU Number Examples The following example shows how a garden retailer creates and uses SKUs for products, including different types of lawnmowers. As you can see, the retailer uses codes for the type of mower, color, and size. Category Code  Item Color Code Item Size Code SKU T-shirt A1 Blue B3 L 011 A1B3011 T-shirt A1 Green B4 L 011 A1B4011 T-shirt A1 Yellow B5 M 012 A1B5012 T-shirt A1 Black B6 M 012 A1B6012 T-shirt A1 Blue B3 XL 013 A1B3013 Every retailer uses its own system or software to generate codes used internally. This means the team should be familiar with the coding system.

You’ll sometimes see the terms SKU and UPC used seemingly interchangeably, but there are important differences, particularly if you run a store or a business that sells products to consumers or other companies. In this guide, we’ll delve deeper into UPC vs. SKU, highlighting the main differences and outlining the use of different types of codes for sales, tracking, and inventory management.  What Are SKU and UPC Codes? SKU and UPC codes are used widely in product sales. The acronyms stand for “stock keeping unit” and “universal product code.”  What Is an SKU? An SKU is a scannable, alphanumeric code assigned to a product by a retailer. SKUs usually contain a combination of letters and numbers and are designed solely for internal use. Retailers and companies can come up with their own SKU number system or utilize software to generate SKUs. An SKU number used by different retailers will be different when selling the same product. The UPC will be the same.  What Is a UPC? A UPC is a numeric, 12-digit code assigned to products across all retailers and vendors. The UPC is for external use among all retailers. The UPC doesn’t contain letters, it’s always 12 digits long, and it’s printed as a barcode. If two retailers sell the same product, the SKU will be different, and the UPC will be the same.  The authority responsible for maintaining UPCs is GS1, the international organization that develops and maintains standards for unambiguously identifying entities such as products, documents, logistics units, physical locations, and more.  UPC vs. SKU Comparison The key differences between SKUs and UPCs include: Length The UPC is always 12 digits long. The SKU can be any number of digits. Usually, an SKU is six to 12 digits long.  Composition The UPC is numeric. The SKU consists of both letters and numbers.  Use The UPC is used across all retailers. The SKU is designed for internal use only. Consistency The UPC is consistent across every retailer or business. The SKU is unique to the specific retailer or vendor. UPCs are generated randomly via a universal system. Cost SKUs are free. There is a charge for obtaining UPCs.  Printing The UPC is printed as a barcode. The SKU can be printed as a singular code or with a barcode.  SKU vs. UPC: When To Use Which Code When To Use SKUs The most common use for SKUs is to manage stock inventories efficiently. Retailers can use SKUs for inventory management and to track sales and collect and analyze data. SKUs are designed for internal use, and they’re used widely by eCommerce companies and store owners. Uses of SKUs include: Managing and organizing inventories: With SKU numbers, you can manage and organize your inventory in real time and with ease. Every product has an SKU, which can be scanned to bring up relevant information. Retailers can develop a system to create codes based on product categories, sizes, colors, or brands or use software or SKU generators to speed up the process. If you use SKUs, you should find it easier to track products, update your inventory, monitor stock levels, and locate products.  Providing customer assistance: One of the most significant benefits of SKUs for companies that sell products to buyers in-store is enhanced customer assistance. Assistants can now scan codes to locate products, find various sizes or colors, and make recommendations if the product the client wants is out of stock.  Collecting and analyzing sales data: SKUs provide access to useful information about sales, consumer trends, and buying habits. Retailers can utilize SKUs to gauge the demand for various types of products, monitor sales at different times of the year, and spot emerging trends to boost sales.  When To Use UPCs UPCs are required for businesses and vendors looking to sell products on external platforms. If you want to sell on Amazon, for example, or you’re interested in pitching to retailers like Walmart, you’ll need to ensure that your items have universal barcodes. UPC stock can still have an SKU - one doesn’t exclude the other. It’s beneficial for retailers to maintain SKU number systems for internal inventory management.  SKU vs. UPC vs. Serial Number The serial number is a unique code specific to the individual product. It’s common to use serial numbers to identify issues with electrical appliances and computers. If you report a problem or you need advice, for example, you may be asked to provide the serial number so that the manufacturer can track the item and access information about the owner, the date of purchase, and the warranty status.  RN Code and EAN Code Registered identification numbers (RNs) are issued by the Federal Trade Commission to businesses and vendors in the US that manufacture, distribute, or import products governed by the Textile, Wool, and Fur Acts.  As for European article numbers (EAN) and international article numbers (IAN), they’re used by companies outside of the US.  UPC and SKU Tracking UPC and SKU tracking can be done manually, but more and more companies are choosing to take advantage of innovative software, for example, point-of-sale systems. Examples include Shopify, Lightspeed, Square for Retail, and Clover.  Further Reading Finding the Best POS System for Your Small Business What Is a Sales Pipeline and How Do You Manage One? What Is an EIN Number?