![]() ![]() However, you will be charged transaction fees for the following: Speak to Venmo’s customer service department.Request or receive a refund from a merchant.Send or receive money through your bank account, debit card, or Venmo balance.You don’t have to pay any fees to either open or maintain a Venmo personal account. Venmo personal vs business accounts: Transaction fees However, there are some differences when it comes to Venmo personal vs business accounts, specifically in terms of transaction fees, payment limits, and bank transfer limits. You can even create a Venmo business profile for an association or club - such as a sports club or political organization - by selecting which type and category best fits your organization when you’re creating your business profile. The main difference is that businesses can use these features to interact with customers - helping to improve customer relationships and loyalty through payment convenience and speed. Venmo business accounts help small and medium-sized businesses (SMBs) with less capital and social reach to increase their visibility and generate referrals among current Venmo users.įor the most part, Venmo for business offers the same features as Venmo personal accounts - from accepting and managing payments to “liking” payment purchases and allowing social engagement. To get started with a Venmo personal account, either download the app (as long as you’re 18 or older) or register on the Venmo website with your bank account or debit or credit card information to begin receiving and transferring payments to your bank account. Overview of Venmo for personal useīuilt for personal transactions, Venmo personal accounts help users purchase items, transfer money among friends and family, and engage socially with “likes” and comments on personal transactions. ![]() Using your personal account for anything other than personal transactions is prohibited. In fact, you must create a Venmo business profile to use Venmo for any form of business-related spending and payment collection. You can also create a business profile on Venmo to accept payments from customers - whether you’re a freelancer, involved in a small startup, or in charge of a medium-sized business. From divvying up restaurant tabs to paying your half of the rent, Venmo makes splitting bills with friends and family easier than ever.īut Venmo isn’t just for personal use. With just one click, mobile payment apps like Venmo help users send and receive money quickly, safely, conveniently, and contact-free.
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