How to Set Up a Business Account on Venmo
Once you have a personal Venmo account, you can skip setting up a business profile. If you wish, you can do this later. Once you’ve completed the phone verification, you can go back and create a business profile. If you prefer not to do so, simply skip the phone verification step. After that, you can create a business profile in the normal way. To do so, follow the steps outlined below.
Once you’ve created your business profile, you can begin accepting payments from your customers. In order to do so, you must be a U.S. resident. Then, you must set up a Venmo payment account. You can create separate profiles for your products and services. You can also set up separate accounts for your personal and business accounts to receive payments. However, you must comply with the rules for business transactions.
When you’re ready to accept payments through Venmo, be sure to choose the option to show your business in targeted notifications and emails. Then, make sure your profile includes a picture, brief description, and business website. Once you’ve verified your account, you can begin marketing your products and services. A business account will also help you keep track of your customers and send out special offers to them.
Before setting up a business account, you should consider whether to use your personal account for your business. The IRS has recently stated its intention to crack down on the use of peer-to-peer platforms for tax evasion, so it’s best to avoid using your personal account for business transactions. Nevertheless, setting up a business account on Venmo is easy and quick. It will only take a few minutes.