Business profile fees allow Venmo to provide this service for vendors. Learn more about how these fees work and the benefits of this service for business owners.
How do the fees work?
Business profile owners are charged a low fee for every payment they receive of $1.00 or more.
The seller transaction fee is a standard rate of 1.9%+$0.10 of the payment.
For example, if a customer pays $100.00 to a business profile, $2.00 of that payment would be charged as a seller transaction fee and the business owner would receive $98.00.
Venmo is not able to refund this fee. The fees help Venmo to continue to provide this service and develop the service further. Business profiles fees are in line with industry standards.
What are the advantages to using a business profile?
Business profiles have unique features designed for businesses, like enhanced payments, tax reporting, and disputes services.
Some benefits of creating a business profile include, but are not limited to:
- Increased visibility for your business in the Venmo app
- Ability to generate referrals among socially engaged Venmo users
- Options to provide potential customers with more information about your business in the app, including links to a website and social media accounts
- Formal tax documentation for business profiles that meet or exceed federal and state reporting thresholds
Why doesn’t the buyer have to pay the fee?
The fees for using a business profile are charged to the merchant rather than the customer, which is in line with industry standards.
It’s worth noting that Venmo users who make a payment to a business profile using a credit card will be exempt from the standard 3% Venmo fee on payments funded by credit cards.
Make sure you’re familiar with the standard Venmo fees that will apply to you and your customers here: https://venmo.com/resources/our-fees/
Can I get a refund for the fee?
The fees assessed to payments received by business profiles allow Venmo to continue providing and improving the service. We are not able to refund these fees.