How do fees work for Venmo business profiles?
Business profile owners are charged a low fee for every payment they receive of $1.00 or more. These fees are automatically deducted from the total payment amount sent by your customer.
Different fees apply depending on how your customers pay you.
For direct payments from another Venmo account:
- The seller transaction fee is a standard rate of 1.9% + $0.10 of the payment total
For contactless payments accepted with Tap to Pay:
- Contactless payments accepted with Tap to Pay on iPhone or Tap to Pay on Android have a slightly higher transaction fee rate of 2.29%+$0.10 of the payment total
Please note, Venmo is not able to refund seller fees for payments sent to your business profile from another Venmo account. The fees help Venmo to continue to provide this service and develop the service further. Business profile fees are in line with industry standards.
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, 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.
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.