Why are there fees for business profiles?
The seller transaction fees charged to business profile owners help allow Venmo to continue to provide this service and develop the service further. Business profiles also have features designed to benefit your business, like enhanced payments, tax reporting, and disputes services. Business profiles fees are in line with industry standards.
How do the fees work?
The owner of a business profile is charged a low fee for every payment they receive that’s over a dollar. The seller transaction fee is a standard rate of 1.9%+$0.10 of the payment. That means that if the business profile is sent a $100 payment, $2 of the payment would be charged as a seller transaction fee and the owner of the profile would receive $98.
Venmo is not able to refund this fee. The fees help allow Venmo to continue to provide this service and develop the service further
What are the advantages to using a business profile if it costs more than a personal profile?
Business profiles offer several specific features that benefit your business. Your personal Venmo profile should only be used for business transactions when permitted by Venmo, like using Venmo at checkout with authorized merchants.
Your business profile’s transactions and funds are kept separate from your personal Venmo profile’s activity. All the transactions with your business profile that are shared by the buyer will highlight additional information about your business in the feeds of other users, allowing your business to reach a wider audience among Venmo users. Your business profile is also equipped for tax reporting, while personal Venmo profiles do not have that feature. Business profiles also have disputes services. We’re working to add more features for business profiles moving forward.
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.
When will I start being charged fees?
When you sign up for a business profile, there is a 30-day trial period in which seller transaction fees are not charged. After the 30-day trial, Venmo will begin to charge the owner of the business profile a low fee for payments they receive.
Some business profiles experienced a longer period without seller transaction fees, but this longer period is not available for business profiles created after 3/1/21.
I want an extension on my trial period
We're sorry for any concern this change causes. Unfortunately, we are not able to adjust or extend the trial period for business profiles. The trial period is based on when the business profile was created.