When you create your business profile, you can choose to set it up as a sole proprietor or a registered business. You can read more about that here.
As a sole proprietor, any payment methods you link to your Venmo account will be linked to both your personal Venmo profile and your business profile. However, if you set up your business profile as a registered business, Venmo will keep the payment methods separate for you. Any payment method you link to your business profile will only be linked to the business profile – it won’t be mirrored on your personal Venmo profile. This allows you to keep your personal payment methods on your personal profile and your business-oriented payment methods on your business profile.
How do I add a payment method to my business profile?
To add a new payment method onto your business profile, you can follow these steps:
- Navigate to your business profile
- Tap the Settings gear
- Tap “Payment Methods”
- Tap “Add bank or card...”
From there, you’ll be able to add a bank account, credit card, or debit card.
If you set up your business profile as a sole proprietor, any payment methods you link to your Venmo account will be linked to both your personal Venmo profile and your business profile. If you set up your business profile as a registered business, then the payment method would only be linked to your business profile.
If you add a bank account, you can do so using your bank credentials or by manually entering your account number and routing number. If you use your account number and routing number, please do not enter the check number. Venmo will also send microtransfers to verify the account information, so please make sure you have at least $2 in your bank account to avoid potential overdraft fees.
If you add a card, please be aware that all transactions funded by credit cards and some debit cards (generally debit cards that also carry a line of credit) are subject to our standard 3% fee. This is to offset the higher processing rates that these cards often carry. Additionally, we recommend checking with your credit card provider to determine if they charge additional cash advance fees for peer-to-peer payments on Venmo.
If my business profile and personal Venmo profile share payment methods, do they share limits as well?
For security reasons, Venmo places a limit on the number of cards a user can add to their Venmo account. You can find more about this limit here.
If you set up your business profile as a sole proprietor, your payment methods will be shared across your business profile and your personal Venmo profile. This means that both profiles share the same card limit as well.
If you set up your business profile as a registered business profile, Venmo will keep your payment methods separate. Each of your profiles will have its own card limit.
I set up my business profile as a registered business, but I accidentally added my payment method to the wrong profile. What do I do?
Please contact our Support team for assistance.