Identity Verification
Why am I being asked to submit documents to create a Venmo business profile?
If you sign up for a business profile using your business's EIN, we verify your business's identity by collecting your business name, physical address, and Tax ID number (EIN) and validating that information.
If you sign up for a business profile using your SSN or ITIN, we will verify your personal information instead. This includes your legal first & last name, date of birth, SSN/ITIN, and home address.
If we are not able to validate this information automatically, we may also ask you to send us documentation that verifies that information.
Verifying your identity helps improve security for everyone in the Venmo network. Additionally, Venmo is a federally regulated money transfer service and is therefore required to implement a Customer Identification Program (CIP) to verify the identity of registered businesses joining the Venmo community.
How do I complete identity verification?
Identity verification can only be completed from the Venmo app. Look for a prompt to complete identity verification on your Profile tab, or tap the gear icon to find the option in your business profile Settings menu.
What happens if I don’t submit the documentation you requested?
You will need to complete and pass identity verification for your business profile in order to move money through that profile on Venmo. This includes sending and receiving payments and transferring funds between your personal and business profiles or to a connected bank or card.
Whenever you have the necessary documentation available, follow these steps:
- Open the Venmo app
- Navigate to your business profile
- Tap the Settings gear near the top of the Profile tab
- Tap Identity Verification
Commercial Entity Agreement and Beneficial Owner Verification
Why is my business profile restricted?
We need to collect some information about you and your business before you can accept payments on Venmo. For registered businesses, this includes information about your business’s beneficial owners. Follow the prompts in your Venmo app to get started or read on for more details.
What is the Commercial Entity Agreement (CEA)?
The Commercial Entity Agreement is a requirement of our bank partners to process Visa card-funded payments for businesses under the card network rules.
Affected businesses will be asked to review and agree to this agreement via email.
What is a Beneficial Owner and why do I have to provide this information?
A beneficial owner is an individual, if any, who holds 25% or more equity ownership of your business and at least 1 individual who has controlling influence.
Federal regulation requires covered financial institutions (like Venmo’s bank partners) to obtain, verify, and record information about the beneficial owners of legal entity customers to help the government fight financial crimes. Requiring the disclosure of key individuals who own or control a legal entity (i.e., the beneficial owners) helps law enforcement investigate and prosecute these crimes.
When does this rule apply to impacted businesses?
All registered businesses are required to provide beneficial owner information upon the creation of a Venmo business profile. Sole proprietors are not required to submit beneficial owner details.
If this verification is not completed, the business profile will be restricted from receiving any payments.
For more information, you can view The Customer Due Diligence (CDD) Requirements for Financial Institutions.
What should I do if my company doesn't have Beneficial Owners?
If your company does not have Beneficial Owners who own >25% equity shares, you should provide the information for an individual with significant responsibility for managing the company. (e.g. CEO, CFO, COO, Managing Member, General Partner, VP, or Treasurer, etc.)
Sole proprietors are not required to provide Beneficial Owner information.
What will happen if I don't provide the required information?
If you choose not to provide the information needed to verify your business, you’ll be prevented from receiving payments to your business profile. We’ll email you reminders if you haven’t started the process after a few days, but it’s important to note that this verification is required in order to accept payments to your business profile on Venmo.
What happens after I submit my Commercial Entity Agreement / Beneficial Owner information?
After you provide the requested information and documentation, our Account Specialists will review your submission. If additional information is needed from you, you will be prompted to submit additional information and documents in your Venmo app.
I received an email saying that Venmo couldn't verify my business. What now?
If we can’t verify the information you provide for your business’s beneficial owners, your Venmo business profile may be permanently restricted from receiving payments.
We’re required to verify this information for all legal business entities, and there isn't a way to skip or restart this process if your information is rejected. In this event, you can still use your personal profile for personal payments and transactions.