Why am I being asked to submit documents to create a business profile?
We verify the identity of your business by collecting your business name, physical address, Tax ID number (EIN), and validating that information. 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 by the USA PATRIOT Act to implement a Customer Identification Program (CIP) to verify the identity of registered businesses joining the Venmo community. Identity verification is not a requirement for sole proprietors that are not assigned a Tax ID number.
What happens if I don’t submit the documentation you requested?
You can begin to use your business profile without verifying your identity. You will still be able to make payments funded by a bank or credit card or transfer money from Venmo to a bank account. However, in order to utilize your Venmo balance to make payments to other Venmo Users or to transfer funds to your personal profile, you’ll need to submit the requested documents.
Whenever you have the necessary documentation available, just open the Venmo app and navigate to your business profile. Tap the ☰ button, then “Settings,” then “Identity Verification.” There, you’ll find the steps to submit what is needed.
How long does it take for my documents to be reviewed?
We review documents as quickly as we can. This review may take 2-3 business days from the time that you submit your documents in the app. If you don’t hear anything back from us in the Venmo app after 3 business days, please contact our support team.