Venmo uses a national database to confirm your business entity when you create a business profile for a registered business. Learn more about why we need to verify your business and how to complete this process.
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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.
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 business profile home screen, or tap the gear icon to find the option in your Settings menu.
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:
- Open the Venmo app
- Navigate to your business profile
- Tap the Settings gear near the top of your screen
- Tap “Identity Verification”
Commercial Entity Agreement and Beneficial Owner Verification
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?
Affected businesses will have 90 days from the date of our email notice to consent to the Commercial Entity Agreement and provide Beneficial Owner documentation if applicable.
Reminders to complete these actions will be sent via email at 30, 60, and 75 days following the first notice. After 90 days, if these actions are not completed, the business will be restricted from receiving payments funded by debit cards and credit cards.
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?
You will have 90 days to provide the requested information so your account can be verified. If we do not receive the requested information within 90 days, you will no longer be able to receive payments from customers using a debit or credit card. You can still receive payments funded by a bank account or Venmo balance.
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, this team will contact you via email using the email address connected to your personal Venmo profile.