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”