You won't have to set up a special account just to sell goods using Venmo payments. The Wall Street Journal noted that Venmo is changing its policies to let you sell goods and services through your personal account as long as you're willing to pay the same 1.9 percent plus 10 cents fee that applies to business users. The change takes effect July 20th.
There will be a toggle that lets you indicate whether money transfers are meant for business. Any payments marked with that toggle will qualify for Venmo's purchase protection plan, a spokeswoman said.
Until now, personal accounts were meant for everyday tasks like splitting bills or even receiving pandemic stimulus checks. You risked an account ban if you used your personal profile for business, although some have used it that way without consequences.
It's not shocking that Venmo would go this route. The PayPal-owned brand had close to 70 million active accounts as of February, and it's increasingly popular in the US. Even if only a fraction of those users use those accounts for sales, that could represent a significant jump in revenue. It also promises more flexibility for everyday use — you won't have to juggle separate accounts just to run a side business.