Venmo pilots Business Profiles for sole proprietors

Source: IBS Intelligence 2020-07-06

Venmo, a mobile payment service owned by PayPal, has announced the launch of Business Profiles, a limited pilot of new tools for sole proprietors to access the benefits of Venmo’s platform.

According to the United States Census Bureau, more than 75% of small businesses in the U.S. are sole proprietors, and the crisis has created significant challenges for them. To circumvent the situation, the company is extending the benefits of Venmo’s platform through Business Profiles.

Piloting to a limited number of users, Business Profiles allows sole proprietors, casual sellers, and users to create an additional Venmo profile to accept payments for goods and services. The platform offers the same social experience as using Venmo. It enables users to track and share activity on Venmo. Some of the benefits of Business Profile include:

Touch-free transactions: With restrictions of social distancing, The platform can be used by sellers to get paid for transactions with a business-specific Venmo QR Code. The QR code can be printed or send it to customers via email, text or AirDrop (iOS only) for customers to pay.
Stand out and be discovered: It allows customisation and enables discovery through Venmo social feeds.
Get organized: Permits switching from business to personal profile under the same login and separate business transactions tracking for simple bookkeeping.
Understand your customer: provides access to critical transactional insights and information, including the number of customers and customer list.

Recently, PayPal introduced QR Code touch-free payments in Canada.

Founded in 2009, Venmo is designed to be a place where friends and family can send, split and share purchases and experiences. Business Profiles on Venmo is being piloted to a limited number of users on iOS and will be available for Android users in the coming weeks. The company has plans to make the service widely available. At launch, access to Business Profiles is enabled for sellers at no additional cost.

Venmo

Venmo pilots Business Profiles for sole proprietors

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