Venmo is introducing Business Profiles on a limited trial basis to help sole proprietors and small businesses to accept payments for their businesses.
Per a press release from Venmo, “Piloting to a limited number of users today, Business Profiles allows sole proprietors, casual sellers, and users with a side hustle to create an additional Venmo profile to accept payments for goods and services. Whether you’re an artist, selling homemade planters at a craft fair, serving up one-of-a-kind haircuts, selling floral arrangements or mowing lawns, you can now leverage the power of Venmo’s community of more than 52 million users to generate interest, referrals and awareness for your business. “
Per the release, 75% of small businesses in the US are sole proprietors, and this new feature will help these sellers to access the platform’s community to generate additional marketing for their businesses.
Per the company, some of the ways a Business Profile can help small businesses include Touch-free transactions using a Venmo QR code, a customizable business page, common log-in between business and personal accounts, and deeper insights about their customers.
Venmo started this Pilot on July 1st to a limited number of users on iOS and will be available for Android users in the coming weeks. At launch, sellers will be able to access Business Profiles at no additional cost.