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Venmo targets small and micro businesses with new payment service

Venmo
(Image credit: Venmo)

With 75% of small businesses in the US being owned and run by sole proprietors Venmo has come up with a new way boosting their online profile, as well as letting them accept payments for goods and services.

The mobile payments provider has created Business Profiles, which lets small business operators create a much more professional profile page that sits on its platform.

Business Profiles is running as a limited pilot project for now, but is aimed at allowing Venmo users to beef up the look and feel of their online presence. Key details such as address, phone number, email and website information along with other business-specific facts and figures will then be seen via Venmo’s social outlets and search options.

The Business Profiles route looks like it could be a good one for small or micro businesses, or for sole proprietors and freelancers who do a little bit of work on the side.

Profile building

In a blog post Venmo highlighted its appeal to so-called side-hustlers who might already have a job and work another one often buying and selling products and services to boost their incomes.

Venmo has a community of over 52 millions users, so the opportunity to raise awareness of your profile, what you offer and process payments at the same time could make Business Profiles a hit. Along with profile building, subscribers will be able to make use of touch-free transactions using a Venmo QR Code, which can be sent directly to customers via email, text or AirDrop.

Crucially, the scheme will enable you to switch from your business to your personal profile under the same login. It will also be possible to track business transactions separately for more straightforward bookkeeping.

Business Profiles is being launched from today for a limited number of users on iOS, but will also be made available from Android in coming weeks. Venmo says that at launch sellers will be able to access Business Profiles at no additional cost, though fees could be subject to change.