Venmo will soon let you sell stuff through your personal account
You’ll have to pay Venmo’s business transaction fee.
A new change is coming to the popular payment app, Venmo. Starting on July 20, users will be able to sell products and receive payments through their personal Venmo accounts. That is, of course, if you’re willing to pay Venmo a percentage of each transaction.
A new report from The Wall Street Journal outlines a new Venmo policy that will expand the app’s functionality for all users. Users will be able to use their personal accounts, which were previously meant for conveniences like splitting a restaurant bill or paying back a friend, to receive money for business transactions under the new policy.
Previously, users would get in trouble for using personal Venmo accounts for the purpose of a business transaction. Doing so would risk a ban on your Venmo account, seemingly because there was no way for PayPal, who owns Venmo, to make any money on those transactions.
Well, now that has changed. With the updated policy, there will be two different types of transactions that users can make on their personal accounts. The first is unchanged and lets you send and receive money from friends for personal purposes. The second will be a business transaction, in which Venmo would collect 1.9% plus 10 cents per transaction. This is the same rate applied to business accounts.
This policy is a great way for Venmo to make some more revenue from the insanely large user base found on the app. Though users have been using personal accounts for free business transactions, and will likely continue to do so, for some time, those who do follow the new policy will add up to a nice new revenue stream for the company.
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