Venmo, one of the leaders in digital payment technology, has increased its retail consumer base by 50% since 2022. They’re projected to have over 90 million users by the end of 2024. Venmo for Business is their newest offering.
Accept more payment methods through the app, online, and in person, tapping into an active community with millions of potential customers.
Follow the instructions above to set up your personal Venmo account. For best results, wait for all levels of verification to be complete before you open your Venmo business account. A delay with your ID or bank account could affect your business account setup, so do this one step at a time. Here’s how to proceed once that's done:
When your personal account is set up and verified, you should see a “business” option on your home page. It will not be there if you already have a Venmo business account or have set up your personal account incorrectly. If the business option is there, click on it to start the setup process, then proceed to the next step below.
You must use a mobile phone, not a landline. Venmo needs to be able to send you text messages as notifications and for verification. Enter the phone number and then tap “send code.” Venmo will text you a code to enter a verification field on the app or website. Enter that code in the space provided to verify the account.
The IRS has been cracking down on individuals using third-party payment platforms like Venmo and PayPal. To avoid problems with them, enter your full legal name and the business email you want to use for your business Venmo account. It must be a legal entity so that Venmo can send a 1099 to you at the end of the year.
Don’t make the mistake of just clicking the “agree” button on the terms and conditions. Venmo is fairly straightforward, but you’re still signing a contract when you hit that button. Read the terms and conditions carefully to ensure you know what you’re getting into. When you’re satisfied that you understand what you read, click the button.
Choose a user name. This automatically generates a tag that is a permanent part of your account. Think carefully about what you want that to be. You’ll also be asked to add a short business description and choose a business category. This information is important because it lets your company know who you are and what you do.
Your customers will look at your Venmo profile before they send you money. That’s human nature. Adding a professional background and profile photo goes a long way toward selling your legitimacy to them. It may not seem like a big deal when setting up your Venmo business account, but every step in this process is important.
Your mailing address may be different from your physical business address. Venmo has fields for both. Fill them out completely. Make sure you check the zip codes, as your 1099 will be mailed to the address you include here. This is the final step in the setup process, so preview your work when you complete it. When finished, publish your profile.