You don’t have to set up a special account just to sell used goods Venmo payments. U Wall Street Journal noted that Venmo changes its policies to make it sell goods and services through your personal account, as long as you are willing to pay the same 1.9 percent plus 10 cents tax that applies to business users. The change takes effect on July 20th.
There will be a change that will allow you to indicate whether the money transfers are intended for businesses. Any payments marked with this change will qualify for Venmo’s purchase protection plan, a spokeswoman said.
Until now, personal accounts were intended for everyday tasks such as sharing bills or even receiving pandemic stimulus checks. You risk an account ban if you use your personal profile for business, even if some have used it without consequences.
It is not shocking that Venmo followed this path. The PayPal property brand had close to 70 million active accounts in February, and is increasingly popular in the United States. Even if only a fraction of those users use these accounts for sales, that could represent a significant jump in revenues. It promises even more flexibility for everyday use – you don’t have to deal with separate accounts just to run a side business.
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