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Venmo for Business description
Venmo for Business allows businesses to accept payments from customers through the Venmo app. This provides a convenient and familiar checkout option for the millions of people already using Venmo. Businesses benefit from the social aspect of Venmo, potentially increasing engagement and reach. While it lacks detailed business management tools, Venmo for Business offers a simple way to accept payments with a recognizable and trusted app.
What companies are using Venmo for Business?
Who is Venmo for Business best for
Venmo for Business offers a simple payment solution for businesses wanting to tap into Venmo's vast user base. While convenient for customers already using Venmo, it's best suited for smaller businesses. Users praise its ease of use and speed, but some have reported issues with customer service and account suspensions.
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Ideal for small to medium-sized businesses leveraging Venmo's popularity.
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Best fit for industries with a strong Venmo user base, such as hospitality, e-commerce, and media.
Venmo for Business features
| Supported Venmo for Business accepts payments via mobile wallets like Apple Pay and Google Pay using Tap to Pay. |
| Supported Venmo allows users to request money for shared expenses. |
| Supported Venmo for Business simplifies checkout with streamlined payments and social familiarity, boosting conversions. |
We evaluate the sentiment that users express about non-functional aspects of the software
Value and Pricing Transparency
Customer Service
Ease of Use
Reliability and Performance
Ease of Implementation
Venmo for Business reviews
We've summarised 271 Venmo for Business reviews (Venmo for Business TrustPilot reviews and Venmo for Business G2 reviews) and summarised the main points below.
- Easy to use and convenient for sending and receiving money.
- Widely used, especially among younger demographics.
- Fast transactions and instant transfers (for a fee).
- Social aspect allows for easy splitting of bills and expenses.
- Offers a convenient payment option for businesses that may not accept other forms of payment.
- Account suspensions and frozen funds are frequently reported, often without clear explanation.
- Customer service is widely criticized for slow response times, unhelpful agents, and canned responses.
- Disputes are often resolved inconsistently, leaving users feeling frustrated and cheated.
- Scammers appear to be prevalent on the platform, and Venmo is accused of not doing enough to address the issue.
- Users have reported issues with adding bank accounts and other payment methods.
Venmo for Business pricing
The commentary is based on 50 reviews from Venmo for Business G2 reviews and Venmo for Business TrustPilot reviews.
Venmo for Business offers free transfers and low transaction fees (1.9% + $0.10) for most transactions. However, some users mention unexpected fees, particularly for instant transfers, and find the fees high compared to other payment processors.
Users sentiment
See the Venmo for Business pricing page.
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Venmo for Business has a free plan.
Venmo for Business alternatives
Square PaymentsBetter suited for retail, hospitality, and professional services. Offers more business management tools like invoicing and inventory management. Caters to a wider range of business sizes, including larger enterprises.Read more
PayPalBetter for international businesses needing broader currency and country support. Serves a wider range of industries including retail, manufacturing, and automotive. Lacks the social payment aspect. A Venmo for Business competitor and alternative.Read more
Stripe PaymentsBetter for larger businesses and online payments. Has broader global reach and more payment integrations. More developer-focused, but less user-friendly. Has faster momentum.Read more
PayPal CreditBetter for businesses seeking credit lines for purchases. Focuses on financing and buy now, pay later options.Read more
Cash ApplicationBetter for automating reconciliation and matching of payments. Integrates with existing ERP systems. Caters to mid-size and large businesses.Read more
QuickBooks PaymentsBetter for businesses heavily reliant on QuickBooks accounting software. Offers ACH payments and online payment options directly from invoices. Has broader payment options but slower momentum.Read more
Venmo for Business FAQ
What is Venmo for Business and what does Venmo for Business do?
Venmo for Business is a payment processing service that allows businesses to accept payments from customers via the Venmo app. It offers a simple, recognizable checkout option, leveraging Venmo's social aspect for potential marketing reach. While convenient for transactions, it lacks robust business management tools.
How does Venmo for Business integrate with other tools?
Venmo for Business integrates with mobile wallets like Apple Pay and Google Pay through Tap to Pay, simplifying the checkout process for customers. It also facilitates money requests for shared expenses. While it lacks direct integrations with accounting software, its focus is on streamlining payments within the Venmo ecosystem.
What the main competitors of Venmo for Business?
Venmo for Business competitors include QuickBooks Payments, offering similar payment processing and integration with accounting software, and Square, known for its POS system and business tools. Other alternatives like PayPal and Stripe provide more comprehensive payment solutions for businesses of all sizes.
Is Venmo for Business legit?
Yes, Venmo for Business is a legitimate payment platform. It offers a convenient, recognizable payment option, especially for businesses targeting younger demographics. However, consider the negative feedback regarding customer service and account issues before adopting this platform.
How much does Venmo for Business cost?
Venmo personal accounts have no fees for many services. Business profiles incur a 1.9% + $0.10 transaction fee or 2.29% + $0.09 for Tap to Pay. Sending money via credit card costs 3%. Venmo Mastercard has no annual fee. Check their website for cryptocurrency and credit card transaction fees.
Is Venmo for Business customer service good?
Venmo for Business customer service receives overwhelmingly negative reviews. Users report unhelpful agents, slow response times, and canned replies. Many express frustration with account suspensions and difficulty resolving disputes. While some appreciate the convenience of the app, its poor customer service is a major drawback.
Reviewed by
Michal has worked at startups for many years and writes about topics relating to software selection and IT management. As a former consultant for Bain, a business advisory company, he also knows how to understand needs of any business and find solutions to its problems.
Tymon is a seasoned CTO who loves finding the perfect tools for any task. He recently headed up the tech department at Batmaid, a well-known Swiss company, where he managed about 60 software purchases, including CX, HR, Payroll, Marketing automation and various developer tools.