venmo Business Accounts

Venmo Business Account – How to Create Business Profile? Requirements, Limits & Fee

On the venmo app, you can create an account for your business to handle all the transactions of your business with your customers. Creating a business account on the Venmo app is very easy, and it also handles the transactions of more than 83 million trusted customers. You can also create a Venmo personal account to transfer the amount to your friends or pay the bills. Other Venmo account details are shared in a separate blog.

In the below blog, follow the steps to learn all about creating a Venmo business account, along with its benefits, disadvantages, issues, troubleshooting tips, and many more.

Read Here: Venmo Personal Account -How to Create? Requirements, Limits & Fee

Requirements for creating Venmo Business account

If you are creating a business account on Venmo, you have to provide an EIN for tax reporting purposes. On the other hand, if you don’t have an EIN, you can create your business profile as a Sole Proprietor. 

To create a sole proprietor business profile, you can provide the SSN or ITIN instead of the EIN. Along with creating a venmo business account, you can also create a venmo personal account, so check the venmo personal account to know the requirements.

How to Create a Venmo Business Account?

Creating a business account on Venmo requires some details about your business. Keep reading the guidelines and following the steps to learn about creating a business account. 

Open the Venmo app

  • Open the Venmo app, or if you don’t have an app on your device, then simply download it from the Play Store or Apple Store.
  • Click on the app to open it. 

Click on the Business Account Option

  • When you open the app, you can see a sign-up option. Click on it. 
  • After that, you can see 2 options: “Personal Account” or “Business Account.”
  • We are going to create a Business Account. So, click on “Business Account.”
  • After clicking on it, let’s start with the steps to creating a business profile. 
Venmo Business Accounts Creation Step 1

Enter Your Business Details:

  • After that, you have to choose between “Registered Business” or “Individual/Sole Proprietor”. Here you can select “Registered Business.”
  • You can also choose “Individual/Sole Proprietor” to add a business profile to your personal Venmo account. 
  • But here we are talking about registered businesses. 
  • Enter all of your business details, such as your business display name, business category, business user name, business address, and other required details.
  • Lastly, add your profile picture for your business and click on “Next.”
Venmo Business Accounts Creation Step 2

Click on “Publish”:

  • After entering all of your business details, you can now click on “Publish” to publish your business profile. 
  • Now, your business profile has been created and published successfully.

Read Here: Venmo Account Settings – How to Update Email, Phone No & User Name?

How to create a Venmo business Profile?

Creating a Venmo business profile is very easy. Look at the steps that we are going to share with you to create your business profile. 

Open the Venmo app and click on your profile. 

  • Then tap on “Creating a business profile” to complete a business profile.
  • Fill in all the details for your business information. 
  • Highlight what you need about your business. 
  • To look better, add a “Profile picture” and also add a background image that gives your background context.
  • Click on “Publish,” and here your business profile is created. 

How much is the Venmo Business Account Fee?

Well, creating a business account is totally free. You don’t have to pay to create a Venmo business account. Moreover, there is no monthly or annual fee for it. However, almost 1.9% of the amount +$0.10 seller charges is applied to every transaction.

How Much Are Venmo Business Account Limits and Bank Transfer Limits?

You can only send an amount up to $45,000 to $49,999.99 from a verified account in a week. For a non-verified account, you can transfer $2499.99, and the bank limit for transfers is $999.99. 

On the other hand, the percentage per transaction on a business account is 1.9% on each transaction, and business charges are $0.10. So, the total Venmo business percentage per transaction is 1.9% + $0.10. Check the source here.

Read Here: How Much is Venmo Limit Per Day?

Do you have to pay taxes for a business account on Venmo?

In a year, if you sell items worth at least $20,000, you have to send a copy of the 1099-K form to the IRS. Moreover, to avoid backup, you have to provide your tax ID. 

What are the Benefits of a Venmo Business Account?

Read below to learn about the benefits of a business account on Venmo.

  • There is no setup, creation, monthly, or annual fee for a business account. 
  • While creating a business profile, you can also add a tip option. If your customers like your work or service, they can add tips for you. 
  • With a business account, you can provide a safe and secure way for your customers to transfer amounts. 
  • Setting up a Venmo account is very easy. 
  • It offers QR kits for easy payment transfers. 
  • A good business profile enhances the visibility of your business.

What are the Disadvantages of Venmo Business accounts?

Here are some of the disadvantages of using a business account on Venmo. 

  • It doesn’t show the tax records
  • It does not show up in the sales report or monthly revenue. 
  • Your account will be frozen if you engage in any type of illegal business activity, such as money laundering or fraud.

Read Here: Venmo Business Account vs Personal – In depth Comparison

How do I access my Business account?

You can access your Venmo business account through the app. Moreover, it also offers a log-in from their official site. By opening the official site, you can also get access to your business account. However, to access your business account, you must have a Venmo app on your device. There is a separate blog on downloading the Venmo app on iOS and Android; you can also check it out. 

How do I identify a Business Account?

You can easily identify or search a business account by simply searching the username or business name of the specific business. Once you find the account, click on it and check the business details from the profile. 

How Does a Business Account Work on Venmo?

Working on a business account is very easy; you just need to create your business profile and start working. Business profiles allow their users to accept payments from their customers. Deal with the customer or owner, and simply pay them for their goods or services. 

Could you be scammed on a Venmo business account?

There is a chance that scammers will send you a link to your email and message you. They ask you to log in to your account through this link. Never do that, because it can steal your Venmo account details, and scammers can transfer all the money from your account to their own. Moreover, some people also say that they pay you after they get the goods or services. In some cases, they may not pay you after you complete the tasks. 

How Do You Protect Your Venmo Business Account?

If you feel that you have been the victim of scams, then you must contact the Venmo support team.  Moreover, to protect your Venmo account, you must take some essential steps to avoid Venmo scams. These steps include:

  • Two-Factor Authentication
  • Regular monitoring of account activity
  • Use a strong password
  • Verify Payment Details
  • Keep your App updated

What types of issues occur in Venmo Business Accounts?

There are limited options for managing customers on a business profile.

  • If you provide a service or good up to $20,000, you have to fill out the form 1099-K and report it to the IRS. 
  • There are a lot of data entry errors that occur in your business profile. 
  • Your account should be suspended or frozen if you are involved in any type of illegal activity. 
  • Sometimes, a bad internet connection also causes a problem with transactions or account activities. 
  • If you face any problems regarding transactions, don’t hesitate to contact the Venmo support team

What are the Troubleshooting Tips for Business Account?

Here are some of the troubleshooting tips that you need to know to resolve the issue with your business account on Venmo. 

  • Make sure that your internet connection is stable while using the Venmo app. 
  • To avoid the suspension of your business account, don’t engage in any type of illegal activity. 
  • Ensure that you are using the latest and most updated version of the Venmo app. 


Lastly, we can confidently say that the Venmo business account is used to modernize financial operations to present a valuable opportunity for businesses. This not only offers the capability of streamlining transactions but can also contribute to a robust online presence for the establishment. For a more efficient and interconnected future in the realm of digital commerce, Venmo offers seamless financial interaction for businesses. 

*Note: If you have any further queries regarding a Venmo business account, visit Venmo support.


Q. What’s the difference between a personal and business Venmo account?

The main difference between a personal and a business Venmo account is that a personal account is used to just send or receive money. On the other hand, business accounts charge a transaction fee for incoming payments. 

Q. Is a Venmo business account free?

Yes, the Venmo business account is totally free of charge, and you don’t have to pay any monthly or annual fee. However, on each transaction, 1.9% of the amount plus a $0.10 seller charge is applied.

Q. Do you need an LLC for a Venmo business account?

To create a business account, you must have residency in the U.S. However, Partnerships, Businesses, and LLCs can still use the Venmo app. 

Maximiliano Rojo

Maximiliano Rojo

I am Maximiliano Rojo, Graduate of San Diego State University majoring in Finance and minor in Marketing. On this Blog, I am helping you regarding venmo. As an experienced person, I can understand peoples queries and helping them out from accounts creation, Venmo app use to Transection processes. Its Basically Your Life, Your Money but Our Guidance. Enjoy it!

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