You don’t have to set up a special account to sell goods Venmo payment.This Wall Street Journal famous Venmo is changing its policy to allow you to sell goods and services through a personal account, as long as you are willing to pay a fee of 1.9% plus 10 cents that applies to business users. The changes will take effect on July 20.
There will be a toggle switch that allows you to indicate whether the remittance is used for business. A spokeswoman said that any payment marked with the switch will be eligible for Venmo’s purchase protection program.
Until now, personal accounts have been used for daily tasks, such as splitting bills and even receiving pandemic stimulus checks. If you use personal data for business, you may face the risk of your account being banned, although some people use it in this way without any consequences.
It is not shocking that Venmo will take this path. As of February, PayPal-owned brands have nearly 70 million active accounts and are becoming increasingly popular in the United States. Even if only a small percentage of users use these accounts for sales, this may represent a significant increase in revenue. It also promises to provide greater flexibility for daily use-you don’t have to deal with different accounts in order to run a sideline.
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