Venmo announced that it’s rolling out a new feature called Business Profiles, which gives small businesses the ability to have an enhanced professional profile page on the app.
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The pilot exposes sellers to Venmo’s community of more than 52 million users to generate interest, referrals and awareness for your business.
- The monetization of the popular P2P app has been prioritized by PayPal management.
- Contactless plays a role in this new feature rollout as Venmo issued business specific QR Codes. A business can print out its QR Code and place it at its point-of-sale for customers to pay by scanning with their phone.
- After customizing a business page by adding a profile picture, business URL, description and other details, businesses can get discovered via the Venmo social feed as customers share their purchases publicly.
In the future, Venmo will charge business owners a transaction fee of 1.9% + $0.10 on every payment made to their profile.
Venmo launched Business Profiles to a limited number of users on iOS and will be made available for Android users in the coming weeks.