Good news for small sellers and sole proprietors: Venmo is giving small business a hand with its new Business Profiles feature. The money app designed to send and receive money amongst personal contacts is running a small pilot of the program.
Business Profiles allows more casual sellers to accept payments for goods and services. The target market consists of artists, crafters, and those running side hustles.
Currently, Business Profiles has no fees, but will later likely carry standard rates of about 2-3%, plus a per-transaction fee. Venmo says users will be able to toggle between their business and personal profiles, which means you’d still receive 100% of the $5.95 a friend sends you to cover her coffee during your last meetup.