Venmo to Charge Users for Selling Goods and Services
Venmo, the payments app owned by PayPal Holdings Inc., will soon allow users to sell products and services on their personal accounts, for a fee.
Under the app’s previous rules, users were prohibited from receiving money for business transactions through personal Venmo profiles. Users suspected of violating the policy could have their accounts suspended.
A Venmo spokeswoman said the latest changes mean users who don’t want to create a business profile will be allowed to accept money for goods and services without worrying about running afoul of the rules. They will be charged the same 1.9% plus 10-cent fee applied to customers using business profiles.
The change is the latest attempt by PayPal to profit from Venmo’s massive user base. The company rolled out the first Venmo-branded physical credit card last year, looking to attract customers by touting the QR code on the front of the card, and a flexible cash-back rewards program.
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