Created in 2009 by Iqram Magdon-Ismail and Andrew Kortina, Venmo is a digital payment service owned by PayPal. It can be accessed using their mobile app or through their website. Venmo was initially intended to pay friends and family rather than make purchases from companies.
Venmo is completely free to use for personal transactions. To transfer money to your bank account instantly, rather than waiting 1-3 business days, a 1.5% fee is applied to the transferred funds.
Venmo business profiles
In 2020, Venmo added an option to create a business profile linked to your personal account. When using Venmo for business, you can make a customized page with information about your business. It also allows you to integrate Venmo as a payment method on your business app or website.
When a user pays a Venmo business profile, the seller is charged a ten-cent plus 1.9% fee for every transaction.