Venmo Community Grows into Business Transaction Hub
with Social Following
COVID-19 has created obstacles for everything from daily work routines to social gatherings. Business owners have faced their own unique set of challenges. From reduced in-person shopping to curbside pickup and expanded delivery, these critical members of the community have been heroic in their efforts to remain open for business and provide the goods and services their communities have come to rely upon. Many individual sellers and retailers have implemented touch-free purchasing. Enter Venmo, the mobile payments app that not only eliminates physical contact but also helps increase a business's footprint, providing them access to Venmo’s community of more than 65 million consumers.
Venmo also turns a formerly mundane experience, like splitting a bill, into a no-brainer. It even facilitates dividing up the bill evenly among a group. What was once penny-pinching transformed into laughter, as customers add custom emojis, comments, and other expressions to turn paying a bill into a shared event.
It’s kind of interesting because we’ve been hypervigilant about being COVID- safe. I’ve actually gotten quite a few referrals from people who are nervous to go to the salon. So, they’ll tell them how compliant we are. And we’ve gotten probably 10 new clients from that.
— says Sarah Vidana, owner of The Hair Studio
According to a recent survey of Venmo customers*,
of Venmo customers report spending more time on social media since the start of the pandemic.
are interested in using Venmo for a purchase, if possible.
*According to an October 2020 survey commissioned by Venmo of its customers.
But Venmo isn’t just an app for sending and sharing payments with friends on Venmo. More than 2 million merchants already accept Venmo payments online and through mobile apps, allowing customers to easily make purchases using Venmo as their funding source. Venmo’s business platform helps increase payment flexibility—app users can pay virtually or in-person with money from their Venmo account, as well as use the app to link directly to a credit or debit card. Setting up a small business with a business profile gives customers that same ease at checkout. To accept payments, simply generate a Venmo QR code and customers can then scan with the Venmo app to swiftly complete their purchase without contact. The quick and easy transaction can also help keep queues moving at point-of-sale. Just as easily, merchants can also scan a customer’s QR code to complete a sale.
The business profiles platform also features tools to help keep owners organized. Users can easily switch between business and personal accounts to keep finances in order.
Starting a new business can be daunting, especially for small business owners or niche service providers. Business profiles is designed to level the playing field for any owner, whether they’re selling items online, in a brick-and-mortar store, or providing a neighborhood service. By creating a business profile, they have the opportunity to help increase financial transactions and spread word about their business at the same time.
Sign up for Venmo business profiles here or by tapping your profile picture in the app. You can also find more information about how it can help you grow your business by following Venmo on Instagram, Facebook or Twitter for updates.
Venmo: The Social Payment Platform
More than other examples, sharing payment history may best reflect this new generation of socially savvy consumers. The Venmo app directly addressed this phenomenon— people across the Bay Area who wanted to share their purchases with their friends, whether picking up a burrito at a new taqueria in the Mission or sharing the cost of a birthday present for mom bought from a boutique in
Jack London Square. During the pandemic, using Venmo enables touch-free purchasing from small businesses,
a key element in keeping independent shops open.
As a social payment platform, Venmo now works as seamlessly for virtual business transactions as it does for payments among Venmo friends. The same innovations, the ability to make payments a social experience, provides businesses with an opportunity for discovery by potential consumers. As it has for casual transactions, this payment app is fast becoming the “new normal” of selling. In addition to receiving payments virtually, businesses can also display their Venmo QR code at the point of sale so customers can use their smart devices to scan for
a touch-free payment.
Venmo business profiles will offer individual sellers and small businesses access to 65 million highly social Venmo customers. Business profiles will play a significant part in every facet of the financial transaction, from payment scan to potential customers who learn about a business through their friend’s purchase. Because Venmo is designed for touch-free transactions,
there’s no need to exchange cash or cards. Venmo is waiving seller transaction fees
until April 1, 2021*.
*Cancel anytime. Fees subject to change. Other fees may apply.
Introducing Venmo Business Profiles
A New Business Platform
And users love to shop with Venmo.
Venmo was an instant hit because the app allowed users to complete friendly payments directly from their smart devices while adding some social fun into the mix. This personal approach is also why customers like small businesses—it’s an opportunity to interact with someone who may live in the neighborhood and employs members of the community. Venmo’s platform for businesses helps accomplish the same goal, turning transactions into unique expressions of the community.
San Franciscans love discovering a new Cole Valley bakery, a great dog walker in Bernal Heights, or a unique Hayes Valley boutique. In the past, most people couldn’t wait to bump into friends and tell them about their new hidden gems. Personal connections are why word-of-mouth has always been such a strong sales tool. Today, sharing a “secret” find on Venmo accomplishes the same goal, except that one friend has the potential to become hundreds of friends, then thousands or even millions of people.
It’s really smooth. It’s very easy for my customers to send over payment. They love it because they’re just like,
‘oh, all I have to do is follow a couple of simple steps to
send money? Okay. Yeah, I’ll order this.’ And then
it kind of makes them shop more.
— Mariza Aguirre, Owner of Soulful Succulents.
A Venmo Business Profile for Everyone