fbpx

How Venmo’s New Fees Could Affect Your Business

Jatai International Jatai International Jatai International
Free shipping on orders of $50 or more within the USA and $90 or more to Canada! Note: Shipping to Canada is experiencing significant delays. See shipping policy page.
  • User icon
  • Cart Icon0

Click Here to Sign Up and Get Informed of New Uploaded Videos

Trend CONNECT

Get the latest Academy content and special deals direct to your inbox

It’s Gonna Cost You—Venmo Is Changing Their User Agreement!

Have you ever used Venmo or another person-to-person cash app to send or receive money? We’re betting you have…but do you use it for business, or pleasure? Here’s the thing: If you’re using Venmo to accept business payments, there are some big changes coming, and they could make things expensive.

As of July 20, 2021, Venmo’s rules on payment for goods and services changed, and financial experts say these changes could hurt small businesses like stylists, nail techs and estheticians. At the very least, you could be paying transaction fees for every service your clients pay for via Venmo. At the worst, your account could be flagged and you could lose transactions entirely.

 

View this post on Instagram

 

A post shared by KELLY TFN (@theforevernever)

Business Transactions & Fees On Venmo

Right now, business transactions are supposed to only take place through business Venmo accounts. The Paypal-owned app’s terms of service say that individual users cannot use a personal account for commercial purposes. If you use a personal account for business purposes, you’re at risk of getting your account suspended, or “loss of transaction”—aka, Venmo will literally take that money.

 

Keep reading on behindthechair.com for everything you need to know about Venmo’s payment policies and how much you’ll be paying per transaction as of July 20.

Behind the Chair

BehindtheChair.com

BehindtheChair.com is the largest community in the world for salon professionals. Discover the latest how-to education and creative inspiration in one place.

No Comment Yet. Be the first to share what you think!

Add Your Comment

Follow JATAI

Follow SEKI EDGE

Filter Articles by Category

What Academy Users are Saying...

Amanda Kimball - Hair Stylist
JATAI’S amazing online Academy allows you to get education at any time – totally when it’s convenient for you. It’s a great place to go if you are needing new techniques or refreshers. There are so many to pick from. I use it often to freshen up or learn something new.
Paul Vega - Master Barber, Stylist, International Educator
Jatai's Feather Razor is responsible for so many of the textured looks that I have achieved. It’s a tool that I teach with to so many hairdressers & students throughout the country.  You will find Jatai's Feather Razor in every Top Artist assembly of tools.  Respect to the Feather Razor!
Ana Grisi - Hair Stylist
Through the sites easily accessible Academy, I’ve been able to branch out on blade styles as well as learn quick and friendly tips on using my tools on my clients everyday needs behind the chair.
Ivan Zoot - Barber & Hair Stylist
As a content provider I am in great company at Jatai Academy online. It has become a place on the web where beauty and barber professionals can count on finding quality information from industry leaders.