How Venmo’s New Fees Could Affect Your Business

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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.


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

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