“Well, you can tell by the way I use my walk I’m a woman’s man, no time to talk.” -Bee Gees
That line just makes me smile every time I hear it! Let’s take some time to talk about Venmo….
If you are using Venmo for business make sure you are doing it right!
Venmo has created a “Venmo for Business” portion. From what I’ve read on their website business profiles are available “by invitation only” but they hope to expand in the future.
Your personal and business Venmo accounts will have different usernames. As always, make sure your activity on Venmo is compliant! Per their website, “Accepting payments for goods and services without an authorized business profile may resort in restrictions on your Venmo account”.
If you don’t have a business Venmo account, request that your clients pay you with ACH or E-check payments. These have lower fees than credit card processing. You can also build the cost of credit card fees into your pricing. You will still have to pay the processing fees but without those fees eating into your profit. Do not add an additional fee for credit card transactions, just up your price for everyone (that’s a separate post on it’s own).
Instead of paying your vendors with Venmo, request they send you an invoice that you can pay with an ACH or credit card payment. Checks still exist and still work if you have to go that route.
Another Bee Gee’s line, “And now it’s alright, it’s okay. And you may look the other way” but don’t look the other way when using Venmo for business! #smallbusiness #knowyourbusiness #shoplocal #charlestonsc #ildertonbookkeepingllc #vendorpayments #customerpayments #bookkeeping #1099form #yearend