Venmo new policy will allow you to receive money through your personal account


In an article appeared earlier in The Wall Street Journal noted that Venmo is changing its policies. Venmo, the payments app owned by PayPal Holdings Inc., will soon allow users to sell products and services on their personal accounts, for a small fee.

According to the app’s previous policy users, users were prohibited from receiving money for business transactions through personal Venmo profiles. The new policy let you sell goods and services through your personal account as long as you’re willing to pay the same 1.9 percent plus 10 cents fee that applies to business users. The change takes effect July 20th.

A Venmo spokeswoman said the latest changes mean users who don’t want to create a business profile will be allowed to accept money for goods and services without bothering on the rules and policies which restricted them to do business.

Source: Engadget