PayPal-owned Venmo, the mobile-payments app, announced that it is piloting a new feature. This new feature will be called Business Profiles and will offer small sellers and sole proprietors an opportunity to have a professional profile page on its platform.
The company says the new feature will offer transactional insights and information, including number of customers and a customer list.
By using the Venmo app for a Business Profile, sellers will be able to raise awareness about their business through platform’s social feed and search. These new profile pages also provide space to write a short introduction to business. The sellers will also be able keep their personal transactions separate from their businesses transaction for accounting purposes. Sellers can also share key business details like address, web location, phone number, email, website and more.
As Venmo is also a social platform, sellers can tap into the network effects it provides just like Messenger or WhatsApp, where businesses often now have their own profiles.
Sellers are also provided with an option to email, print out, text or AirDrop their Venmo QR code for their profile to make it easier for customers to find their business on the app.
These profiles on the platform provide smaller sellers with ways and means to do business without establishing a larger web presence like the big players Google Business listing or Facebook Page.
Venmo Industry Profiles will help sellers like local artists, farmer’s market booth holders, craftsmen to present a pick to the profits they receive by tasks like mowing lawns or doing neighborhood house repair jobs. . A new Venmo Search experience would allow users to switch between a People and Business tab when looking for a particular Venmo username.
Users will be able to check the number of customers the seller has and if any other Venmo user has ever transacted with the seller.
The process works in a planned manner as Venmo users make a payment to the small sellers with profiles on the platform, it is published to the platform’s social feed where public can view the transaction, based on the user’s privacy settings. Interested users will then be able to click on the Business Profile to get more details about the seller.
PayPal said its new actives hit records in April as customers shifted into online along with contactless payments due to Coronavirus outbreak. Venmo in terms of expansion, with total charge volume in the quarter profits reaching USD 31 billion, up by 48 percent.
Venmo Business Profiles feature is starting to pilot today with a limited number of users on iOS. It will roll out to Android users in the week ahead and then will become more broadly available. This feature would offer the company means to expand its revenue opportunities in the market. Although the service is free during the pilot run, the Venmo officials indicated that this may not be the case in the future.