It shouldn’t be complicated to get paid. Whether you’re a freelancer, side hustler, or small business owner, knowing how to set up Venmo for business can help you get paid faster. The key is doing it right from the start. With a few thoughtful steps, you can create a profile that’s professional, compliant, and ready to grow with your business.

What to Gather Before You Begin

Before you jump in, make sure you’ve got everything ready to go. Venmo requires you to start with a personal account before adding a business profile, and having the right info on hand will make the process smoother. Here’s what you’ll need to gather:

  • Legal name and contact information
  • Business email address and phone number
  • Business name and public username/handle
  • U.S. mailing address (used for tax reporting)
  • EIN or SSN (EIN preferred for tax separation)
  • Bank account and routing numbers
  • A government-issued ID (driver’s license or passport)

You’ll need to get your tech in order, too. Venmo requires a U.S.-based mobile phone number to verify your identity and link your personal account. This number will also be used to receive verification codes during setup and for ongoing security alerts.

You’ll also need a device that’s compatible with the Venmo app. Make sure you’re using iOS 13 or newer, or Android Lollipop (API 21) or above. Most modern smartphones meet this requirement, but it’s worth double-checking before you begin. Otherwise, the app might not run properly.

Quick FYI: You can only create one business profile per personal Venmo account. If you’re managing multiple ventures, consider whether Venmo is the right fit for each.

Set Up a Personal Venmo Account (Step-by-Step)

Before you can open a Venmo business profile, you need a verified personal account. Here’s how to set one up:

  1. Download the Venmo app: Visit the App Store (iOS) or Google Play Store (Android) and install the Venmo app on your mobile device.
  2. Create your account: Open the app and select “Sign up.” You’ll be asked to enter your full name, email address, mobile number, and a secure password. Choose “Personal” when prompted for the account type.
  3. Verify your phone number: Venmo will text you a verification code. Enter this code in the app to confirm your phone number and activate your account. (Note: Do not share this code with anyone outside of your business team.)
  4. Link your bank account: You’ll be prompted to connect a bank account or debit card. This allows you to send and receive funds. You can verify your account instantly by logging into your bank or choose the micro-deposit method (1–2 business days).
  5. Add a profile photo: This helps customers recognize your account at the time of checkout. You can upload a personal image or your business logo. Or, just keep it simple with your initials.
  6. Adjust privacy settings: Choose who can see your transactions—public, friends, or private. This won’t affect your business profile, but it’s worth reviewing while you’re here.
  7. Verify your identity: Go to “Settings” → “Identity Verification.” Upload a photo of your unexpired, government-issued ID. This step is crucial. Without it, you won’t be able to create a business profile later.

Once your personal account is fully set up and verified, you’ll be ready to build your business presence on Venmo. It’s a quick process and doing it correctly helps you set up a business profile faster.

How to Set Up Venmo for Business (Step-by-Step)

Once your personal account is verified, you’re ready to create your Venmo business profile and start getting paid! Here’s how to set up Venmo for business:

  1. Open the Venmo app and log in: From your personal account, tap the profile icon, then select “Create a business profile” from the menu.
  2. Enter your business name and description: If you haven’t named your business yet, choose a name that matches your brand. Then, write a short description that tells customers what you offer.
  3. Pick your public username: This is the handle people will use to find and pay you. Keep it simple and recognizable—something like @SmithBakery or @DesignsByMia. Including your business name is optional but will make your Venmo profile easier to look up.
  4. Add your business category: Venmo offers predefined options like “Retail,” “Health & Beauty,” or “Professional Services.” Choose the one that best fits your industry. This category affects how your income is reported to the IRS. Picking the most accurate fit from the start can help prevent confusion during tax season and keep your records clean.
  5. Upload a logo or photo: Personalize your profile with your business logo or a clear, recognizable photo. This lets customers know they’re paying the right account.
  6. Add your business contact info: Be sure to include a business email and phone number. They’ll appear on customer receipts, so they can contact you if necessary.
  7. Enter your business address: Just like your business category, your business address is required for reporting payments to the IRS. This must be a U.S. address. If you work from home, your home address is fine.
  8. Link your business bank account: Connect a business banking account (like North One) where your Venmo funds will land. You can verify instantly or use the micro-deposit method.
  9. Preview and publish your profile: Review everything, make any final edits, and hit “Publish.” You’re now ready to accept payments by QR code, username, or Venmo links.

Tips for Staying Compliant With Venmo for Business

Using Venmo for business is simple, but staying compliant requires a little planning. These tips can help you avoid common mistakes and stay in good standing—both with Venmo and the IRS.

  • Use an EIN instead of your SSN: If your business is more than just you, using an Employer Identification Number (EIN) keeps your business finances separate and makes taxes less confusing. It shows you’re professional and worthy of financial services, like business credit or loans.
  • Track your income and expenses: Venmo makes it easy to get paid, but it doesn’t provide full accounting features. Use a separate tool—or a banking partner like North One—to monitor your transactions, categorize income, and prep for tax time.
  • Avoid using your personal account for business: Stick to your business profile for all customer transactions. Mixing business and personal payments can confuse your records and potentially create tax headaches.
  • Watch for IRS thresholds: Venmo is required to issue a 1099-K if you earn $600 or more in a calendar year through your business profile. Report all earnings accurately, and keep documents in case you get audited.
  • Review Venmo fees regularly: Venmo may update its processing fees over time. As of now, most business transactions are charged a standard fee of 1.9% plus 10¢ per payment. Understanding what you’ll be charged for each transaction helps you price your products or services more effectively.

By building smart habits from day one, you’ll make life easier come tax season. And, your business will look a lot more polished. Up next: how North One can help you manage Venmo income seamlessly.

Streamline Your Venmo Income With North One

Once you start collecting payments through Venmo, the next challenge is managing that income effectively. That’s where North One comes in. By linking your Venmo with a North One business account, you can make transfers fast, track cash flow in real time, and keep business funds organized.

You can automatically sort every dollar that hits your account into Envelopes, North One’s budgeting tool designed for small businesses. Whether it’s saving for taxes, payroll, or supplies, you’ll always know where your money’s going.

You’ll also get access to detailed transaction records, instant alerts, and the ability to send ACH or wire payments directly from your account. No more bouncing between apps or spreadsheets to manage your finances!

Venmo makes getting paid easy. North One makes what comes next even easier. Together, they help you stay focused on growing your business, not chasing down your bank records.

Simplify How You Get Paid (and What You Do With It)

Founders deserve a payment platform that’s simple, secure, and built to grow with them. Venmo makes it easier to get paid, and your banking should work just as smoothly. Ready for a smarter way to manage your money? Set up a free account with North One.