Venmo, the payments app owned by PayPal Holdings Inc., will soon allow users to sell products and services on their personal accounts, for a fee.
Under the app’s previous rules, users were prohibited from receiving money for business transactions through personal Venmo profiles. Users suspected of violating the policy could have their accounts suspended. The new policy, disclosed in a letter to users about terms-of-service updates, will take effect on July 20.
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 worrying about running afoul of the rules. They will be charged the same 1.9% plus 10-cent fee applied to customers using business profiles.
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