Venmo announced late last week a new feature called Business Profiles; the feature allows SMBs to have a profile on the app and access to more than 52 million users; sellers can generate interest, referrals and awareness for their small businesses; this is also another move towards monetization for the app as PayPal management puts higher priority on making money; Venmo will make customized QR Codes for the companies and allow them to be discovered via the social feed; Venmo intends to charge a transaction fee of 1.9% + $0.10 on every payment made to their profile. TearSheet.
