Venmo to Allow Business Transaction on Personal Accounts

Venmo is making a major change to its terms of service, allowing business transactions on personal accounts for the first time.

Venmo is a popular digital payment app that is owned by PayPal. Until now, the company did not allow business transactions on a personal account. Individuals who tried to break the rules quickly found their accounts suspended.

The company is doing an about-face, according to Gizmodo, with users soon able to choose goods or services as a reason for a transaction. The new feature is not without its caveats, however, with a Venmo spokesperson telling The Wall Street Journal that business transactions will be subject to the standard fees that business accounts pay.

Even so, the move is sure to make things easier for users, especially those that were maintaining multiple accounts just to stay on the right side of the rules. The new feature is scheduled to roll out July 20.