"What's different here is there are actually records of these transactions." "Vemo was created and sort of introduced to the marketplace as a cash-equivalent product," she said. It's similar to how people skip reporting income by conducting a cash-based business, she says. In reality, however, nothing is really stopping users from using a personal account to run a business and avoid taxes, says Jennifer Berman, CEO of MZQ Consulting. This means users can self-identify what is a commercial transaction or not via the business profile. PayPal has had a business option at least since 2013 Cash App, another popular platform, has a business profile known as Cash App For Business. The sites have attempted to make the business/personal transaction distinction clear: In July 2020, Venmo piloted "Business Profiles" which had more transparency and a transaction fee, according to TechCrunch. Account icon An icon in the shape of a person's head and shoulders.
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