Effective January 24, 2019
This addendum governs the use of Venmo approved business accounts, referred to in this addendum as a business account. It applies to Venmo business accounts only. You use of a business account is subject to this addendum, in addition to the terms of the Venmo User Agreement, the Venmo Privacy Policy, and other applicable agreements between you and PayPal, Inc.
For each business you are involved with, you may have only one business account. Business account use is limited. Business accounts must be applied for and explicitly authorized. By opening a business account and accepting the terms as outlined in this addendum, you attest that neither you nor your business is establishing a business account primarily for personal, family or household purposes. We may reverse or place a hold on your transactions or place a reserve on your funds if you are in breach of this addendum, including, but not limited to, if you are using a business account for personal, family or household purposes.
Identity and Credit Verification. You hereby authorize us, directly or through third parties, to make any inquiries we consider necessary to validate your identity and/or authenticate your identity, account information, and your company or employer. By opening a business account, you are providing us with written instructions and authorization in accordance with the Fair Credit Reporting Act to obtain your personal and/or business credit report from a credit bureau. You are also authorizing us to obtain your personal and/or business credit report when you upgrade your personal account to a business account, or at any time we reasonably believe there may be an increased level of risk associated with your account. An increased level of risk includes, but is not limited to, a high number of chargebacks or reversals, or suspicious activity associated with your account.
Receiving, Sending, and Withdrawing Money. Please see our Help Center here for more details on payment limits, and our Help Center here for more details on the amount you can withdraw. These limits may change from time to time in our sole discretion and the requirements to lift those limits may vary based on product usage.
Representations. You represent that you are duly authorized to do business in the United States; and your employees, officers, representatives, and other agents accessing Venmo are duly authorized to access Venmo and to legally bind you to this addendum and all transactions conducted under your username and password.
Authority of Officers and Employees. You agree that all officers, employees, agents, representatives and others having access to the username and/or password shall be vested by you with the authority to use Venmo and to legally bind you. You shall be responsible for all actions by current and former officers, employees, agents, representatives and others, regardless of whether authorized by you, that access the Venmo Services using your username and password. YOU ASSUME THE ENTIRE RISK FOR THE FRAUDULENT, UNAUTHORIZED OR OTHERWISE IMPROPER USE OF YOUR PASSWORD. WE SHALL BE ENTITLED TO RELY ON THE GENUINENESS AND AUTHORITY OF ALL INSTRUCTIONS RECEIVED BY US WHEN ACCOMPANIED BY SUCH PASSWORD, AND TO ACT ON SUCH INSTRUCTIONS.