Wise Business vs Venmo Business: Comparison for the US

Digital business payments are a crucial part of a company's daily activities. Two of the biggest brands in this landscape are Wise Business and Venmo for Business.

Venmo for Business offers fast and easy local payments, while Wise Business comes with international capabilities and tools to bolster your business operations.

Of course, there is plenty more to discover about both solutions. In this comparison, we’ll look at both Venmo and Wise's requirements, fees, and features to help you decide which is best for you. Let’s explore.

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Wise Business vs. Venmo for Business - Comparison overview

Venmo is most used as a peer-to-peer payment platform for splitting and sending money between friends and family. However, they also have Venmo for Business, which allows businesses to accept a variety of payment methods virtually or in person. It’s a familiar and trusted way for users to check out, given that some customers may have used the platform personally.

Meanwhile, Wise Business is a global payments platform that also has both personal and business accounts to accommodate different structures. They boast bank-level security and instant international payments, with a multi-currency account for every user that lets them safely and affordably handle cross-border transfers.

Key Difference - Wise Business vs. Venmo for Business

Wise Business has an international focus, while Venmo for Business focuses solely on US-domestic transactions. This means that you cannot use Venmo to send transfers internationally or across different currencies. Wise Business allows you to send, hold, and receive money across currencies and various countries.

Wise Business also allows domestic transfers between US customers and to send money between the same currency to another user. You will also find that Wise Business focuses more on international business problems, such as sending international batch payments, receiving incoming international payments in multiple currencies, and more.

While Venmo for Business and Wise Business both offer business accounts, you could also feasibly hold both accounts and integrate them into your business activities with great success.

Venmo business account requirements

• You’ll need a SSN or EIN to complete the registration process.
• You’ll also need to choose an email address, phone number, and handle for the account. The handle is the @businessname tag that others will use when they want to pay you.
• The personal information you’ll need to set up Venmo is your name, address, birthday, phone number, email address, and a valid driver's license or government ID.
• Bank account: You’ll also need your bank account's routing and account number as well as a username and password you can remember. Required supporting documents are an unexpired driver's license or official government identification.

Venmo business account fees

Venmo business account features

• Tap to Pay with contactless card or digital wallet
• Direct payments
• Personalized QR codes
• Dedicated business profile with contact information, photo gallery, and more
• Brand/business visibility through customer feeds
• Tipping option

Wise Business account requirements

Here’s a look at the fees and features of the Wise Business account.

For all company types, you’ll need to provide the following:

• Legal name of entity
• Primary place of business and US street address (non-PO box addresses)
• Employer/Taxpayer Identification Number (EIN)
• List of shareholders who own 25% or more of the business, including full name, country of residence, date of birth, and exact percentage of shares they own
• List of directors, including full name, country of residence, and date of birth (if applicable to company type)
• Details of your company’s website and a short description of what your business does

Wise Business account Features/Fees

Open a Wise Business account

Wise Business is the ideal account if you deal with both local and international clients on a regular basis. With international capabilities to manage 40+ currencies and a minimal and transparent fee structure, you’ll be well-equipped to handle all your business transactions using the platform. Wise incorporates useful business features like batch payments, payroll, expense tracking, and invoicing all in one place, so you won’t need multiple tools to handle those key tasks.

Opening an account is easy—simply set it up in minutes and start taking full control of your business finances like Deel, Google Pay, and other companies.

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