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Using free personal versions of Venmo, PayPal, or Cash App for business payments can be detrimental to small businesses. Stephanie Thacker, founder and CEO of Steadfast Bookkeeping Company, explains that while avoiding payment processing fees may seem beneficial, it actually poses significant risks. Transactions through these platforms can lead to higher chances of scams or fraud, which she has observed with many clients. Although losing about three percent to fees can be frustrating, the security and reliability of dedicated business payment solutions outweigh the immediate savings. It’s essential to prioritize the integrity of your business operations over short-term cost-cutting.