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Using free versions of payment platforms like Venmo, PayPal, or Cash App for collecting customer payments can be detrimental to your small business, according to Stephanie Thacker, CEO of Steadfast Bookkeeping. While avoiding transaction fees may seem appealing, it can expose your business to higher risks of scams and fraud. These payment methods may not provide the same level of security and compliance as traditional business payment systems, potentially resulting in financial losses. Moreover, relying on these platforms can complicate matters for bookkeeping and tax reporting. In summary, the inconvenience and risks outweigh the benefit of saving on fees when conducting business transactions.