Cash App is also known as Square Cash App was launched in 2013 with an aim to provide the peer to peer transaction facilities to its users. But, after the emerging needs of small businessmen, they have launched their Business Account in the year 2015. The Business account was aimed to help those whose Business transaction is low. If you are finding What Is Cash App Business Account? and how does it work?
So, it is a quick and fast application and works smoothly for small business purposes. It has a $Cashtag facility like the personal account, by which customers can pay to the business. If you are reading this post, there are chances either you are into a business and finding a quick platform to send and receive funds, or maybe you are about to start something like it. Whatever the case, you are gonna get full information in this regard.
Starting from the basics;
What Is Cash App Business Account?
Cash App Business Account is created for the merchants. Those who are into a small business find it difficult to manage its small volume of money. With considering this, Cash App has appeared business account in 2015, which now many of the small merchants, venders use.
Business account of cash app lets you receive and send the funds to and from the users. it is also important to know that your business account charges you 2.75% every time you receive funds from others. However, the best part is, there is no limit to receiving the money on a business account.
Sending money on the cash app is absolutely free for bothering personal and business accounts.
There is an additional feature that Cash App offers to its Business Account. This feature is creating a separate business page that contains the URL or the link to offer the customers to pay your business.
The best part of the link is, it allows everyone (cash app or non-cash app user) to pay your business.
What is a Cash App Business Account Fee?
If we specifically talk about the fees of a business account, in order to receive money from someone in your business account, you need to pay a 2.75% fee charge. However, the sending is free for both personal as well as business accounts.
Similarly, if you make the transfer of money using your business account, you need to pay a 1.5% fee charge in case you choose instant deposit mode. But, transferring funds via standard deposit is absolutely free on both personal and business accounts.
However, choosing a standard method takes 1-3 days to complete the transaction.
Setting Up a Cash App Business Account
Well, luckily the process of setting up of Cash App Business Account is so easy. It does not require anything extra to be done. The process is similar to the personal account.
Initially, you need to download or install the Cash App from the app store and open it on your device. After that, you need to enter your email address or contact number. then, you will receive a special password on your registered email or contact number. copy it from there and put it on the required field.
And finally, you need to add your bank details and cards in order to make your account ready to use.
How Can Cash App Benefit for your Business?
A cash app can be beneficial for your business in various terms. Such as:
- It allows multiple options for your customers to pay your business.
- The payment method is quite easy here. The creation of a business page helps users to pay even if they do not have a cash app account.
- It allows users to pay via Business $Cashtag which is a normal mode of sharing money.
How to switch Cash App Personal to Business?
Cash App is known for its flexibility to help the users and the business to receive and send the funds accordingly.
Similarly, if you are a normal or personal user of a cash app and you think to make your personal account to a business account, the cash app lets you do so.
The conversion of accounts from personal to business and vice-versa is absolutely possible but for that user needs to follow specific steps.
Let us see what the steps are:
- For a head start, launch your Cash App.
- And, jump on the “Profile” tab found on the Cash App home screen.
- Then, move down and tap the “Personal” tab.
- Choose “Change Account Type”.
- From here, you need to click on the change button, and then confirm the changes by entering your touch ID or PIN.
Let us now have a look at the differences between both personal and business accounts on the cash app.
Unlimited receiving for Business Account:
Businesses can receive unlimited amounts without any restrictions from anybody. However, the limit should be kept in mind while receiving the funds that is 2.75% for each recipient.
On the other hand, you can only receive unlimited from your contacts on the cash app.
Business Account can create its unique URL:
The best and most crucial difference lies in this particular feature that is a business account has the option to create a unique page or URL, which can further be used to receive money from the cash app and non-cash app users as well.
However, the personal account has nothing like this. You cannot receive funds from anyone not using the cash app. Also, no facility for creating a separate link is there. You can only receive funds by using the $Cashtag or Username.
Cash App business Account Fee
As we discussed, the business account charges you a 2.75% fee on each receive. Also, if the user chooses the instant deposit method to transfer the funds, he or she has to pay a 1.5% for it.
Standard Deposit is free for both the accounts; Personal and Business.
Is Cash App the Right Payment Processor for You?
The answer of this question depends upon the kind of business you are in. It is crucial to know first before making your cash app active for your business that if the transaction volume of your business is less, then only you should go for the cash app business account.
Otherwise, it will not be a good option for choosing a business account if you are into a business where the flow is normal or above average.
The feature is specifically for the small vendors and merchants such as barbers, fitness trainers, etc.
The cash app is an essential application that is used for both personal and business purposes. There are many users in the USA or UK who opt for the Cash App for the flawless transaction facility.
Cash App business account was launched in 2015 to cater to the needs of small vendors and merchants who have less money flow.
Keep in mind, Business account on Cash App does not provide any manual or feature to keep the entry of your transactions for your further reference.
It is just an application that is very much useful to receive and send the funds either for personal or business purposes.
Hope this post has something to value in your cash app journey.
You can visit here anytime you want quick and easy information regarding the Cash App.