How To Set Up Cash App Business Account? Fees & Limits Discussed!

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Cash app, by Square, which came in around 2013, is a flawless money transfers application. it is operational in the USA or UK only. This one application that has a massive over 7 million active users, has provided so many features as time went by. For instance, Buying & Selling Bitcoins, Stocks, Paycheck deposit options,s, and whatnot. After its launch, they did not stop at any point. In 2015, the Cash app has understood the need of small businessmen and introduced the Cash App Business Account option. This feature has undoubtedly remained successful among many small business guys. This post will be targeting particularly the Cash App Business Account and will answer How To Set Up Cash App Business Account?

How To Set Up Cash App Business Account? Before moving ahead, it is essential to know that Cash App charges a 2.75% fee on receiving the funds on your Business Account. However, there is no limit set to receive the money from your customers.

There is numerous small business operator who finds it difficult to manage the transactions and seek a platform where the funds are transferred or received without any issue and that too with little charges to pay.

Cash App has made this successful by providing several features on its Business Account.

Now without wasting a time, let us explore this amazing feature on Cash App called ‘Business Account.’

What Is Cash App Business Account?  

Starting from the basics;

What Is Cash App Business Account? Cash App business account feature is particularly launched for the merchants. It has more advanced features than a normal or personal Cash App account. By using the Cash App Business Account, the merchant needs to pay 2.75% on receiving funds from his customers. However, there is no limit defined for receiving funds in the business account.

Business Account on Cash App allows its users to create a page by which the user can pay easily for their goods and services. This is an additional feature and the most important one that can be used by any cash app or noncash app user to pay the business easily.

Users can also pay using the unique Username or $Cashtag of the business account.

Cash App Business Account is very much suitable for a small business that has fewer transaction funds take place.

What is a Cash App Business Account Fee?

Cash App charges an additional fee for their Cash App Business Account. It is a 2.75% fee applied on each amount you receive from your customers.

However, there are no receiving limits for your business account from customers.

Setting up your Business Account is absolutely free and requires nothing additional.

You can also order your cash card for your Business Account as Personal Account. However, the discount is not applied to the Business Account.

How Can Cash App Benefit for your Business?

The cash App business account feature is so much flexible that you do not face any difficulty in receiving the payments even if the sender has no Cash App Account.

Business Account has an additional feature of making a new page for receiving the payments. This page contains a unique link that could be used to receive money without getting any kind of issue.

Cash App Business allows:

  • Multiple ways to Pay.
  • It makes payment easy and quick.

Setting Up a Cash App Business Account

How To Set Up Cash App Business Account? Setting up a cash app account for business is absolutely easy as it is in the personal account. Users need to do nothing extra but provide the email or contact number and need to choose the Business account between two options; Personal or Business.

Once you enter the Email ID or contact details, you will get a confirmation message with a special code to log in to your account. log in to your account and add a bank account and also your debit card.

Note: your Cash App Account is set on Personal by default. However, you can change it from the same options there.

But, in case you are already a Cash App user and thinking to replace your personal account with a business account, well, it is possible too on Cash App.

This is a matter of a few clicks and your account will be changed accordingly.

  • First thing first, open the Cash App.
  • And, click the “Profile” tab found on the home screen.
  • Move downside and tap the “Personal” tab (as it will be set personal by default).
  • Select “Account Type.”
  • After choosing, you need to confirm the changes by entering your cash app PIN or using Touch ID.

If you want to change from business to personal, you can do so with the same process.

Let us now compare both the Accounts on the cash app and find out how different Business Account is from the Personal Account.

Difference between Cash App for business and personal account

Making both accounts is similar as there is no difference in the process of creating the account. however, if we talk about the limits and benefits, definitely the difference occurs. Let us find out!

Business Account has unlimited receiving money from customers without having worried. However, the receiving money on the business account is entitled to a 2.75% fee. On the other hand, the personal account has no fee charges for receiving money, but the limit is there, i.e. $250 in a week.

Cash App business account can create a unique link to receive the payment from noncash app users as well. It is an essential feature and put there especially for the business purpose to not stop the transaction no matter if have the same account or not.

$Cashtag or Username is also there for a Business account to receive payments from users.

Cash App business Account Fee

It is clearly mentioned that using Business Account on Cash app is a matter of paying 2.75% on receiving the money from your customers.

Additionally, if you want to transfer funds from your business account to a linked bank account, you have to pay a 1.5% fee on choosing the Instant Deposit method. However, the standard method is absolutely free from charges and can take up to 1-3 days to transfer funds.

If anybody uses a Credit card for paying to a business account, the payer needs to pay an additional 3% fee on each sending.

Pros and Cons of Business Account on Cash App

Pros:

Your business account will be activated the moment you get the confirmation code from the Cash App side. It means all the transactions whether is receiving funds from a credit card or debit card or any other mode will be enabled instantly.

Customers can pay easily using the $Cashtag or Username of the Business Account or they may search the particular business account after entering the Email or contact number of the business account.

And, if the user does not have Cash App, they can still pay by cash.me link using the credit or debit card.

Cons:

There are a few setbacks you will encounter on a business account.

The payment limit is $250 per week and $1000 for the 30 days period (however, verifying account can extend the limits up to $7500 a week and unlimited receiving).

Payment from outside the USA or UK is not allowed at the moment.

Business Account remains untouched with the Boost discounts on their debit cards.

In case of having issues with your account, you can only access the support team either on Email or Social media, unlike a personal cash app account.

Your account if found suspicious, can be blocked by the Cash App anytime.

Is Cash App the Right Payment Processor for You?

Yes, it is if you are indulged in a small business where the exchange of funds is below.

It is undoubtedly best for small businesses because it has a seamless transfer of funds.

On the other hand, if you are possessing a business having a large exchange of money or even the average, we do not recommend using Cash App in that case.

Choose accordingly as per your business transaction volume.

The Bottom Line:

How To Set Up Cash App Business Account? Square’s Cash App can be used for both personal and business as it has a business account feature for those whose business exchange volume is less.

Using Business Account is a matter of paying 2.75% on each receive. However, there is no limit to money to be transferred to your business account.

If you transfer funds from your business to your personal account, an additional 1.5% fee is applied if choose Instant Deposit mode rather than Standard deposit.

Cash app is known for its best and vast range of features that are easy to operate.

Hope this added something new to your cash app journey.

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