Cash App business account was introduced in 2015 by Square and since then it has been very popular among most of the small businesses in the United States. This is the best way to receive money for small businesses that prefer quick and easy payments from customers. And even customers prefer paying via Cash App as they do not have to run for cash everywhere.
However, there are some limitations that make it unsuitable for many businesses. Therefore, here we will discuss all the pros and cons of a business account on the Cash App.
How to set up a Cash App Business Account?
In order to start setting the Cash App Business account, the first thing you need to do is to create an account using the Cash app website or the app. Also, make sure you have a valid email address or mobile number because a confirmation code will be sent to your phone number or email id. With this, an account will be created and logged into your account. In the next step, enter the first and last name and confirm it. After that, link your debit card.
Cash App account is set to personal by default, you can switch to the business if required.
- Click on the app settings.
- Then select the Personal menu.
- Now, change your account type to business.
If you want to learn how to change Cash App from the business again to personal, then the same procedure you need to follow.
Now complete the linking process by:-
- You need to add the bank account information of your business.
- Also, create a brand cashtag so that customers can recognize it.
Benefits Of Cash App Business Account
There are various benefits of using a business account on the Cash App. Lets us discuss some of these below:-
- Cash App business account fee is relatively lower than its counterparts. Cash App charges a fee of 2.75% to receive a payment and zero for deposits only if you opt for standard speed. For instant deposits, you need to pay a fee of 1.5%.
- You not only get payments from a Cash App user but also from those customers who are not Cash App users.
- For an unverified Cash App business account the receiving limit is quite substantial. Whereas, a verified Cash App business account user can receive an unlimited amount from their customers.
- A verified business account on Cash App can even invest their money on stocks and Bitcoins.
- Business accounts for Cash App allow its users to share a dedicated URL for instant payments. They can even receive payments through Cash.me.
- Business account users can also create a payment link and add it to their website to receive payments safely to their Cash App business account.
Disadvantages Of Cash App Business Account
Cash App business accounts may be beneficial for many but there are some shortcomings as well. Some of the shortcomings of the Cash App business account are as followed:
- Cash App does not have some important features like a cash flow management system and tracking of payment.
- Cash App business account does not have some basic business document features like invoices and spreadsheets.
- Cash App payment failed and expired also occur frequently and this makes businesses suffer many times.
- There is no direct number to talk to a Cash App customer support. You need to reach out to Cash App customer support by requesting them with your issue to call you back. You may also browse through troubleshooting tips available on App or website. You can also reach out to them via various social media platforms.
- Multicurrency invoice options are also missing on the Cash App business account.
Is Cash App Business Account Beneficial for Business?
Well, the Square Cash business account is most suitable for small and local businesses who require payments to be as quick and simple as possible. Businesses and vendors who deal one on one with their customers and require instant payments are most suitable for this account. For example, a home cleaner, a repair mechanic, a fruit seller, local food stalls, personal teachers, etc.
If your business is relatively bigger and receives a high amount of payments then the Cash App business account is not for you.