Cash App for Business: Features | Prices | Alternatives

Cash App has seen increasing popularity as a tool for peer-to-peer payments, but it also has a business option for small business owners. A Cash App business account could be helpful in certain instances, so it is worth looking into. For example, you could use Cash App to make it easy for customers to pay you, send money, and receive money into business accounts.

In this article, we’ll explore how to get a business account with Cash App, the pros and cons, and possible business account alternatives, such as the Wise business account.

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What is Cash App for Business?

While the Cash App is typically used for quick and straightforward peer-to-peer transactions, Cash App for Business aims to bring that same functionality to business owners.

Small business owners and entrepreneurs can use a business Cash App account to send and receive money. Cash for Business accounts can accept money through sharing a Cash App QR code or $Cashtag. Businesses can also have customers send money using their business email or phone number to make receiving money from a business account or a personal account easy on Cash App.¹

Pros

There are some advantages to using a business account on Cash App, and these could prove helpful for smaller businesses looking for flexible options.

• Unique payment methods: Cash App for business offers business owners multiple ways for accepting money from customers; Cash App business account sending money methods include unique payment links and QR codes for transactions.
• No limits on incoming payments: Cash App business account limits do not apply to business accounts, so businesses need to worry about limits on the amount of money coming in.
• Most major payment networks accepted: The business Cash App account accepts Visa, Mastercard, American Express, and Discover to make it easier for customers to make payments.
• No contract: Business owners can use the Cash App flexibly without worrying about getting locked into contracts
• Instant deposit: Fast deposit options are available for receiving money into a Cash App business account.
• Tax documentation: Cash App for Business offers additional tools to help businesses manage their money, including tax documentation options.

Cons

While Cash App for Business has some clear benefits for small business owners², it might only be suitable for some. Cons of using Cash For Business include:

• Receipt requirements: Cash for Business has strict requirements when it comes to transaction receipts. Business owners must provide receipts for transactions over $15. For transactions over $25, Cash App business accounts must have a signature option enabled.
• High-risk businesses are barred: Certain types of businesses are not allowed to open Cash for Business accounts. High-risk businesses include telemarketing sales, firearm and ammunition products, weapons, age-restricted products (e.g., tobacco), hate or harmful products, debt collection agencies, etc.
• No overseas payments: Cash App business accounts cannot support payments from countries outside the UK, which can be a significant limitation for many businesses.
• Limited customer support: Cash App for business accounts does not have dedicated customer support channels, which may be challenging when issues with payments or accounts occur.

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How to Make a Cash App Business Account

You can sign up for a personal Cash App account and switch to a Business account³. If you’re unsure how to turn your cash app into a business account once you have created the account, don’t worry; it’s easy.

The process for making a Cash App business account is easy, and we’ll go through the cash app business account sign up process step-by-step.

1. Sign up for a Cash App account by downloading the Cash App on your phone
2. After creating your personal account, tap the profile icon located at the top-right
3. Tap Personal or Edit Profile. At the bottom of the page, you will see an option to switch to a Business Account.
4. Fill out the prompts to finish the switching process.

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Cash App Business Account Fees, Limits, and Requirements

Once you get a better idea of what is a cash app business account, the next step is to understand whether the account is the right choice for you. Some key points to know about a Cash App for business account to know are:

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Cash App Business Account Limits

Understanding Cash App business account limits for how much money can be kept in the account can help in deciding whether this kind of business account is right for your business.

Cash App Business Account vs Personal Account

There are a few key differences between a Cash App business account and a personal account:

Firstly, fees. If you’re wondering, does Cash App charge a fee for a business account, the quick answer is they do not. However, incoming money will be subject to fees in a business account. However, there are no charges for receiving money if using a personal account.

The Cash App business account limits are significantly loosened once a business account is verified, as there are no limits to the amount received in the account. Unverified accounts, including personal accounts, are limited to sending $250 worth of transactions weekly and receiving $1,000 in a 30-day period⁷.

Using the profile icon in the top-right corner of the Cash App enables you to switch from a personal account to a business account. Using the same process, you can switch back from your Cash App business account to a personal account.

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Cash App Business Alternatives

While the Cash App is a strong option for small businesses, many alternatives may offer a competitive edge over the Cash App Business account. Some top alternatives to Cash App Business include:

Save Time and Money On Overseas Payments With Wise Business

Wise Business can help you save big time on international payments.

Wise is not a bank, but a Money Services Business (MSB) provider and a smart alternative to banks. The Wise Business account is designed with international business in mind, and makes it easy to send, hold, and manage business funds in currencies.

Signing up to Wise Business allows access to BatchTransfer which you can use to pay up to 1000 invoices in one go. This is perfect for small businesses that are managing a global team, saving a ton of time and hassle when making payments.

Some key features of Wise Business include:

• Mid-market rate: Get the mid-market exchange rate with no hidden fees on international transfers

• Global Account: Send money to countries and hold balances in multiple currencies, all in one place. You can also get major currency account details for a one-off fee to receive overseas payments like a local

• Access to BatchTransfer: Pay up to 1000 invoices in one click. Save time, money, and stress when you make 1000 payments in one click with with BatchTransfer payments. Access to BatchTransfer is free with a Wise Business account

• Auto-conversions: Don't like the current currency exchange rate? Set your desired rate, and Wise sends the transfer the moment the rate is met

• Free invoicing tool: Generate and send professional invoices

• No minimum balance requirements or monthly fees: US-based businesses can open an account for free. Learn more about fees here

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Venmo

Similar to Cash App, Venmo started as a peer-to-peer payment that has since evolved to offer business payments. Venmo for Business enables businesses to set up their own profiles and accept payments once the account is verified. With Venmo for Business, businesses can accept payments and even tips. Additionally, Venmo for Business also provides QR code links that customers can use to make payments to the business. However, there is a small transaction fee that sellers must pay with each sale, and transactions can only be completed in the US.

Zelle

Zelle is another alternative for business banking that has suitable features for business owners. Zelle for Business goes beyond peer-to-peer payments and enables businesses to accept digital payments quickly. Transactions on Zelle are completed within minutes, and customers can make payments using the business’ mobile number or email address. However, Zelle is limited to US transactions only.

PayPal

PayPal is a business banking alternative if you’re seeking to make domestic and international payments. PayPal for Small Business allows businesses to accept digital payments, flexible options such as Buy Now, Pay Later, and secure transaction opens. However, PayPal charges business transaction fees on invoices, checkout, and other options. PayPal may not always be the most cost-effective option for international payments depending on market rates being offered, but the choice is available for business owners.

Learn more:

Cash App for Business vs Personal Account: Which is better for you?