Cash app was basically started in 2013 for doing peer to peer money payments. But due to the limited usage of money, the company decided to expand it further and started it for business use in 2015. This app is perfect for a small scale business setup as you can gain a lump sum profit by investing your money in a Cash app. You can also purchase bitcoin from the Cash app wallet and further sell it to gain a huge profit.
The basic use of Cash apps in business is: As we know that it is only used for exchanging money within the geographical boundaries. So, a large scale or multinational business will not be able to take advantage of the Cash app. there is no tool in the app for managing employees or generating reports. So, the owner has to type the $Cashtag or email id while sending money to the employees.
How to set up a Cash App Business Account?
To start a business account with a Cash app, you need to create an account either through the mobile application or on the Cash.app website. Your account will also be linked to a mobile number or an email address for instant notification of payments. The Cash app sends a confirmation message with the pass-code mentioned in it via text or email, which will help you to verify your contact information and log in to your account. After login, you’re redirected to confirm your first and last name and then link a debit card to your account.
Cash App business accounts are personal by default, but it’s very easy to switch it into a business account. You can go to the personal menu in app settings and change your account type to a business account. However, if in future you want to change your account to personal then you can follow the same procedure.
- After this you have to add your bank account that you use for business purposes.
- Now you can create a unique and branded $Cashtag for your business. That is also used by others to send you money.
- Now you are ready to accept payments by the $Cashtag in your business account.
- You can also mention the payment link on your website to receive instant payments.
Profits and Drawbacks of Cash app business account:
- Getting paid through a Cash app is simple and no extra equipment like a credit card swiper is required.
- Payments on the Cash app are limited to $1,000 per month for a basic account. You have to verify your account with more personal information to increase this limit.
- No overseas payments are allowed.
- Cash app support is only available via mail.
- You also need more applications and software along with a Cash app to track your actual Cash flow.