Cash App Business Account vs. Personal Account
A Cash App business account is primarily for businesses that are majorly dealing with acquiring money from a vast range of customers. On the other hand, Cash App personal accounts are for individuals who want to send and receive money from their family members and friends.
What is the difference between Cash App Personal and Business accounts?
All Cash App accounts gives you access to transfer and receive all the payments.
Cash App Personal: It is mainly for users who want to send or receive payments for expenses such as rental charges, online payments, etc.
Cash App Business: It is for those individuals and merchants who function under the name of company or an organization. Further, it provides additional features such as the potential to make their own payment link. As it permits non- cash app users to do payments by using the link as there is no requirement to create a Cash App account.
Why would you need a Business Cash App Account?
There are considerable advantages when you have a business Cash App account. Here are some of the reasons that will tell you why you need a business Cash App account-
- Unlimited Transfers
When you have the access of a Cash app personal account there is some limit for transferring. But with business accounts they allow merchants to receive funds from their customer. When it concerns with limit for sending money then it is usually higher in business accounts than personal accounts.
- Non-Cash-App Users
If you are a holder of personal account then you will be able to acquire money from Cash App users. But with the business account you receive money from customers that don’t have the access of Cash App account. However, you don’t want to restrict your customer base that surrounds around Cash App users only.
Pros of Cash App Business Accounts
Here are some advantages of shifting from a personal Cash App account to a business one:
- Secure Payments
In the current scenario, online payment solutions are widely used. But many customers hesitate to give their card information to online retailers. Therefore, having a Cash App business account provides safety to all customers. While having this card, there is no need to share the credit card details with them.
- Ease of Use
The best attribute of this money transfer app is that it is very easy to use so that you don’t face any problem. However, creating a payment link is very easy. Plus, you get the access to check your payment history and analyse your balance through the user- friendly interface.
- Reasonable Fees
There are very few online payment apps that provide business account without charging a lot of money. Fortunately, with this app there is no need worry when it concerns with those hidden charges. However, it doesn’t mean that there are no charges as you have to pay some amount from your side.
- Simple Setup
When it comes to setting up a new Cash App business account, then it is effortless as it doesn’t require much time.
Cons of Cash App Business Accounts
Cash App business accounts seem to be flexible and have fewer limitations as compared to personal accounts. But there are still disadvantages that you must know-
If you are a holder of a Cash App business account, you have to pay a 2.75 fee while receiving each payment from the customer’s side. On the other side, personal accounts charge no fees when it concerns receiving payments.
- Limited Business Features
While using this app, you can expect an app that provides some features that make business management more effortless. Further, all these activities include tracking payments, appointment scheduling, etc. Moreover, this app doesn’t provide features that can help to send and receive payments.
- Very Few Customer Support Options
Sometimes receiving payments is a bit tricky as something can go wrong. If this situation occurs, you must contact Cash App’s customer support through app messages.
- Requires a Bank Account
If you want to transfer money to your wallet, then linking your Cash App business account to your bank account is necessary. The holders of personal accounts can load their “wallets” through “ATM”. But this can’t be possible when your account is for business use.
Switching Between Personal and Business Accounts
If you maintain a personal Cash App account and want to shift to business without creating a new account, follow these steps:
Step 1– Firstly, go to Cash App on your phone.
Step 2– Click on the profile button and navigate to the “Personal” tab.
Step 3- Select the option of ‘Change Account Type’ and confirm all the changes with your biometric data or pin code.
Note : You can follow the same steps if you want to switch from a business account to a personal one.
Can You Have Both Personal and Business Cash App Accounts?
Cash App allows users to maintain numerous accounts, whether they’re personal or business. However, you must remember there is a requirement to have a new phone number for every new account you create.
When you have business account of this money transfer app then it proves to be advantageous for efficiently selling all the goods and services to the customers.