Thanks to advancements in technology as well as the introduction of a number of peer-to-peer online payment systems, the process of buying and selling as we know it has drastically changed. If you were to make a purchase or sell something today, you’ll be surprised how easy and simple it is. This is especially so if you were to make a purchase or sell online. All you need is simply a fast, steady, reliable, and secure internet connection.
It is with this that many businesses are paying attention to the online world. In particular, they are looking for peer-to-peer online payment services that’ll make it possible for them to receive money from potential clients. One such service that many are looking at is Cash App. It is with this that many businesses are looking at it in terms of fees.
If you have a business and you are currently thinking about opening a Cash App account for your business, the top on the list of questions you have is fees. Simply put, you are wondering just how much fees does Cash App charge when using their platform.
Cash App offers its service to a number of people. One such group of people are individuals with businesses. If you have a business and are keen on expanding your services or products online then you definitely need a platform that makes it easy for you to receive money from individuals that want to interact with your business. One such platform is Cash App, to be exact Cash App for business.
Cash App for business allows businesses to accept money online for products or services that they are offering. Worth noting however is that only businesses located in the US are able to use Cash App for business given that it only operates in the US.
Setting Up Cash App Business Account
In order for you to use Cash App for business, they’ll need to first create a Cash App business account. There are a number of ways you can go about creating a Cash App business account. There is the option of creating an account through the official Cash App app as well as creating one on the official Cash App website.
When creating a Cash App account for your business, there is the option of linking your account with either an email address or a phone number. Cash App will use either one of these two to send you a confirmation message with a special code that you'll use to sign-in to your account.
Worth noting when creating a Cash App account is that it’ll come as a personal Cash App account by default. Not to worry however as switching to a business account is very simple and better yet you can do it at any point. Furthermore, you can switch back to personal even after changing your account to business. To change your account from personal to business, simply login to your account and click on settings.
Once you’ve changed your account from personal to business, remember to finish the entire process by:
- Creating a branded $Cashtag. This way customers will be able to easily identify with your business when sending money to you.
- Adding details or information about your business bank account
- Embedding your business’ cash.me link on your website making it easy for users to quickly sign out with Cash App when they want to make payments to your business.
- Advertising that you accept payments through Cash App is very important when dealing with or after setting up a Cash App business account.
Cash App Business Fees
If you are a business and you are open to accepting money or payment through Cash App it is worth noting that they charge a 2.75% fee per transaction. There is also a fee of 1.5% per transaction if you choose to go for an instant deposit option with your bank account. Moreover, if you are a business and want to make any payments using a card, you’ll be charged a fee of up to 3%.
