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Cash App Business Account: How To Use Cash App for Business?

Cash App was initially started as a peer-to-peer payment app, it gradually expanded for business use as well. Cash App is so popular among the people in the US that every person loves using it because of the ease, safety, and security it provides. Cash App is much faster than traditional banks. Cash App makes online payment transactions easy. Merchants, Business holders, and retailers trust Cash App to function the finances of their business because Cash App is fast and easy for their customers to use. Cash App has two types of accounts for its users. Business account and personal account.

Cash App for business vs personal

Although, there is not much of a difference between the accounts. Both of them are free to download and install. Both of the accounts have a similar setup, transaction, Cash Card, and Cash App direct deposit except for one thing. The Cash App business account holders get 1099-k and 1099-B forms to report the taxes. You can receive unlimited payment with a verified Business Account on Cash App. However, Cash App for business charges 2.75% per transaction from its users whereas it is free for the personal account. If we talk about instant deposits, Cash App charges a fee for the personal accounts but it is totally for the Cash App business. 

Being a business owner depends on what suits best for your business. We will learn everything about the Cash App business account in the coming sections. 

How to set up Cash App for Business?

You have to create a personal account first to set up a cash app for your business. Once you have created your Cash App account you can follow the steps listed below to create a Cash App Business account:

  • Tap to open the Cash App.
  • Login to your personal Cash App account.
  • Click on the account icon to go into your account.
  • Tap on Personal
  • Select Change account type.
  • Click on Change this account.
  • Press Confirm.
  • Your account is now changed into a Cash App Business account.

Is there any Cash App business account fee?

You can install Cash App and create a business account for free. However, there are certain charges which you have to pay as soon as you start using a business account with Cash App.

Cash App charges 2.75% per transaction which is a major difference as all the transactions are free for the personal account. Instant deposits for the Cash App Business account are free. The business account holders also get a free-of-cost Cash App card and direct deposit services. And the best part is there is no annual maintenance fee. If you are thinking Cash App is charging too much then keep in mind that other applications like Venmo, and PayPal also charge from their business users which is higher than the cash app.

What is the Cash App Business account limit?

Cash App has some restrictions on the limit of transactions which varies for the verified and the unverified Cash App business account user. With a verified Cash app business account, you can:

  • Send $7,500 in a week and $17,500 in a month for all the verified users.
  • Receive an unlimited amount on the cash app.
  • The cashout limit is $25,000 per week.

If you are an unverified user, these limits narrow down for you. You will only be able to make transactions of $250 per day and $1000 in 30 days which is quite low. If you are someone who makes frequent transactions then in that case you need to verify your business account on the cash app. 

How to verify your business account on Cash App?

Verifying your business account on the cash app opens a door of benefits for you. You can have Cash app cards, easily set up a Cash App direct deposit, and invest in bitcoins and US Stocks.

You can follow this 5 Step verification process to verify your cash app business account. 

  • Ta;p to open the Cash App and login into your account.
  • Go to the Balance section and click on the Add card tab.
  • On this new page, enter all the details, name, date of birth, expiration date, CVV
  • Now go to your profile and provide your valid SSN.
  • Click a picture of any government-approved ID and your selfie against a clear background and upload it.
  • The verification process will take 24 hours to verify your cash app business account. Once your account is verified you will receive a confirmation mail from the cash app. Hereafter, you can go to the limits tab to check your Cash App business account limit.

How to get a refund on the Cash App business account?

You can request a refund in many cases like scams or fraud, whether you have paid the wrong amount for purchasing products for your business. Let us understand with an example, you have purchased a large number of products from eBay but the products you received after the payment are defective. In this case, you return the product and ask eBay to refund the amount which you paid using the cash app for business account, you can follow the method below to request a refund on your Cash App Business account.

  • Open Cash App.
  • Go to the activity tab on the cash app home screen.
  • Locate the transaction for which you want payment.
  • Click on “...” and select Refund from the Drop-down menu.
  • Select OK to confirm the refund. 

Usually, it takes 10 business days to receive a refund but it varies depending on the situation. Keep in mind that if your refund is related to the merchant then you will receive it only when the sender releases the amount. Cash App is not responsible for these refunds. You have to contact the merchant for the same. Cash App will generate your refund as soon as the merchant releases it. But it differs in the case of any fraud or scam if you noticed any suspicious deduction from your business account on Cash App. You should directly reach out to cash app customer service, they will investigate the matter and surely resolve your issue.

 

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