Cash App Business Account: Digital Business Accounts 101

A Cash App business account allows US companies to accept customer payments through credit cards, debit cards, and other mediums. This makes it an attractive option for small businesses looking at alternative payment processing methods.

In this article, we’re going to share everything you need to know about the Cash App business account, including the benefits, challenges, and how it compares to a regular Cash App account.

This article is part of our free series on US LLCs, including the steps for opening a business bank account for an LLC, which you can access here.

Feel free to use the table of contents to jump ahead to the sections most relevant to you.

Table of Contents

  1. Cash App Business Account
  2. What Are the Benefits of the Cash App?
  3. Business Cash App Account vs Cash App Personal Account
  4. How to Set Up a Business Account With Cash App
  5. Frequently Asked Questions
  6. Do You Want Help Opening Bank Accounts?

Cash App Business Account

Cash App Business Account (Cash for Business) is a digital wallet offering small business payments, payment processing, and online payment services to US companies. Operating as a mobile banking platform, the Cash App business accounts primarily cater to small businesses with no more than USD 30,000 per month in outgoing transactions. 

The company offering Cash for Business is Cash App, which is a popular Financial Technology (Fintech) company, specializing in mobile payment services and peer-to-peer payments. Cash App is part of the Block (formerly known as Square Inc.) group of companies.

In the following sections of this article, we will explore the Cash App business features and discuss how Cash App business compares to personal accounts.

What Are the Benefits of the Cash App?

The benefits of Cash App for business clients include unlimited incoming transactions, high monthly withdrawals, built in payment processing, tax documents, instant deposits, and more. Here is a quick summary of the Cash App benefits that most businesses can expect.

Cash App Benefits

  • Unlimited incoming transactions
  • High monthly withdrawals
  • Built-in payment processing
  • Tax documents provided
  • Instant deposits of funds

Of course, if you are considering Cash App as a business banking solution (or as part of your US business banking stack), it’s important to consider all of the other options also available to you. With this in mind, don’t forget to explore other options using our free resources in the US Business banking section of our website.

Business Cash App Account vs Cash App Personal Account

The main difference between a Business Cash App Account and a Cash App Personal Account is that you can use a Cash App business account to accept customer payments via credit card, debit card, money transfer, and peer-to-peer transfers, while Cash App Personal Accounts are only able to send and receive money to and from other users with accounts on Cash App.

Additionally, there are differences between the account limits that apply to Business Cash App Accounts and Cash App Personal Accounts. For example, personal accounts are only able to receive USD 1,000 per month while business accounts do not have any restrictions on incoming transactions. Similarly, while personal accounts are limited to withdrawals of only USD 2,500 per month, business accounts have a limit of USD 7,500 per week.

Here is a quick summary of the key differences between them.

Cash App Business Accounts

  • Accepts payments via credit card, debit card, money transfer, peer-to-peer
  • No limit on incoming transactions
  • Limits withdrawals to USD 7,500 per month

Cash App Personal Accounts

  • Accepts payment via peer-to-peer
  • Limits deposits to USD 1,000 per month
  • Limits withdrawals to USD 2,500 per month

How to Set Up a Business Account With Cash App

To set up a business account, you will first need to download the application to your mobile phone. Before opening a business account, you will need to start by opening a personal account.

Once your personal account is open, you can then move onto opening a business account.

Step 1. Navigate to the “Edit Profile” section of your account.

Step 2. Scroll down and click on “Switch to a business account”.

Step 3. Review the information and click “Change This Account”.

Step 4. Confirm your decision to move forward.

Step 5. Connect your account to a business bank account.

Step 6. Verify your account information by providing name and tax ID.

Note: If you do not already have a US business bank account and need one for your company, you can use the information in the free guide linked above.

Frequently Asked Questions

Below are a few of the most common questions we receive from people looking into this topic. If you have further questions you would like to ask our team, don’t hesitate to get in touch.

Can You Make a Business Account on Cash App?

Yes, you can make a business account on Cash App. In fact, in addition to sending and receiving funds, a Cash for Business account also allows business owners to process payments directly, accepting customer payments through credit cards, debit cards, wire transfers, and peer-to-peer transfers through the platform.

What Are the Limits on a Cash App Business Account?

While there are no limits on the amount of money you can receive into a business account there are limits on the amount of money a business can receive. In most cases, the limit for outgoing transfers from a business account is USD 7,500 per week, or USD 30,000 per month.

How Does Cash App for Business Work?

Cash App for business works like many other payment processing platforms, it allows businesses to accept payments from customers. This includes a wide range of additional payment processing options not available through the normal Cash App account. However, it’s important to note that Cash App does charge a payment processing fee of 2.75% on each payment received.

What Is Different About Cash App Business Account?

The main difference between a Cash App business account and a regular Cash App account, is that a business account allows customers to pay the account holder by credit card, debit card, money transfer, and peer-to-peer. On the other hand, a regular account only allows users to send money to other users of the application.

Do You Want Help Opening a US Bank Account?

If so, you can get access to GlobalBanks USA (our dedicated US account opening service) in just a few clicks.

GlobalBanks USA is a 100% personal account opening solution. It provides direct access to our team of US banking experts.

When you join, you receive…

+ Expert suggestions on where to open US bank accounts.

+ Step-by-step support to navigate US account opening.

+ Direct introductions to helpful and responsive bankers.

+ Plus, detailed guides to maximizing the value you get from your new US bank account.

And “yes!” GlobalBanks USA helps foreigners and non-resident individuals open accounts.

In fact, GlobalBanks USA even helps non-resident US LLCs and foreign & offshore entities.

Use the link in our menu above to learn more about GlobalBanks USA. Or, contact us directly with any questions!

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GlobalBanks Team
GlobalBanks Team

The GlobalBanks editorial team comprises a group of subject-matter experts from across the banking world, including former bankers, analysts, investors, and entrepreneurs. All have in-depth knowledge and experience in various aspects of international banking. In particular, they have expertise in banking for foreigners, non-residents, and both foreign and offshore companies.

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