If you've ever used the Cash App, you've probably noticed a strange icon that looks like a building. You may have been curious about what it means and why it's there. We've come to answer that question!
Here’s the Meaning of the Green Building Icon on Cash App:
If you're using Cash App, you may have noticed a small green building icon. That means you're using the Cash App business version, which comes with a few extra benefits over a personal Cash App account.
Having a business account on Cash App allows you to create your own payment link, which allows non-Cash App users to make payments without creating a Cash App account. That's an excellent way to keep your customers informed and demonstrate that you're ready to accept their payments.
In addition, when compared to other payment service providers, Cash App business account has lower fees and higher transaction limits, allowing you to handle more payments at once.
Having a Cash App business account is fantastic. They can help you get more value for the money and make money management more effortless. But are they suitable for you?
In this article, we'll go over everything you need to know about having a Cash App business account and whether it's the right one for you.
What Exactly Is a Business Account on Cash App?
As a business owner, you understand how important your Cash App account is to your day-to-day operations. But what is it exactly?
A business account is a type of Cash App account that is specifically designed for businesses and organizations. It's a brand-new feature that lets you send and receive money from customers, clients, and partners.
It's ideal for companies that want to use Cash App as their primary payment method. It has all of the features you love about your personal Cash App account, such as sending money quickly and easily or using the Cardless Cash feature, but it also includes some extra benefits that make managing your business's funds even easier.
BENEFITS:
If you're running a business, Cash App is the perfect tool to accept payments from your customers. There are no limits to how much money you can receive from friends and customers, as well as other businesses, with this Cash App business account.
That's not to say that you couldn't also use a personal account for business purposes—you just won't be able to take advantage of all the features that come with the business version.
The Cash App business also allows you to generate one-of-a-kind payment links and QR codes for use in initiating a transaction. These links are especially helpful if you have a website or a Facebook page where people can make purchases. Clients can also easily access the QR code — it's as simple as downloading the app and creating an account!
You can also accept peer-to-peer (P2P) Cash App payments through your business account. This means that if your client does not have a Cash App account, they can send you money using their credit cards directly.
Is There Anything You Should Watch Out for When Dealing With a Cash App Business Account?
However, even with all of these benefits, there are a few things to consider before opening a business account. Business accounts do not include any management features.
While this may appear to be a significant limitation at first, it actually makes sense when you think about it. It would be too much for you as the user to organize everything into categories and then manage each one individually if you were managing multiple businesses on one app.
To manage your business with multiple apps, you'd need an entire team, which defeats the purpose of using Cash in the first place.
You must also link your Cash App account to your bank account in order to transfer funds from your business account. This is an excellent feature for those who want to make the process easier.
You may also notice that there are some charges for using your Cash App business account.
If you simply make standard deposits to your bank account from your Cash App Business account, there will be no fees—only the 2.75% fee per transaction. However, there will be an additional 1.25 % fee (minimum $0.25) if you make an instant deposit from your Cash App business account to your bank accounts.
Can Anyone Get a Cash App Business Accounts? (Are They Verified?)
The answer is YES!
Because the accounts are free, anyone can open a Cash App business account—you don't even have to be a business! However, if you want to use the feature that allows you to send invoices and get paid, you must first verify your Cash App business account.
Verification is simple and takes only a few minutes. You must complete the following steps to verify your Cash App business account:
To begin, open your cash app and go to the balance section of your Cash App account, then scroll down to the fund section and click the Add Card button.
Then, as instructed on the screen, enter your name, account number, expiration date, date of birth, and CVV number.
You'll also need to enter your Social Security number into your profile.
Don't worry, they won't use it for anything other than verification!
Then, grant the camera access to your phone by capturing a government-issued ID card (such as a driver's license or passport). Finally, take a selfie and submit your verification request!
Please keep in mind that receiving a verification confirmation may take up to 24 hours.
If you see a blue tick on your Cashtag, your account is already verified.
Sources:
Cash Card Helps: Cash App Personal Versus Business Account
CashApp: What is Cash for Business?
