If you’ve ever used Cash App, you may have noticed a green building icon next to some profiles. This icon indicates that the user has a Cash for Business account — a version of Cash App designed specifically for businesses, offering a number of features that are not available on personal Cash App accounts, such as the ability to accept payments from customers without sharing personal information, create invoices, and track sales.
How to Register for Cash for Business
If you’re a business owner, you can switch to a Cash for Business account by opening Cash App, tapping your profile icon in the top right corner, followed by Personal or Edit Profile, and Switch for Business. You will then need to enter some information, like your business name and EIN. Be aware that Cash for Business accounts are subject to a different fees, and all transactions need to be reported to the Internal Revenue Service.
Once you’ve switched to a Cash for Business account, you’ll see a green building icon next to your profile information. This icon will let your customers know that you’re a business and that they can pay you using Cash App. You’ll then also be able to create a custom Cash App QR code or $Cashtag for your business and track your business’s sales, receive payment from users who do not have Cash App, and track your sales and transactions.
How Much Does It Cost To Have a Cash for Business Account?
|Credit Card Payments
There is no monthly fee to have a Cash for Business account. However, there are some fees associated with using Cash App, such as a 2.7% fee for credit card payments, a 1.5% fee for bank transfers, and a 1% fee for instant transfers. These fees are deducted from the amount of money that you receive. For example, if you receive a $100 payment from a customer using a credit card, you will receive $97.30 in your Cash App balance.
What Are the Requirements To Have a Cash for Business Account?
To have a Cash for Business account, you must be a business owner or authorized representative of a business. You must also have a valid EIN, be located in the United States, with a bank account in the United States, and have a government-issued ID. If you sell products or services that are regulated by the government, you may need to provide additional information, such as your business license or your seller’s permit.