Cash App is a mobile payment system that allows users to send and receive money and buy or sell Bitcoin. It has gained a lot of popularity because it offers features that other mobile payment apps don’t.
This app was created by Square, a company that specializes in financial services. It was launched in March 2017 to compete with other mobile payment apps like Venmo, PayPal, and Apple Pay. As a curious fact, it has been downloaded over 10 million times and has over 3 million active users.
One of its benefits is that you can have a personal and a business account to keep your finances separate. If you want to know more about this part, keep reading!
Benefits of Cash App
- It is available on both the Apple Store and Google Play.
- It does not charge any fees for sending money between friends or buying Bitcoin. However, it does charge a 3% fee for every purchase made through the app.
- One can transfer money to another person without them having to have a bank account or debit card number.
- You can get cash instantly at any store with the Square Reader, which is a device that reads credit cards or debit cards for payment.
- It also provides instant transfers, meaning that you can send or receive money in seconds without waiting for days, as some other apps do.
- The app is currently valued at $1 billion and has over 10 million active users.
- Users can send money to anyone just with an email address or phone number, even if they don’t have the Cash App installed on their device. This means that you can instantly transfer funds from your account to someone else’s without having to go through the tedious process of registering for an account or setting up a transfer with your bank. The recipients are notified of the incoming funds via text message or email.
What is the difference with a personal account?
Although they are quite similar, the main difference is that a business account has higher limit amounts (to send or receive money) than a personal account.
On the other hand, you can also get a 1099 for the transactions you are receiving in the app.
Changing from a Personal to a Business Account
If you use your personal account to do business or get paid because of your work, the app may decide to shut it down. So, to avoid this, it is best to change it to a business account. How to do it?
- Log in to Cash App on your phone and go to the Home section.
- Now, go to your profile and scroll all the way down to where it says Settings – Personal.
- There you will see your account personal information clearly; however, you can scroll down again to the end, and you will see the option “Change Account Type”. Click on it, and then you will see on the screen “Cash For Business“.
- Click the “Change this account” button to continue the process.
- Once you do it, you will see a notification asking you to confirm if you really want to change the account. Select “Confirm,” and voila! Now you have a Business Account on Cash App.
Can you switch back to a personal account?
Yes, it is possible, but there is no direct option to do it. The best way to reverse this action (either because it was a mistake or because you just want to change the account) is to contact Cash App Support and explain the case.
You can contact them directly in your app profile (go to Support > Can’t Access Old Account) or their official website –> cash.app/contact.