Cash App, also called Square Cash is another P2P platform (like Venmo and Zelle) but they started offering business services in 2015. Yup, Cash App has been around a while, since 2013 actually -- they are a division of Square. Cash App is becoming more and more popular since they also offer bitcoin and stock purchase. I know bitcoin still has a bad wrap but a lot of people love it and it's becoming more widely accepted at retailers.
But, let's talk about how Cash App for business works:
How it works: Create a Cash App account
Fees: 2.75% payment processing fee per transaction
How customers pay: Via their Cash App on their phone or you can add a link on your website
How you access your money: You can order a Cash App debit card and/or transfer the money to another bank account
Monthly payment limits: $1,000 monthly incoming payment limit*
Although Cash App can be used for businesses, it's clear that only very small businesses can use them due to the $1,000 monthly incoming payment limit *unless you opt to go through a very detailed verification process.
It would work well for businesses that sell at flea markets, tradeshows, marketplaces, etc. especially since like Zelle, there is no official invoicing option. And just like every other platform I've talked about in the previous blogs, using a personal Cash App profile for business purposes will get you banned from the platform.
Sadly just like Zelle, I don't really recommend this as a primary payment option in your business. It's more beneficial to use a larger platform that offers all the features businesses need under one roof.