Cash App is undoubtedly one of the best electronic payment solutions on the market today. It is great for both personal and business purposes even though you will have to get a separate account for each of those functions. People operating a service-based or mobile business will find Cash App to be very useful. But one of the best ways to put this payment platform to use is online fundraising. For all these services you could be required to pay a fee.
There are different types of Cash App fees charged on as a percentage of the total amount of the transaction. The fees vary from one type of payment to another. For instance, personal payments on Cash App are free of charge. But that’s only if the payment is from one Cash App account to another.
All business payments attract Cash App fees of up to 2.75 percent of the transaction amount. It is the recipient of the money who is required to make this payment. Since Cash app accepts personal payments from credit cards, it also has put in place a fee to cater for that. For every transfer from a credit card to Cash App, the sender of the money will pay a 3 percent fee of the transaction amount.
Don’t expect to pay any Cash App fees on standard deposits, which take a little bit longer to execute.
However, instant deposits attract a 1.5 percent fee on the transaction amount. It’s anyone’s guess that this is meant to cater for expediting the deposit transaction.
|Personal payments (send/receive)||Free|
|Business payments||2.75% – paid by recipient|
|Payments from a credit card||3% – paid by sender|
You can download and install Cash App on your Android and iOS devices running on the latest versions of these operating systems. First, you have to download Cash App onto a mobile device. On Google Play or iTunes, search for Cash App and download it. Once you have installed the app, go ahead and create an account. Here’s how to go about it:
1. After opening the app, enter your email address or mobile phone number. Tap “Next”. A confirmation code will be sent to you via email or text message.
2. Enter the confirmation code into the app and tap “Next”. If you do not receive a confirmation code, tap “Help” and go through the steps that follow.
3. Select whether you want the app for personal or business use. A personal use Cash App is great for exchanging money with your friends and family. For business purposes, you will use the Cash App to receive payment for your products and services.
4. To finish signing up, you need to follow the resultant on-screen prompts. Don’t forget to link your bank account, through which you will receive and send money.
You can use Cash App if you are a resident of the United States. If you are at least 18 years old, you qualify to enroll for Cash App. Residents of U.S. territories like American Samoa, Northern Mariana Islands, the U.S. Virgin Islands, Guam, and Puerto Rico cannot use Cash App. That applies to anyone outside the U.S. So don’t expect to use Cash App when traveling to a foreign country.
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