Before the advent of payment services via mobile, people primarily relied on bank accounts only for money transfers. Without the internet, transactions like making and receiving payments were relatively sluggish and slow. Additionally, changing the type of account was also a bit complicated. However, the whole scenario has changed now. If you talk to any Cash App user, they can’t resist admiring the ease of use and the compatibility of Cash App. Mainly, switching the type of account from Business to Personal and the reverse is relatively easy. However, the unfortunate fact is that many people still don’t know “How to change Cash App account from Business to Personal.”
Nowadays, this is a common question with Cash App users. Many people ask such questions due to their desire to reap the maximum advantages from Cash App. However, the possibility of having two cash App accounts is only feasible with two different phone numbers. If you wish to establish two accounts, one for business and one for personal accounts, you’ll require two different numbers.
If you own two SIM phones, it is easy to create and use two Cash Accounts: Cash App for Business and Personal. Additionally, you will have to use a new email address and a debit card not registered on Cash App. Follow the below-mentioned steps to create a Second Cash App account.
What Are The Benefits Of A Cash App Business Account?
As the name implies, theCash App business account is specifically designed for those who run small and medium businesses. What has attracted many business owners is that this Square payment app allows business owners to accept payments with ease. These are the significant advantages that come with having a business account on the Cash App.
When the year is over, Cash App will issue you 1099 (1099 is an Internal Revenue Service (IRS) form that allows you to report income earned through other sources beyond employment) for every transaction that you make via the app. In addition, It shall be issued to the IRS too.
Cash App business chargesa fee of 2.75 percent to receive payment directly from customers. The account you have will show an additional icon next to Your Cash App name, which resembles an element of a building to distinguish a business account.