Are you among those wondering “what is the green building symbol on Cash App” and what does it mean? Here’s everything you need to know.
What Does the Green Building Symbol Besides Cash App Username Mean?
The green building symbol next to your or another user’s Cash App name means the person has a business account. This means the user pays a 2.5% transaction fee every time they receive a payment on the account. Yet, there is no limit on the amount of money they can receive, and the fee for accepting credit card transactions is lower at 2.75%.
Is my Cash App Account Personal or Business?
When you create an account on Cash App, it’s set up as a personal account by default. So, if you don’t recall switching over to a business account, you have a personal account.
However, to confirm your account type:
- Launch the Cash App.
- Tap on the profile picture in the home screen’s upper right (upper left on Android).
- Once the profile settings page opens, scroll down until you find the Personal tab.
- If you see the personal tab, it means your account has been personal all this time.
- If you saw the Business tab, your account is a business one.
If you want to change your account type:
- Tap the Personal tab.
- Scroll down until you see Change Account Type.
- A page will appear with the terms and conditions for the business account.
- Again, select Change this account at the bottom of the page.
- A tab will appear asking for confirmation. Press confirm.
- Cash App might ask you for your pin or fingerprint as a last security measure.
- Now, you have a business account!
A business account is typically a permanent change. You can’t switch back to a personal account inside the Cash App anymore. You will have to contact the support team for this purpose.
So, be careful before you hit confirm on the Change Account Type section.
Business Cash App Account Vs Personal Cash App Account
If you are a small business, you might be curious if switching the personal account to a business account is worth it.
We have to focus on the scale of your business and what Cash App demands from business accounts to decide.
Personal Accounts on Cash App
No transaction fee is placed on any money sent or received on a personal Cash App account.
The transactions on a personal Cash App account are also immediate. You can send someone $50, and it will reach their balance in seconds.
From Cash App’s terms, you are supposed to use your personal account only for sending and receiving money with friends and family. You are discouraged from committing any kind of transaction with strangers.
A verified personal account also has a:
- $7,500 weekly sending limit.
- $17,5000 monthly sending limit.
- $25,000 weekly limit on cashing out.
Thankfully, the amount you can receive is unlimited.
If your Cash App personal account is still unverified, you can only send $250 per week. You can’t also receive more than $1,000 within 30 days.
Additionally, you have to pay a fee of 3% if you receive money from a credit card to your Cash App balance.
On a personal account, you also have to pay a fee from 0.25% to 1.75% for Instant Deposits, depending on how fast you want the amount debited to your debit card.
You do not have to pay any fee for standard deposits, which takes 1 to 3 business days.
Business Accounts on Cash App
A business account means Cash App acknowledges you are a business using their services.
As you would be conducting transactions with strangers and earning money via their platform, they impose a 2.5% fee on any payment you receive.
However, unlike a personal account, there is no limit on the money you can send or receive. You can do transactions of huge amounts in a day without getting any error messages from the Cash App.
The fee for accepting credit cards is also reduced to 2.75% on business accounts from the 3% on personal accounts.
Business account users also don’t have to pay any fee for instant deposits to their debit card or bank account.
Your business account will also receive tax documentation from the Cash App, which will help file taxes.
It is mainly the transaction fee that makes you hesitate to switch over to a business account.
You have to note Cash App periodically reviews all user accounts. If they think your transactions seem like a business account, they might suspend your account for not compiling with the rules.
They might change your personal account to a business account automatically, too, if they think the violation isn’t too big.
Cash App: A Brief History
Cash App, as you already know, is a mobile payment service. The same was developed by Square, Inc. The utility primarily aims at allowing users to transfer money to one another using a mobile phone app.
As of February 2018, the service had 7 million active users. Cash App also allows its users to invest in stocks, ETFs, and cryptocurrency. In March 2015, Square launched its merchant services platform, which includes a POS system that allows businesses to seamlessly accept all forms of credit card payments from their respective customers.
In January 2018, Cash App added the ability for users to buy and sell Bitcoin. In November 2017, Cash App launched a new feature called ‘Boost’ that gives discounts of up to 10% on certain merchants like Dunkin’ Donuts and Whole Foods Market when you use your Cash Card (a Mastercard debit card) to make a purchase.
In May 2018, Cash App added the ability for users to set up direct deposits, similar to how one would set up a direct deposit with their employer. This feature allows users to receive their paycheck directly into their Cash App balance.
As of July 2018, Cash App had been downloaded more than 7 million times from the Google Play Store alone.
Cash App is a free app available for both Android and iOS devices. There are no fees to send or receive money, and you can even get your paycheck deposited directly into your Cash App balance.
FAQs Other Than What is the Green Building Symbol on Cash App
1. Can you switch from a business account to a personal account?
No, Cash App does not let you switch back from a business account to a personal account. At least, you can not do it through the official app.
If you want to make the switch, you have to contact their support team. The support team number is 1 (800) 969-1940. You can also leave a message in their support section.
2. Is Cash App good for small businesses?
Yes, Cash App can be helpful for small businesses with a low amount of transactions. However, if your business conducts frequent transactions, the 2.5% fee for each one might be a lot to bear.
3. Can you have two Cash App accounts?
You can have more than one Cash App account. You can divide your Cash App accounts into personal and business accounts. However, each account should have a different phone number linked to it.
What is the Green Building Symbol on Cash App [Answered]
That wraps up today’s session on ” What is the Green Building Symbol on Cash App?” The green building symbol next to a name on the Cash App signals they are a business account. You will also find the green building next to your profile icon in the settings section once you switch. If Cash App automatically upgrades your account to business, this is also a good way to find out.
That explains, what is the green building symbol on Cash App.