Cash App offers a lot to its customers running their businesses, but some consumers may get tired of the app and might want to switch to another alternative. In that case, just uninstalling the app from your phone will not cut it. You must follow the proper steps to secure your funds and close the Cash App business account.
This guide will walk you through all the steps needed to close your Cash App business account.
Close your Cash App Account by following these 3 Steps
Before you go down the route of canceling your Cash App business account, here are 3 steps you need to take care of beforehand:
Step 1: Withdraw your Funds from the Cash App Business Account
Go through your account and check if you have any outstanding payments or unfinished business you need to take care of. If you have any pending transactions, make sure that you cancel them or just wait for them to complete processing. Otherwise, there is a risk that your money might get lost.
Transfer or Withdraw your funds from your Cash App Account
Cash App only allows you to delete your Cash App business account if your balance is zero. So, for that, you need to:
- Withdraw your cash
- Sell your stocks and Bitcoins
- Clear out any gift cards that you received in your account
Clear out cash from your Cash App Business Account
To withdraw money from your Cash App business account, you must transfer your cash to a linked bank account. Here are the steps that you need to follow to get it done:
- Launch the Cash App on your phone
- Go to the home page.
- Tap on ‘Cash Out’
- Enter the total amount you have in your account.
- Press ‘Cash Out’ again to empty your Cash App account.
You can use the Standard option or ‘Instant Deposit’. However, this will cost you a small fee.
Transfer Bitcoin from your Cash App business account to your linked bank account
- Go to the Cash App home screen.
- Select the ‘Banking/Activity’ tab.
- Tap on ‘Bitcoin’.
- Select ‘Cash Out’ and enter the amount.
- Choose the deposit speed and tap on ‘Cash Out’ to confirm.
Step 2: Save Transaction details from the Cash App Business Account
Before you completely delete your Cash App business profile, you must have a copy of all the transactions and bank account details of the recipients either for tax reporting or future reference. Therefore, here is how you can download your Cash App business account information through a web browser:
- Log onto the Cash App business account.
- Go to the ‘Settings’ tab.
- Navigate to the ‘Your info’ option and click on the ‘Download your info’ option.
- Then, go to ‘Activity’ and click on ‘Statements’.
- Press on ‘Export’. This will start your download.
Once everything is downloaded, save it on your computer and double-check to see if everything you might need is there.
Step 3: Close the Cash App Business Account Permanently
Once you are ready to get rid of your Cash App business account, here is a step-by-step guide to your Cash App business account’s closure process:
- Open the Cash App on your phone.
- Go to ‘Profile’.
- Tap on ‘Support’.
- A long list will appear in front of you. Select ‘Something Else’ from the list.
- Choose ‘Account Settings’.
- Tap on ‘Close Your Cash App Account’.
As soon as you tap on ‘Close Cash App account’, you will be redirected to a page explaining what it means to remove your Cash App business profile. If you still want to go ahead with it, click on the ‘Confirm closing account’ button at the bottom of the page.
How to change Cash App Business Account to Personal
If you are unhappy with the Cash App business account but want to continue using Cash App, then you should convert the Cash App business account to a personal account. Here is how you can get it done:
- Open the Cash App on your device.
- Go to the ‘Profile’ page and tap on ‘Change Cash App account type’
- Press on ‘Change account type’.
- Verify using the PIN or fingerprint method.
- Your Cash App account will then change from business to personal.
Alternatives to Cash App
If you are on the hunt for apps that can be a substitute for your Cash App business account, here are some that you can try:
| App Name | features | Pros | Cons |
|---|---|---|---|
| PayPal | Fast, secure, allows 200 employees limited access to your account | Offers PayPal business loans, has a fraud-detection system in place | Hidden fees can freeze your account without any warning beforehand |
| Venmo | Social payment system, peer-to-peer networking | QR codes, low transaction fees | It does not offer flexible payment options |
| Google Pay | Buy items in apps, allows you to make group payments | Compatible with the majority of Android devices, offers business-only rewards | Not that widely accepted |
| Zelle | Instant funds transfer between two bank accounts | No fees, instant money transfer | Only based in the U.S |
Conclusion
Cash App is a convenient tool for many business owners. Still, some may want to quit using it for various reasons like switching to other options like Venmo, shutting down their businesses, or even just having security concerns. But, before deleting your Cash App account permanently, you must take out your funds from your Cash App business account.
