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As a small business owner, you know that cash is king. But sometimes, it’s hard to keep track of all your expenses and income, and it’s even harder to find the time to sit down and balance your books.
Not quickly accessing your finances can be incredibly frustrating and keep you from growing your business. You need to be able to make quick decisions based on accurate information, but when you’re always playing catch-up, it’s hard to do that.
Cash apps are a fast, easy, and affordable way to start managing and accepting payments from your customers. With no contracts or monthly fees, you can get started with just a few taps on your phone. Plus, instant deposits mean you’ll get paid faster than ever before. We’ve listed the five best cash apps for business in 2022. So without further ado, let’s dive right in!
What Is a Payment App?
A payment app is software that allows users to make electronic payments. Payment apps can be used to pay for goods and services, transfer money to other users, or request and receive payments.
Many payment apps also offer additional features like sending invoices, tracking spending, or setting budgeting goals.
Payment apps are typically linked to a user’s bank account or credit card, and they may use data from a user’s transactions to provide insights about spending patterns or budgeting goals.
Some popular payment apps include Venmo, Cash App, and Zelle. While each app has its unique features, all payment apps provide a convenient way to send and receive money electronically.
Best mobile payment apps for small business owners
Google Pay: Best overall
Google Pay mobile payments app allows users to make tap and pay purchases with their Android device. Also, Google Pay integrates with other Google services, such as Gmail and YouTube, making it easy for users to make payments without entering their payment information every time.
In addition, Google Pay can be used at any merchant that accepts NFC payments. Google Pay is a convenient way to make online and in-store payments. It’s fast, easy to use, and secure.
You can also use Google Pay to send money to friends and family. Again, there’s no need to carry cash or cards around, as everything is stored in the app. So whether you’re paying for a coffee or your weekly grocery shop, Google Pay is the hassle-free way to get it done.
Google Pay is a convenient way to make payments using your mobile device. One of the features that makes it so convenient is making peer-to-peer (P2P) payments. P2P payments are perfect for sending money to friends, family, or anyone else you need to pay. All you need is the recipient’s email address or phone number.
The money is then transferred instantly and securely, with no fees. You can also use Google Pay to request money from others. For example, if you split a restaurant bill with friends, you can easily request that they send you their share using Google Pay. This feature makes it a lot easier to manage expenses.
Google Pay is one of the most trusted payment methods available for online security. With Google Pay, your personal and financial information is securely stored on your device, so you don’t worry about being compromised.
Moreover, Google Pay uses multiple layers of security to protect your information, including encryption and fraud detection. As a result, you can rest assured that your information is safe when using Google Pay.
In addition to enhanced security, Google Pay also offers several convenient features that make it easy to pay for goods and services online. For example, you can use Google Pay to checkout with just a few clicks, so you don’t have to enter your credit card information each time you purchase.
Google Pay’s budgeting tools allow you to track your spending in real-time. You can see how much money you have left to spend in each category, and you can even set alerts to let you know when you’re approaching your budget limit. So if you’re trying to save money, you can use the budgeting tools to track your progress and make sure you’re on track.
And if you ever need to review your spending, all of your transactions are automatically saved and categorized, so you can easily see where your money went.
With Google Pay, staying on budget is easy. Its budgeting tools give you the visibility and control to ensure your spending stays on track. So whether you’re trying to save money or just get a better handle on your finances, Google Pay can help you out.
Pricing & Fees
Google Pay is a free app to download, and most of its features are free. For example, you can transfer money into or out of your Google Pay balance without fees.
The only fee they charge is for instant transfers, which is 1.5% with a minimum of 31 cents. This fee is charged because the transfer happens immediately, and not all banks offer this feature.
Google Pay does offer other ways to send money that may take longer but don’t have a fee, such as using your debit card or bank account.
If you’re worried about fees, you can always check with your bank or Google Pay support to see the best option.
Product Quality Score: 9.5 (Excellent)
- Features: 9.5
- Ease to use: 10
- Pricing: 9
- Customer support: 9.5
- It lets you easily pay stores (with NFC), sites, and people
- A gift card and loyalty-program management
- All functions work on Android, iOS, and web
- Send & request payments
- Not supported by all banks
Apple Pay: Best for Apple users
Apple Pay allows users to make payments using an iPhone, iPad, or Apple Watch. The service is available in many countries and supports a variety of payment cards.
Apple Pay uses near field communication (NFC) to transmit payment information between devices. When users add a credit or debit card to Apple Pay, the card’s number is not stored on the device, but a unique Device Account Number is assigned to the device. This number is encrypted and used to process payments.
In addition, it is secure because it uses many layers of security. For example, when you use Apple Pay to purchase, your credit or debit card numbers are not shared with the merchant.
Instead, a unique Device Account Number is used to process your payment. In addition, Apple Pay uses Touch ID or Face ID to authenticate your identity before purchasing.
Apple Pay is a convenient and secure way to make payments using your Apple device. If you are an Apple user, it is worth considering your primary payment method.
When you send or receive money with Apple Pay, the transaction is almost instantaneous. This is because the funds are transferred immediately, and there is no need to wait for a bank transfer to clear.
This makes Apple Pay a great way to pay for goods and services, and it also helps prevent fraud. Because the funds are transferred immediately, there is no opportunity for someone to intercept the payment and attempt to use it for their purposes.
Additionally, Apple Pay is secure to pay with because it uses encryption to protect your personal information. Therefore, you can be confident that your money is safe when using Apple Pay.
Rewards Program Integration
This feature will allow users to add their rewards cards to the Wallet app and use them with Apple Pay.
With just a few taps, they’ll be able to pay for their purchase and earn rewards points. In addition, they’ll be able to view their current points balance and see how many points they need to redeem a reward.
This feature will appeal to users looking for a convenient way to earn rewards points. And it’s just one more way that Apple Pay is making it easier for people to use their mobile devices to pay for everyday purchases.
The Apple Card
The Apple Card is a credit card that can be used with Apple Pay. It offers some features, including no fees and cashback rewards. In addition, the card provides various features designed to make it more user-friendly and secure to use than traditional credit cards.
For example, the Apple Card can purchase in-store, online, and in apps. It also offers instant approval and account setup.
Finally, the Apple Card is designed to work with the iPhone’s Wallet app, making it easy to track spending and make payments. As a result, the Apple Card is an appealing option for looking for a more convenient and secure way to use credit.
Pricing & Fees
Apple Pay is one of the most popular mobile payment platforms, with millions of users worldwide. One of the main reasons for its popularity is its very few fees. For example, there are no annual fees, no foreign transaction fees, and no late payment fees.
Based on your creditworthiness, the only fee you may have to pay is a variable APR, which is currently 10.99% to 21.99%. This is still relatively low when compared to other cards on the market.
Product Quality Score: 9.2 (Excellent)
- Features: 9.5
- Ease to use: 9.5
- Pricing: 9
- Customer support: 9
- No late payment fee
- No annual fee
- 3% cashback on goods or services purchased directly from Apple
- Manages gift cards, movie tickets, boarding passes, and more
- Setup is a bit time-consuming
Venmo: Most Widely Used
Venmo is a popular cash app that makes sending and receiving payments easy. The app is available on iOS and Android, and it’s free to use.
Venmo lets you connect your bank account, debit card, or credit card so you can easily manage payments. You can also sync your Venmo account with Facebook to easily find and pay your friends.
The app has a clean, user-friendly interface, and it’s straightforward to use. So whether you’re splitting a bill at a restaurant or paying back a friend for tickets to a concert, Venmo makes it easy to do it quickly and securely.
Plus, the app constantly adds new features, like the ability to pay with Venmo at select online retailers. So if you’re looking for a convenient way to send and receive money, Venmo is worth checking out.
Personal QR Codes
When you sign up for Venmo, you’re automatically assigned a unique QR code. This code can be used to quickly and easily make & accept payments from other Venmo users. To use your code, simply open the app and scan the QR code of the person you’re trying to pay.
You can also find your QR code in the ‘Me’ tab of the app. If someone wants to pay you, they can scan your code and enter the amount they wish to send.
Once the payment is processed, you’ll receive a notification in the app. QR codes are a convenient way to use Venmo, and they’re especially useful for making payments in person.
With Direct Deposit, you can have your paycheck deposited directly into your Venmo account to access your money right away. No more waiting for checks to clear or going to the bank to deposit them.
Plus, with Direct Deposit, you can keep track of your earnings and expenses all in one place. All you need is a Venmo account and a U.S.-based bank account.
Simply link your bank account to Venmo and enter your routing and account numbers to get started. Then, when you receive a Direct Deposit payment, it will automatically be deposited into your Venmo account.
You can also set up notifications to know when a deposit has been made. Direct Deposit is a great way to get paid quickly and easily, and it’s just one of the many features that make Venmo an excellent choice for making and receiving payments.
Buy & Sell Cryptocurrency
With Venmo, you can now buy and sell cryptocurrency without leaving the app. All you need is a balance in your Venmo account, and you can start buying and selling Bitcoin, Ethereum, Litecoin, and Bitcoin Cash.
The process is simple: select the cryptocurrency you want to buy or sell from the list, enter the amount, and confirm the transaction.
You can also track the performance of your investments over time with Venmo’s built-in charts and graphs. Moreover, there are no fees for buying or selling cryptocurrency on Venmo.
Pricing & Fees
While Venmo is mainly free to use, there are a few instances where you may be charged a fee. For example, if you instantly transfer money from Venmo to your bank account or debit card, a 1.5% fee will be deducted from the total amount.
However, this fee is capped at $15, so you won’t be charged more than that, no matter how much you’re transferring. There’s also a minimum fee of $0.25, so even if you’re transferring a small amount of money, you’ll still be charged at least $0.25.
Remember that these fees only apply if you’re making an instant transfer – if you’re willing to wait a few days for the transfer to go through, you won’t be charged any fees. So, if you need your money right away, be prepared to pay a small fee. But if you can wait a little while, using Venmo is entirely free.
Product Quality Score: 8.9 (Good)
- Features: 8.5
- Ease to use: 9.3
- Pricing: 9
- Customer support: 9
- Sending and receiving cash is effortless
- It can be used on some sites and apps that accept PayPal
- No annual fee
- Bonus categories
- No 0% intro APR
- No international payments
Cash App: Best Bluetooth Integration
Cash App is the simplest way to send and receive money. It’s fast, secure, and free to download. You can use Cash App to pay rent, invoices or split a bill with friends. Cash App also comes with a built-in debit card, so you can easily withdraw your money at any time. In addition, there are no fees or limits to how much you can send or receive with Cash App.
You can also use Cash App to buy and sell bitcoin, and there are no fees for buying or selling bitcoin. Cash App is the perfect way to manage and track your finances online.
Debit Card Rewards
The Cash App Debit Card lets you earn rewards on your everyday purchases. With every purchase, you’ll earn a percentage back in Cash Back. You can then use your Cash Back to pay for future purchases or withdraw it to your linked bank account.
The Cash App Debit Card is available to all Cash App users in the United States. There are no fees to set up or use the card, and you’ll never be charged an annual fee.
The Cash App Debit Card is accepted anywhere that accepts Visa, and you can use it to make purchases online and in-store. You can also use it to withdraw cash from ATMs, though this service has a fee.
Cash management account
Cash App offers a Cash Boost feature, which gives users discounts at specific merchants when they use their Cash Card (a prepaid debit card). Recently, Cash App has introduced a new feature called Cash Mode. This allows users to send money to each other without revealing their personal information.
The app will generate a unique link that can be used to make the payment. This is great for situations where you don’t want to share your phone number or email address with the person you’re sending money to.
Automatic investing allows users to invest spare change from the app’s purchases automatically. The money is then invested in a portfolio of stocks and bonds that the user chooses.
This makes it easy to grow an investment without worrying about making regular deposits or monitoring the market. As a result, automatic investing is a great way to build long-term wealth without putting much effort.
Another great feature of the Cash App is its ability to track spending. Users can see how much they are spending in each category, which can help them budget better and save money.
Pricing & fees
Cash App is an incredible way to send and receive money, but it’s essential to be aware of the fees that may apply. For example, if you use a credit card to send money through Cash App, a 3 % fee will be charged. However, there is no fee if you use a debit card or bank account.
Cash App also charges a 1.5 % fee for Instant Transfer when you request that funds be transferred to your linked debit card from your Cash App account. While these fees may seem small, they can add up over time, so it’s essential to be aware of them before using Cash App.
Product Quality Score: 8.8 (Good)
- Features: 9
- Ease to use: 9
- Pricing: 8.5
- Customer support: 9
- Lets you buy Bitcoin and stocks
- Can automatically deposit money into your bank account
- Tax-filing tools
- No fees for making payments when you connect to a bank account
- Low daily payment limits
PayPal: Highest transfer limit
PayPal is one of the most well-known online payment processors in the world. It allows users to send and receive payments for goods and services and manage their finances. PayPal has over 218 million active user accounts and processes more than 25 million payments each day. It is available in 203 countries and supports 25 currencies.
PayPal is a secure site and offers buyer protection for certain purchases. In addition, it is convenient to pay for online purchases and can be used with most major credit cards.
Also, it is a good choice for businesses that sell products or services online. It is also a good option for businesses that need to make international payments. There are no setup or monthly fees, and transaction fees are reasonable.
Multiple payment methods
PayPal is one of the most popular online payment platforms, and for a good reason. In addition to being convenient and easy to use, PayPal offers a variety of features that appeal to users. One of the great things about PayPal is that it offers multiple payment methods, giving users flexibility and choice regarding how they want to pay or get paid.
For example, users can link their bank account, debit card, or credit card to their PayPal account and then choose which one they want to use when making a payment.
This can be helpful if you’re low on funds in one account but still need to make a purchase. Alternatively, if you’re selling something online, you can give buyers the option to pay with PayPal or a credit or debit card.
This can make it easier to get paid, as not everyone uses PayPal. Overall, the multiple payment methods offered by PayPal are a great benefit for users.
Supports international money transfers
Whether you’re paying a vendor in another country or sending money to a friend traveling abroad, PayPal makes it easy to transfer funds quickly and securely.
All you need is the recipient’s email address, and you can send money from your PayPal balance or linked bank account. The recipient can then withdraw the funds to their bank account or use them to make purchases online.
With PayPal, there’s no need to worry about complex foreign exchange transactions – simply send money from your account to theirs, and let them take care of the rest.
PayPal is a secure payment processor trusted by businesses and consumers alike. When you purchase using PayPal, your financial information is never shared with the merchant.
Instead, PayPal uses an encrypted system to process your payment, ensuring that your personal and financial information remains private.
When you create a Paypal account, you will be asked to provide your bank account or credit card information.
This information is used to verify your identity and keep your account safe. Paypal also offers buyer protection, so you can confidently shop knowing that your purchase is protected.
Pricing & fees
Sending money to purchase goods or services is just 2.9% + $0.30 per transaction. And if you’re a small business owner, that same fee applies when you use PayPal to invoice your clients. There are no setup, monthly, or cancellation fees.
You only pay when you receive money, and the currency exchange rate is 2% above the base rate set by Visa and MasterCard. So what does all this mean?
Essentially, it costs nothing to set up a PayPal account, and there are no monthly fees. You only pay a fee when you accept payments, and even then, it’s a very fair and competitive rate.
Product Quality Score: 8.8 (Good)
- Features: 9.5
- Ease to use: 9
- Pricing: 8.5
- Customer support: 8.5
- Domestic and international payments
- Multiple payment methods
- Multi-currency accounts
- Excellent security track record
- Easy to set up and use
- Some users have sending limits
- Transfers take time to complete
How Does a Payment App Work?
When you use a mobile payment app, the process is simple. You can link your bank account or debit card to the app and then use it to make payments. The information is encrypted to secure, and the transaction is processed through the app. Payment apps are convenient because you can use them anywhere and accept online payments. You can also use them to split bills with friends or family, which is helpful if you split the cost of a meal or an outing. Some payment apps also offer rewards or cashback on certain purchases, saving you money over time. Overall, payment apps are a convenient way to pay for goods and services without carrying cash or a checkbook.
How Much Does a Payment App Cost?
Usually, payment apps are free to download and use. However, most of them make their money by charging a small fee for particular transactions, such as when you transfer money to someone else’s bank account. For example, Venmo charges a 3% fee for bank accounts and debit card transfers. Nonetheless, some payment apps do not charge any fees at all. For instance, Cash App allows users to send money for free, although there is a 1.5% fee if you want to transfer money to a bank account.
Related: Best Software for Payroll
How We Chose the Best Payment Apps?
With mobile technology, it’s now easier than ever to make payments. However, with so many different payment apps available, it can be hard to know which one is right for you. Here are a few things to consider when choosing a payment app:
- Ease of use: You should choose an app that is easy to use and navigate. Ideally, it should be similar to other apps on your phone, so you don’t have to learn a new interface.
- Security: When it comes to payment apps, security is crucial. Make sure the app you choose has robust security measures to protect your personal and financial information.
- Fees: Some payment apps charge transaction fees, be sure to compare the fees charged by different apps before deciding.
- Supported banks and credit cards: Not all payment apps work with every bank and credit card, so it’s essential to check that the app you’re considering supports your use.
By taking these factors into account, you can be sure to choose the best payment app for your needs.
Related: Best POS System for Small Business
There’s no doubt that cash apps have revolutionized how we do business. They’ve made it easier than ever to send and receive payments, and they’re accepted by more and more companies every day.
However, there are still some important considerations to make before using a cash app for your business.
Make sure you understand the fees associated with the app, and be sure to keep an eye on your account balances to avoid any unwanted overdrafts.
But as long as you’re aware of the potential pitfalls, cash apps can be a convenient and affordable way to manage your business finances.