Cash App Business Account vs Wise Business: Features & Costs Explained

In today’s fast-paced digital economy, U.S. entrepreneurs need financial tools that are as agile and ambitious as their businesses. The days of relying solely on traditional banking are over, replaced by new platforms that promise speed, simplicity and lower costs. Among the most popular choices are the widely used Cash App Business account and the globally focused Wise Business account.

While both offer modern solutions for managing money, they are designed for fundamentally different types of businesses.

This article provides a clear, in-depth comparison to help you understand the core features, fee structures, and ideal use cases for each platform, empowering you to select the account that will best support your company’s growth.

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Table of contents
Cash App vs. Wise Business: Quick Overview Cash App vs. Wise Business: Key Features Key Differences Between Cash App vs Wise Comparing Costs Between Cash App vs. Wise Business Payment Methods and Accessibility Which Platform is Best for Your Business Use Cases for Wise Business Use Cases for Cash App Frequently Asked Questions

Cash App vs. Wise Business: Quick Overview

To begin, a high-level comparison can help frame the key differences. The table below offers an at-a-glance look at their primary features, fees and the type of business each is best suited for.

	Cash App Business	Wise Business
Key features	Domestic peer-to-peer payments Ability to accept non-Cash App customer payments	Mid-market exchange rates and transparent fees Hold account details in various currencies Fast peer-to-peer international transactions
Main fees	No monthly fees A 2.6% + $0.15 processing fee on each payment received from a customer’s Cash App account to a Cash App Business account.	No monthly fees No minimum deposit
Great for	Small, U.S.-only freelancers Contractors microbusinesses	Freelancers and small business owners who need to separate finances and handle global transactions

The true value of any financial tool lies in its specific features and how they integrate into your daily operations. Here, we’ll dive deeper into what each platform actually offers to a U.S. business owner.

Cash App vs. Wise Business: Key Features

Cash App

The Cash App Business Account provides a bridge between peer-to-peer digital transfers and formal business banking. Business users can accept debit and credit card payments, issue payment requests to customers, and generate a transaction history that aligns with IRS reporting rules. A key feature is that Cash App auto-issues Form 1099-K when thresholds are reached for business payments.³

However, the features remain limited to a basic payments function. Business users pay 2.6% + $0.15 for each completed transaction from a customer and an additional 3% fee if using Tap to Pay on iPhone.¹ There are no batch payroll features, no international account options, and reporting is minimal.

Wise Business

The Wise Business account is a cost-effective way for US businesses to send international transfers and get paid from abroad in multiple currencies. Conversions also take place at the mid-market exchange rate. This account adds features and tools that are helpful for business use. You can also get a Wise Multi-Currency card for business, and employee expense cards. These features make it easier to run your business, organize finances, cut costs, and get paid on time.

Wise Business also includes several additional features to benefit both US-based and international businesses:

• Free invoicing tool
• Request business payments with payment links
• Quickbooks connection
• Interest feature

Target Users

Cash App Business Account: Best for very small U.S. businesses, contractors or freelancers needing easy customer payments without complex financial structures.

Wise Business: Designed for freelancers, startups, expats and small businesses with international contractors, suppliers, or clients that require low‑cost, transparent global transfers.

While both platforms move money, their core philosophies create significant distinctions that directly impact your business.

Key Differences Between Cash App vs Wise

The key differences are in fees, features, and international reach.

1. Cash App charges 2.6% + $0.15 on each customer payment received, with 3% fees for Tap to Pay.¹ Wise doesn’t charge for non-wire transactions, and offers international transactions from 0.41% with no hidden fees or exchange rate markups.

2. Cash App only works domestically (U.S. and limited UK support), while Wise operates in 140+ countries.

3. Cash App lacks payroll functionality, while Wise Business allows you to use BatchTransferto pay your customers, freelancers, employees and contractors abroad.⁴

For any business, a platform’s fee structure can significantly impact your bottom line, so a detailed cost comparison is essential to see how these differences play out in the real world.

Comparing Costs Between Cash App vs. Wise Business

	Cash App	Wise Business
Cost per transaction	2.6% + $0.15 per transaction1 3% fee for Tap to Pay on iPhone1	From 0.57% for sending money (Fee varies per currency)2 Free for receiving non-wire domestic payments
Monthly fees	N/A	N/A
International transfers	Not supported	Currency conversion from 0.57%, always at the mid-market rate2
Debit card spending	N/A	Free
ATM withdrawals	N/A	Free up to $100/month2 2% ATM fees over $100/month + $1.50/withdrawal2
Holding foreign currencies	N/A	Free2

In practice, a U.S. business receiving dozens of domestic transactions may pay far more on Cash App due to the high percentage of processing fees. Conversely, a global small business can save substantially on payroll and supplier transfers using Wise, thanks to mid-market exchange rate. Wise Business also offers discounts when sending over $25,000.

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Wise Business Could Help Your Company Save on Global Payments

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Payment Methods and Accessibility

Wise Business allows you to accept a range of payment methods, which include:

• ACH
• Debit Cards
• Credit Cards
• SWIFT payments
• Existing WIse account balance

Cash App allows you to accept the following payment methods:

• Card payments
• Peer-to-peer payments in the U.S.
• Tap to Pay for iPhone
• instant transfers to linked U.S. bank accounts.

Keep in mind that accessibility remains limited to the U.S. market, with only partial U.K. presence.

After comparing features and costs, the choice often comes down to your business’s specific model. The best platform is the one that aligns with your customer base, team structure, and growth ambitions.

Which Platform is Best for Your Business

Cash App is best if your business is small, U.S.-only, and needs quick, simple ways to receive payments from customers.

Wise Business is best if your business has international ambitions, whether that’s making international payroll, paying global suppliers, or receiving overseas client payments cost‑effectively.

To make the decision even clearer, let’s look at some real-world scenarios where one platform is the obvious choice over the other.

Use Cases for Wise Business

Freelancers and remote workers - If you’re working as a freelancer or sole proprietor, you can use Wise Business to receive payments in multiple currencies. That way, you won’t get stung by high currency conversion fees, and you can separate and exchange currencies in one place.

Small and medium businesses - For smaller and medium-sized businesses, you can use Wise Business to pay international suppliers, contractors, and employees without paying the higher fees you’d associate with traditional banks.

E-commerce sellers - E-commerce sellers can use Wise Business to sell products internationally, holding and transferring money without excessive conversion fees.

Use Cases for Cash App

Freelancer - Cash App can be used by freelancers in the U.S. who are only billing US-based clients.

Marketplace / roadside sellers - Cash App allows sellers to accept card or Tap to Pay transactions.

Microbusiness - Cash App can be useful for running a side hustle where convenience outweighs processing costs.

Save Time and Money On Overseas Payments With Wise Business

Wise Business can help you save big time on international payments.

Wise is not a bank, but a Money Services Business (MSB) provider and a smart alternative to banks. The Wise Business account is designed with international business in mind, and makes it easy to send, hold, and manage business funds in currencies.

Signing up to Wise Business allows access to BatchTransfer which you can use to pay up to 1000 invoices in one go. This is perfect for small businesses that are managing a global team, saving a ton of time and hassle when making payments.

Some key features of Wise Business include:

• Mid-market rate: Get the mid-market exchange rate with no hidden fees on international transfers

• Global Account: Send money to countries and hold multiple currencies, all in one place. You can also get major currency account details for a one-off fee to receive overseas payments like a local

• Access to BatchTransfer: Pay up to 1000 invoices in one click. Save time, money, and stress when you make 1000 payments in one click with BatchTransfer payments. Access to BatchTransfer is free with a Wise Business account

• Auto-conversions: Don't like the current currency exchange rate? Set your desired rate, and Wise sends the transfer the moment the rate is met

• Free invoicing tool: Generate and send professional invoices

• No minimum balance requirements or monthly fees: US-based businesses can open an account for free. Learn more about fees here

Use Wise Business >>

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Frequently Asked Questions

Do you have to pay a fee to receive money on a cash app from a business account?

Yes, every payment into a Cash App Business Account is charged 2.6% + $0.15, and Tap to Pay transactions carry a 3% fee.¹

Why is Cash App charging me a fee to receive money from a business account?

Because business payments are classified as commercial transactions requiring processing fees, unlike peer-to-peer transfers.¹

How to delete Cash App business account?

Go to Settings → Account Settings → “Close Account” and confirm via SMS/email. History is deleted on closure.¹

What are the cash app business account requirements?

A valid U.S. phone, verified SSN or EIN, linked debit/bank account, and verified identity.¹

Can I create a cash app business account from a personal one?

Yes, toggle your personal account to business in the settings.

Does Wise Business charge monthly fees?

No, Wise only charges for transactions at the time of transfer. Holding and spending balances are free.²

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Sources:

1. Cash App - Cash App Business Fees
2. Wise - Business Fees
3. Cash App - Form 1099-K Tax Reporting
4. Wise - Guide to Batch Payments
5. Trustpilot - Wise Reviews