What are Venmo & Cash App Alternatives for Business?
Updated: Jul 17
With so many applications out there, what are the best payment options for business? In our last blog, we covered and gave many reasons as to why Venmo and Cash App are not best used for business. So, now the question is, what are the alternatives? Square, Gusto, and Bill.com are just a few great options that Financial GPS recommends!
Business Payment Alternatives
Cash App's parent company is Square. Square has many other hardware and software products for merchants that offer more security for sellers than the Cash App. The Square Point of Sale app, for example, has no monthly fee and countless business features. If a transaction is reversed because of a dispute or fraud, Square offers chargeback protection of up to $250 each month. Unlike Venmo, with the Square Point of Sale product, you may not get left completely empty-handed if a chargeback occurs.
Gusto is great for the payment of contractors. A lot of people probably know that Gusto is used to run payroll, however, it also offers contractor payments as well. This is a great option because your accountant can just log in and go into your Gusto account and track payments effortlessly!
Another payment method that is good for payments to vendors is Bill.com. This option lets you send direct deposits or checks. There is a version that is also QuickBooks compatible, making it easy to connect and classify payments.
As a business owner, treat your business as you should. Don't risk your money and business by using peer to peer apps. There are plenty of other options out there that are designed specifically for businesses. However, if you are still unsure of what software you should use for your business, ask your accountant! Here's a blog where we focus on how important it is to invest in having an accountant for your business.
This is a quick video where we go through the other options for business payment methods.
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