When it comes to being an entrepreneur, sometimes getting paid by your client can be the hardest part. I don’t mean just getting your clients to pay, because that can be a whole other can of worms. But, when your clients are ready to pay, then you have to figure out the best avenue to take their payment. Of course, there is the old fashioned check method. But a lot of people aren’t carrying those around anymore, or your clients may be digital. So, a lot of us have started using a few different cashout apps to take our clients payments, since this is the easiest method.
There are a lot of people I know who use Cash App because of its ease of use. There aren’t a ton of bells and whistles on this particular app, which makes it pretty easy to navigate. To get set up, you just need to enter your bank account information and get it connected. You can also connect a debit card once you have finished setting up your bank account.
This makes it easier for you to send payments, as well as receive them, should the need ever arise. Once you are set up, you are good to go. Cash App will give you a link you can send people to have them pay you directly. Once you see a payment in your Cash App account, you can have it direct deposited into your bank account. Or, if you choose to leave it in your Cash App account, you can utilize the funds to make payments to your own vendors.
What I really like about this app is that it is free. So I don’t have to worry about them taking a certain percentage of my hard earned money.
Venmo has become one of my favorite cashout apps recently. This app happens to be another service of PayPal, but is more for peer-to-peer sending. This app has a bit more functionality than Cash App does, but is much more simplistic than PayPal is.
Ultimately, you can send or receive money to anyone who has Venmo. All you have to do is put in their email address, if you haven’t already become “friends” with them. Once you find the correct person, you just submit the amount you are requesting, along with a description of what it is for. Then just hit either “Request” or “Pay” and it will be sent to that person.
I like this app because I don’t have to input a lot of information and it is really quick for me to request money from a client. It is also really easy for me to pay outside vendors, or friends, if they are on it.
There are no fees for this service since it is not really geared towards business. But, if you don’t have a lot of repeat clients, this might be a great option for you. And you won’t have to pay any fees!These are 3 of our favorite cashout apps to use as entrepreneurs. Click To Tweet
PayPal is one of the most widely used cashout apps out there. Since this app is used worldwide, it makes things easier when accepting payments from overseas also. The application is similar to Cash App and Venmo, with regard to getting paid from your clients and direct depositing into your bank account. However, PayPal has a plethora of other options not offered on the other apps.
Some of my favorite features offered by PayPal are:
- Tax Documents
- Requesting Money
- Sending Money
- Reports Center
Even if you don’t need all of these extra options, they are nice to have handy should your business grow to need them. I know that I love being able to copy previous invoices for the same client, tweak them a little and send them on their way. It makes my life a bit easier when it comes to invoicing. And as an entrepreneur, every little bit helps. Because if we aren’t working, then we aren’t getting paid.
The one thing to keep in mind with PayPal is that they do charge a fee for business accounts. It is currently 2.9% + $.30 per transaction. I know some people who build this extra amount into their invoicing to account for it. But others, like me, have a hard time doing that for certain clients. So I know that I am just going to have to eat that amount.
However, you can have people send you money as “Friends and Family” instead of “Goods and Services.” There is no fee for transactions handled in the former category. The only way to do this effectively is via clients that aren’t repeating though. Once they become repeating clients, you will need to move them over to the “Goods and Services” category, because if you don’t, PayPal will.
Best Cashout Apps for Entrepreneurs
Ultimately, there are a few great ways to get clients to pay via cashout apps. Especially since we are in such a digital age now, it makes taking payments much easier. The 3 best apps for entrepreneurs I have found are:
- Cash App
While the first two don’t charge any fees to use them, they are geared more towards peer-to-peer transactions, as opposed to business. But, depending upon your business model, they may be just the ticket for you to accept payments without any fees. If you have a lot of repeat clients, and need to have more in-depth reporting and invoicing, then PayPal is the way to go.
I, personally, use all 3 of them, depending upon the client and application. Some people have one but not the other two, so that is a determining factor for me also. Whatever makes it easier for the client to pay, is what I will do.
Have you found a great cashout app to receive payments from your clients? If so, which one’s work best for you?