This experience does not require a separate business account and has no fees, according to the release.
Eligible sole proprietors who want to sell goods and services on Cash App can enroll in this experience from their personal account, tag payers as customers and track all their earnings within a dedicated Earnings Hub, the release said.
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Cash App will not issue a Form 1099-K unless the seller receives more than $20,000 and completes more than 200 transactions in earnings in a calendar year, in alignment with Internal Revenue Service reporting requirements, per the release.
Cash App is now piloting this experience with select eligible customers, and the company expects to expand access to it over time, according to the release.
“Millions of people are earning income in new and more flexible ways, and they deserve tools that keep up with them,” Owen Jennings, executive officer and head of business at Block, Cash App’s parent company, said in the release. “Cash App is making it easier for Modern Earners to get paid and manage their money in one place, so they can spend less time managing scattered income streams and more time focusing on their craft and customers.”
PYMNTS reported in February that management has been positioning Cash App as a banking alternative for what the company calls “modern earners,” an addressable market of 125 million people across independent earners, hourly workers and teens.
Primary banking growth is central to that strategy, and Block Foundational Lead Amrita Ahuja said during a February earnings call that the company expects to compound gains in its banking ecosystem while scaling Cash App Green, its status program tailored to customers with multiple income streams, the report said.
Block reported in August that Cash App had 59 million monthly transacting accounts in June, up 3% year over year, and 9.4 million primary bank accounts, up 17%. Cash App’s commerce volume rose 17% year over year to $56.5 billion.
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