How to Accept Payments Without Having a Bank Account

Accept Multiple Types of Payments

Can you survive without a checking account? Absolutely. How about accept payments without having a bank account. YES.

However, life is a lot less stressful if you do have a bank account. Even popular P2P apps like PayPal, Venmo, and Square Cash require users to connect to a bank account. Thanks to technology, you can open an online bank account through a traditional brick-and-mortar bank or eBank solutions like Due, Circle, Ally or Chime.

There are certain circumstances when you don’t have access to a bank account. It could be temporary because you moved or have to clear an identity theft issue. Or, it could be more permanent. Maybe you just tired of the fees, concerned over security, or just want to live off-the-grid.

Regardless of your reasons, you can still send and receive funds as well as pay your bills without having a bank account through the following techniques. Just a word of caution before going any further. If you’re a business owner, the IRS highly recommends in Public 583 that you open a business checking account, especially if you accept credit cards. Even if you’re a freelancer, you’re still responsible for answering to the tax man. Please talk to tax advisor to prevent any possible penalties or audits.

How does the Cash App Work?

Developed by Square, Cash App is another way to do transactions without a bank account. The peer-to-peer payment app is available for download for both iOS and Android mobile devices. You can use the app to send and receive money. There is an option to add a linked debit card that can be used for shopping and to withdraw cash from an ATM.

Do you need a bank account for the Cash App?

Can you send $5,000 through Cash App?

It’s possible. Initially, though, Cash App lets you send and receive up to $1,000 within any 30-day period. You can increase the limit by verifying your identity. You will need to supply your full name, date of birth, and the last 4 digits of your Social Security Number.

Can I buy and sell Bitcoin with Cash App?

To purchase Bitcoin using your Cash App, tap the investing tab on your Cash App home screen. The select Bitcoin and press “buy.” You can choose an amount or enter your own amount. You’ll need to input your PIN and then select “confirm. To purchase Bitcoin, you must have a balance in your Cash App and enter additional geographical information.

You can also sell Bitcoin through your Cash App. Go to Bitcoin on the investing tab of your Cash APP and select “sell.” Choose an amount or enter your own. You’ll need to input your PIN and then choose “confirm.”

You must have a balance of at least 0.0001 Bitcoin to make a withdrawal. You can deposit up to $10,000 worth of Bitcoin in any seven-day period. There may be fees for buying or selling Bitcoin.

Does Cash App report to the IRS?

When you sign up for Cash App, you must fill out a W-9. Cash App Investing does provide an annual 1099-B when you sell stock during a given tax year. The 1099-B will list any gains or losses from those shares. This will also be reported to the IRS, which is required by law.

What is Cash Boosts?

Boosts is a new feature that lets you save money instantly when you use your Cash Card at retail shops and restaurants. You must have a Cash Card for this feature to work. Activate the Boosts feature from the Cash Card tab in the home screen of the app.

You can only boost one category at a time, but these are also easy to switch whenever you want from the same Boosts screen. The Boosts may expire so it’s important to pay attention to those expiration dates.

Cash and Checks

Cold, hard cash is one of the oldest, and probably the easiest, way to accept payments without having a bank account. You don’t have to sign up for any accounts in-person or online or worry about where to cash a check. Plus, cash is accepted everywhere.

If you’re paid through a paper check, you can cash it at the check writer’s bank. Since you don’t have an account with the bank you will have to pay a fee. You can also cash it at certain retailers or a cash checking store. More fees apply here.

To get around these fees, you could accept eChecks and have the funds transferred into a digital wallet, such as Due, instead of a traditional bank account.

Wire Transfers

Like cash, wire transfers have been a popular method for sending and receiving money. Unlike cash, you can transfer money anywhere. While money transfers may seem antiquated,  this industry has evolved.

For example, you can go to Walmart and MoneyGram to schedule fast and secure money transfers to another Walmart store in the U.S. and Puerto Rico. It’s also possible to send money internationally to MoneyGram agent locations in over 190 different countries. Funds are available within minutes with minimal fees.

Western Union and TransferWise also offer online money transfers. You may need a bank account to set-up one of these accounts. Alternatives include Garanti Bank’s “money transfer without bank account” service. With this service, you can send and receive wire transfers without a bank account.

Digital and Mobile Wallets – Digital Cash App

Digital and mobile wallets are becoming an increasingly popular method to transfer money between friends or accept payments from anyone. Some of these apps, such as PayPal, still require users to have a bank account. However, there are many wallets that don’t require a connection to a bank account.

Cash allows you to send and receive funds or cryptocurrency without.  PayToo  allows you to set up direct deposits and transfer funds from one mobile wallet to another.

In developing countries like Kenya, M-Pesa lets customers transfer funds directly from their mobile devices by withdrawing the funds from their M-Pesa account. It simply involves handing cash to one of Safaricom’s 40,000 agents.

My top choice if you’re looking to get started with a cash app is to get started here.

Prepaid Cards

Prepaid cards allow you to pretty much the same things that you can a checking account. Instead of having a traditional bank account you “load” funds onto your card, which you can then spend. Unlike fully functional bank accounts you don’t need a minimum balance, there aren’t any credit checks or monthly fees, and you never spend more than you have in your account.

Bluebird by American Express and Walmart is one of the more powerful prepaid card options available. It’s a reloadable prepaid card, and mobile app, that allows you to transfer funds, capture checks with your mobile device, and enroll in direct deposits.

If you’re a business owners, you could pay employees though a Visa Payroll Card where funds are immediately added onto a Visa Debit card. It’s fast, convenient, and replaces the need for having a traditional bank account.

Not to be outdone, PayPal now offers a My Cash Card where you purchase prepaid card at participating retailers and then add the funds to your PayPal account.


Digital currencies, like bitcoin, have been around for years. However, it finally appears that the world is ready to completely embrace cryptocurrencies as a way to get paid and even make purchases – thanks to more and more retailers accepting bitcoin and ATMs that allow you to withdraw funds. More importantly, transaction fees are cheap and funds are secure and accessible almost instantly.

You can start accepting eCash by using wallets provided by Due, Circle, and Coinbase.

Updated August 2020



I'm Max and I love helping businesses we work with to expand their businesses online. I help with invoicing, time tracking and overall business needs for business owners. If you need help contact me today.

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