Square Cash is a digital money transfer service offered by Square, Inc. Customers can sign up using an email address or mobile phone number, can add a debit card and can quickly send money to friends and family. With Square Cash, customers can even create their own $Cashtag, which can be used as a publicly-shareable identifier to receive funds without divulging any personal banking information.
Square Cash has a simple fee structure.
- Personal payments funded with a debit card are fee free.
- Personal payments sent from a credit card have a 3% fee.
- Business payments have a 2.75% fee that is charged to the recipient collecting funds in exchange for rendering goods or services.
For transfers, Square Cash offers two types of deposit speeds.
- If your recipient chooses free standard deposits, the funds will typically be available the next business day.
- If your recipient chooses instant deposits, the recipient will be charged a 1% fee but the funds will be available for use right away.
Square, Inc. was launched in 2009 and is headquartered in San Francisco, California. The company was co-founded by Jack Dorsey, a co founder of Twitter, and Jim McKelvey, a co-founder of LaunchCode. In 2013, the financial services company introduced Square Cash to provide consumers with an easy way to make peer-to-peer payments. In 2015, Square Cash services were expanded to meet the needs of businesses. This is also when $Cashtags were first introduced. In 2016, the company had a total net revenue of over $1.7 billion.
With $Cashtags, Square Cash sets itself apart from other money transfer services by enabling customers to receive funds using a unique identifier such as $Wikipedia or $USO. Individuals can publicly share their corresponding $Cashtag link and receive funds from friends, fans and even donors. Of course, even if you’re not worried about privacy, Square Cash is still a great way to send funds to family since personal transactions can be fee free.
This is what we love about Square Cash:
- Standard transfers to family and friends are fee free.
- You can send Square Cash money transfers with the Cash App, iMessage, Siri or online.
- You can identify your recipient using a $Cashtag or mobile phone number. - You can spend funds right from the Square Cash app using a Virtual Card.
- After creating a $Cashtag, you’ll receive a corresponding link that your audience can visit to make donations and send payments.
What We do not Like About Square Cash:
- Square Cash is only available for U.S. residents.
- For fee free transactions, you need to fund your transfers using a debit card.
- Some apps like Facebook and PayPal, which also offer peer-to-peer money transfer services, may be more widely used by your group of friends.
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