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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.
What Are Square Cash’s Transfer Fees?
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.
How Fast Are Square Cash's Transfers?
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.
Who Can Benefit From Square Cash?
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.
What Are The Advantages and Disadvantages Of Square Cash?
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.