How to Send and Receive Money With Square Cash
There are a number of mobile payment options but among the solutions available, Square finds a place among the first ones. Especially, small businesses have been benefiting a lot, thanks to the intuitive and slick design of this payment solution.
When it was launched, Square wanted to fill the huge gaps in the market and hence, entered into partnerships with Visa and Apple. Such strategies helped the solution become a huge success in the field. This led the company to think about entering the market of peer-to-peer payments processing. This is the story of the launch of the app known as Square Cash. The minimalistic look of Square Cash is what seems to appeal to people.
Sending and receiving money through Square Cash. You should follow a few steps if you want to send and receive payments through Square Cash. Let us now have a look.
2. Once you download the app and sign up on Square Cash, you must link your debit card with it, for which you should furnish all your card-related information. You have the option of adding multiple cards as well as your credit card. But for using your credit card for sending money through Square Cash, you have to pay 3% extra charges.
3. You should then think of a “Cashtag” and create it. This cashtag is nothing but a unique handle preceded by a $. This unique handle is useful in the sense that even if you do not find a place in the contact lists of people, they can send money to you or you can request payments from them.
4. The main screen of the app is a dial pad and you can use the screen for entering the amount you wish to send or request from someone. You can enter the name of the person to whom you are sending money or from whom you are requesting payment. The person can be from the list of your contacts or you can enter the “Cashtag” of the person. You must then tap next for completing the process.
A few other interesting features of Square Cash
Square Cash comes with a few other interesting features as well. Let us now have a look.
Fingerprint and Pin Security, and Fingerprint Lock
If your phone provides the required support, you can use your fingerprint or use a PIN system for opening the app as well as for requesting or sending money. This makes the whole process more secure.
Cash-Me Link is a feature with which you can ask someone to send you amounts by visiting cash.me/$YOURCASHTAG. In these cases, the person who is sending the amount need not have or use a Square account.
You can use the Auto cash-out feature for automatically transferring the money received to the bank account you have and operate. You can use this feature on a regular basis.
In general, you have to wait for a few days for getting the cash received through Square Cash. But Instant Cash feature allows you to get the amount instantly. But for utilizing this feature, you have to bear an extra cost of 1%.
Integrating with Apple Pay
If you have already been using Apple Pay, you can integrate it with Square Cash for making purchases or for sending money to someone. Virtual Card.
If you want, you can obtain a virtual card number so you can make online payments without using your original card. In other words, you will be using the Square app just as you use a debit card for making purchases.
The square app allows you to set up business accounts also. Such a business account will work out cheaper for you because the costs of transactions in such an account will be much less than the charges levied by most of the merchant accounts.