Square Inc. | Payment App
You’ve probably heard of the Cash App, previously known as Square Cash. The company Square, which is led by Jack Dorsey, founder of Twitter, brings us an application that will help you transfer money quickly.
Cash app was designed to make it easier and safer for users to transfer and receive money from a bank account. Considered as a peer to peer app, users can make direct deposits to their Cash app account from their bank account. This will make it easier for them to transfer money to other people.
One of the benefits that Cash App includes is that receiving and transferring money from the app is totally free, it does not charge extra money. Also, the company allows you to get a credit card that you can use in any store. Although the money transfer is received instantly, the transfer from your own bank to the app can take up to 3 days.
In case you want to send money from your bank account to the app instantly, there is the instant deposit option. Instant deposit has a fee of 1.5% of the amount to be transferred.
This application is more than a payment service between people, users receive deposits, can trade on the platform and buy cryptocurrencies.
In order to continue to provide a free service, Square.inc charges companies to use the application and users to use specific services.
The system of fast and effective transactions makes Cash App a system that works for businesses and users as an expense manager. You can receive and send money, as well as use your credit card to withdraw cash from ATMs.
Cash App users have access to services such as:
- Using the app to request money from family, friends.
- You can transfer a maximum $250 in a week and receive an amount of up to $1,000 in about 30 days. But, after you have verified the bank information and your account, the restrictions will disappear.
- If you have the Cash app card, you can withdraw cash from ATMs up to $250.
- Money transfers are at no extra charge.
- You can set up their fingerprint or password to log in your Cash App account for added security.
- You can receive notifications of any activity in your account by setting up transaction alerts.
Other features that Cash App has is that it works as an investment program that includes:
- Exchange Bitcoin with more security
- Associate a bank account to enjoy instant deposits.
- You will be able to add money and reserve it for an expense you have in mind. The app can store your money without any problem or extra charges.
How Cash App work?
In order to make transactions in Cash App you will need to associate a credit or debit card and give accessibility to your account. Then, the application will work directly with your associated bank account and you will be able to transfer money directly from your account to the app.
Once you have the money available in the application, you select the amount you want to transfer and the user who will receive the money. In case the person who will receive the money doesn’t have the application, he will receive a message or email. The message will ask for a bank account in order to receive the money.
To have a Cash App account, you must be at least 18 years old and you can only make transactions between people in the same country.
In case you send money to the wrong account, you may not be able to get it back. This is because transactions are instantaneous and can’t be canceled once they have been made. The solution that the app can give you is to ask the recipient to return the money.
One of the negative aspects of Cash App is that it doesn’t have user support, but it has a series of frequently asked questions and answers on its website.