Square’s Cash app now known as Cash app is a peer-to-peer payment app that allows you to send and receive money with friends and family without needing to have cash on hand or even being in the same room. This service is perfect for splitting bills, chipping in for party snacks, or just splitting a meal.
Cash app is supported by any Android and iOS devices and you can download it on your phone to send money anytime and anywhere.
Square’s Cash App
Now people who do not like to wait can stay chill. This is because transactions in the Cash app are done in a matter of minutes and best of all for free!
In order to start cash-involved transactions like depositing cash to your account, you’ll be required to add first, your preferred debit card and/or credit card selecting from any of the following banks, Visa, Mastercard, American Express, and Discover. This app makes it more manageable to make transfers.
How Square’s Cash App Works
When money is sent to you on the Cash App, it stays in the app. If you have a Square Cash Card, you can use it like you use a debit card and spend your balance anywhere Visa is accepted.
On the other hand, if you don’t have a Cash Card or would just rather transfer your balance back to your bank account, doing so is very simple and can be instantly done.
Square’s Cash App Benefits
Square’s cash app is here to simplify the way you bank. Let’s see what it offers:
- Offers Cash Boosts that grants users discounts in a long list of stores including (but not limited to) Shake Shack, Chipotle, and various favorite cafes.
- When it comes to security, Cash App is Level 1 compliant in the PCI Data Security Standard (PCI-DSS). This standard protects you and your personal information from different (unseen) attacks so you and your information are secured. The PCI-DSS compliance checklist requires them to go through 12 different assessments that will confirm whether or not the app is a trusted app.
- Square’s Cash App supports cryptocurrency. You can buy and sell Bitcoin within the app. Also, the app grants you a maximum of $10,000 bitcoin for deposit transactions within a 7-day period.
- You can deposit and send it virtually. It also ensures that you start receiving too. Those who owe you can send money to you right on the app. You can also monitor and analyze the activities within your account.
- Easily download your transaction history anytime. Just remember to keep your history receipt as a reference in order to come up with a better financial plan
How to Cash Out on Square’s Cash App
Here are simple steps you can use to cash out on Square’s cash app:
- Open the Cash App on your iPhone or Android device.
- Scroll to the “My Cash” button by clicking on the dollar amount in the middle of your screen.
- Below your balance, click the button on the left that reads “Cash Out”.
- The “Cash Out” menu will pop up together with your full balance amount auto-selected for transfer. If you would like to transfer less, you can use the touchscreen on your iPhone or Android to type in the amount.
- After deciding on how much you want to transfer, click on “Cash Out” at the bottom.
- A pop-up will be displayed asking how you’d like to deposit the money. If you choose “Standard”, the money will take one to three days to appear in your account. But if you need the money immediately, you can click on “Instant” for a 25-cent fee.
On a final note, it’s important to state that, when using Cash App, be extra careful of how you enter the recipient’s information and ensure you enter them properly. This is because if you happen to accidentally send money to the wrong party, there is no real recourse to getting it back.
Once the transfer has been initiated you can only ask for it and hope they do the right thing by refunding it. However, you may still be able to cancel certain pending payments. But in all be extra careful of how you transfer funds on the app.