You might not have heard of Square Inc. which offers financial services and solutions to businesses as well as designs specific hardware and software for that. But you definitely know and maybe even use Cash App which was created by Square Inc. Now, this is the first question should be asked: Is Square Cash App a scam that just has a legit skin?
This app has become viral on the Internet has made sending money super easy, fast and totally free. On Play Store it hit more than 10 million downloads and rates #1 in Finance on iTunes. So let`s see if it`s really as useful and efficient as it seems.
Anyway, my answer to the above question is No if I want to give you a direct answer but I think it’s better to know some other important things about this online payment application before giving it a try. This application has been created by a mobile payment company and could turn into the default payment of many online businesses all around the world during the last years.
If you have purchased any digital or normal products online before, you know well and if you decided to use an online payment method instead of using your credit/debit card, you probably are familiar with the most popular online payment systems like PayPal, Skrill, Amazon Payment, Google Checkout, Stripe, etc. and there’s high chance that you are using one of the above options at the moment.
Now we are going to add another name to the above list which is “Square Cash”. This new payment system is available for both Android and iOS users and you can download and install it from Cash.me as well as Google Play and App Store. The same as other online payment models, the main aim of Square Cash is providing a safe and user-friendly place for sending/receiving money online.
With the help of this app, you can easily transfer money to someone else through the app or your private email address. By the way, I forgot to tell you that using this app does not cost you anything and it’s completely free.
But you may ask why you should change your current payment option to Square Cash and if it has any unique feature which is not included in the leaders of online payment systems. Before answering this question, it’s good to know that recent research has been done by eMarketer shows that using an application for making online payment will be the default option for more than 50% of smartphone users in the next 10 years.
There are many facts that confirm the accuracy of the above research. For example, traditional ways like paying by checks or cash take much longer time than the modern online payment systems; the money will be transferred to the account of your friends or family in no time and also the risk of the losing your money will be decreased significantly when you use an online payment application.
Read my thorough review about Cash App below and find out!
Product Name: Square Cash App
Official Website: https://cash.app
Owner: Square, Inc.
Type: Online Payment System
Cost to Join: Commission depends on the amount of money you transfer
Overall Rating: 5 out of 10
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What Is Square Cash App All About?
Cash App is a peer-to-peer payment service which helps you handle your everyday financial tasks like, let`s say, paying back to a friend for a shared meal.
However, comparing to other P2P payment apps, Cash App has gone even further. With Cash App you can purchase bitcoins (or sell them when it`s most profitable for you). What`s more, you can use Cash App as your bank account which means you can receive direct payments and even cash them out in an ATM.
Cash App offers special service to businesses. With the help of this app, you can receive payments for products or services you provide.
And this is just part of what financial services Cash App offers. The only restriction here is that it can be used only in the US and the UK for now.
What Is Included In Square Cash app?
You don`t necessarily have to use Cash App to send or receive money. If you have already signed up in Cash App, you can also send money using their website cash.me or iMessage. Moreover, Cash App also supports Siri, so you can work with the app without even touching the screen of your iPhone.
If you are planning to manage your business payments with Cash App, then you need to create a separate account for that.
The Sign-Up Process
If you haven`t signed up to Cash App yet, it won`t take more than several minutes. First, you need to download Cash App (don`t mistake it with other similar apps – pay attention to the developer – Square Inc.). Also, it`s totally free of charge. Although it`s available for both Android and iOS, using it on iPhone opens much more features to you.
After the installation process is over, open the app, give it your email address or phone number to receive the verification code. After you entered the code, you should choose whether you want to create a personal or business account.
However, the most important step would be to link your bank card or bank account to the app. That will allow you to actually start transferring money and receiving money from others.
There are a few restrictions you need to know before installing the app. First, it`s not available for people under 18 years old. Secondly, Cash App is only available inside the US (not in the US Territories though) and recently the UK.
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How Does Square Cash app Work Exactly?
Working with Cash App is unbelievably easy. In order to sign up, you just need to download it on your phone, complete the installation process, and then fill in your phone number or email address to receive a code.
After you completed all steps of installation and sign-up process, you will be asked to choose what kind of account you want to have – a personal and a business one. Unfortunately, you can`t use one account for both purposes, and if you are planning to use it both for your work and personal issues, then it`s probably better for you to create two separate accounts.
Now, the difference between personal and business account is quite small. The only advantage a business account is giving you is an ability to receive refunds. That`s why I would recommend using another app for your business purposes, like Point of Sale app also developed by Square Inc.
Send/Receive Money with Square Cash app
For each user Cash App creates a unique $cashtag which then can be used for sending or receiving money. But even if you don`t know your friend`s $cashtag, you still can send them money using their phone number.
So here is how it works. Open the app and tap ‘pay/request’ button. Then fill in the name and the phone number (or $cashtag) of the person you want to send money to. You can send money from your bank card (credit or debit) or from your Cash App account. Just as simple as that.
Receiving money via Cash App is even easier. When you receive money, they automatically add up to your balance. Then it`s up to you what you want to do with them. You can use them to send money to other people or you can transfer them to your bank card (for that you will have to link your account to your bank card).
What`s more, Cash App gives users an opportunity to have their Cash App card issued so that they can cash it out in ATM and use as a normal bank card. This card is issued totally for free.
Is It Safe to Transfer Money Through Square Cash?
Cash App has done its best to provide its users with high security while sending or receiving money via Cash App. For instance, every transaction is encrypted before taking place which lowers the risk of misuse.
However, most safety features are optional and you should change them in your Cash App account yourself. For example, you can activate Security Lock and every time you make a transaction in Cash App, you will have to enter a passcode, use your phone security features like face or fingerprint identification, or even use your email security features (in case it provides any).
Although Cash App provides several security options, it is still not enough to guarantee 100% safety while using Cash App. That`s why you should stay very cautious while sending money via this app. Here are a few things you can do to stay on the safe side:
- turn on all available safety features within Cash App;
- enable the app to send you a message every time the transaction is made;
- contact the Cash App support every time you a transaction you don`t know about is made.
All these steps will help you prevent money theft and significantly improve your experience with Cash App.
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Square Cash – What I Liked & What I Didn’t Like
The same as any online product, there are both positive and negative sides for Square Cash. The pros and cons I’ve listed here come from my own opinion and it may be some difference if the writer of this article was someone else. But I think that all reviewers agree with me about the main positive and negative points that I’ve mentioned here.
What I Liked,
- One of the positive things that got my attention in Square Cash is that the money you have in your account can be used through a Virtual Card directly from the Square Cash app and just with a phone number you are able to know who you are sending money for.
- I think even PayPal which is one of the leaders of the online payment system charge you some fee when it comes to sen/receive money in some cases. There’s no fee if you want to send money to one of your family members as well as friends.
- Creating a link to receive payment from others is as easy as creating a $Cashtag.
- More than one option (such as Siri, iMessage, Official Cash Application or even online option) will be available to you if you want to use the money on Square Cash account and send it to someone else.
What I Didn’t Like,
- Square Cash is a famous payment system but it’s not as well-known as big names in this field like Google Checkout, Amazon Pay, PayPal or Stripe so there are always chances if you are going to send/receive money to one of your friends and he/s comes up with this question: I’m ok with PayPal, what is Square Cash exactly?!
- The same as Stripe and some other popular online payment systems, you can take advantage of Square Cash and create and account over there ONLY if you live in the United States and you’re s resident of this country.
- A debit card for transferring your money is required if you don’t want to pay a fee for transactions otherwise, you’ll be charged a fee.
Final Word – Is Square Cash App a Scam?
There are several reasons you may need an online payment system for like withdrawing your money from MMO sites like Survey Compare so it’s always important to choose the best and most secure E-Payment system. I’ve seen feedback from people here and there who call Square Cash a scam application. Well, I don’t know what was their experience with this app exactly but I thought that it’s better to mention some facts about this app here.
The first thing is that Square Cash has been tested and used by tons of different companies for different purposes in the United States and these businesses are still using it as their default online payment method. Also, the application of Square Cash has been designed by professional programmers and with taking a short look at it, you’ll easily find out that creating such that online payment app costs the company thousands of dollars so they don’t trade this hard-earned reputation for a couple of hundreds of dollars profit.
I think there are somethings unclear about the persons who mark Square Cash as a scam. They may lose money because of their mistake in protecting themselves from scammers or hackers but this does not mean that Square Cash is a scam.
All in all, Square Cash is a legit app with many unique features but it works based on a peer to peer payments. There are many other options when it comes to online payment systems so if you don’t like to connect your personal bank account to an online payment app then you probably won’t feel comfortable with using Square Cash and in that case, it’s better to find a better payment system for yourself.
I’ve chosen my own payment system years ago (PayPal) and I don’t have any plan for changing it in the near future but if you didn’t pick up an online payment system for yourself yet or you are not satisfied with your current payment system, Square Cash can be definitely in your list. Keep in mind that there are things you should consider always (like choosing a strong password) to prove your payment processing secure.
Thanks for reading my Square Cash and feel free to leave your opinion in the comments below.
See you soon in the next review! )
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I’m not familiar with Square Cash app, but I stambeled upon your post while trying to get more info about it.
I like how your content have values in it, because it keeps on drawing me to read more and more.
It’s a bummer how it works only for US & UK residents though.
I’m using PayPal & Payoneer, do you think Square Cash stand a chance against it?
Well I personally prefer PayPal too but for people who don’t have any online payment account yet, there’s a good chance to chooce Square Cash )
Thank you for your post. I can say that I didn’t know anything about this app, so your post helped me to know about it. Unfortunately, as you said it plenty of times, it only works in the US. This is really inconvenient for me. This is why I think I will continue using PayPal for now. In the case that square cash becomes available for many other countries, then I will possibly consider using it. But, Thank you for your post, and I’m looking forward to finding other excellent apps here.
Thank you too for your comment Gabriel )
This is a very detailed article explaining everything about Square Cash. People who are not familiar with using Square Cash will now have the knowledge of what this service is all about. This article starts out by telling us it’s free to use this card and that it is user friendly. You also point out that you can have a card for personal use and another one for business use but not both on the same card which is good information for card users to know in case they may have not thought to check that information out. It looks like it easy to have money transferred to the card. Your Section on sending cash safely was nicely detailed and a great idea to put in your article too. You have covered everything one needs to know about this Square Cash card and even concluding that it doesn’t appear to be a scam. I can’t think of any questions after reading your article.
Thanks for your comment Terri )
Hello. Is always nice to know a new way to make payment. I am in doubt will I have fess when using this or is free? Very good to know that we can buy Bitoin with that. I’ve been lookin for this for a long time. As I work with payment and cash receipts online and always good know good products on this field. I have another doubt. I could send money to others countries or I am only within the USA? Thank you for sharing your knowledge.
Thanks for your comment Flavio. It’s free but you have to pay a commission for every transaction you made. At the moment, it’s only available in the U.S. but they’re trying to develop it for other countries in the future.
Thanks for the in depth review Ali; I must admit I had not heard of Square Cash App before but from what you have said it is only recently available in the UK so I guess it’s early days for it over here. I do think that unless their fees are much better than Paypal they will find it difficult to make a significant impact in the UK, the one thing I think is disappointing with Paypal is the relatively high fees they charge, if Square were able to offer a more competitive rate their breakthrough may happen much quicker. I will go and check out their site and see what business rates they offer, thanks for alerting me to this new payment processor.
Glad to see that my review was useful for you Peter. )