Square’s Mobile App for Money Transfers
Cash App (formerly known as Square Cash) is a cash transfer service launched by Square (and parent company Block) in October 2013. Like Venmo, Cash App allows individuals to send cash amounts or Bitcoin to each other using a dedicated mobile phone application or via email from a linked debit card. It also enables businesses to get paid through the app for Square’s usual price of 2.75% per transaction paid by the recipient of the transaction. In 2021, Square acquired buy-now-pay-later service Afterpay.
Cash App Data Breach 2022
In April 2022 it was announced that Cash App had experienced a major data breach, allegedly exposing over 8 million users’ names and brokerage account numbers, in addition to other information. Breaches like this frequently lead to legal actions, but as of the writing of this review nothing has surfaced yet.
Is Cash App Holding Your Funds Right Now?
Thousands of users have had their payments frozen by Cash App. If you’re one of them, then you might find these resources helpful:
- How to Contact Square
- Watch Out For These Square Cash App Customer Support Scams
- How to Make Your Payment Processor Release Your Money
Cash App Payment Processing – Send Money to Your Friends
The process for making payments is simple: download the company’s Cash App from the iTunes or Android app store, create an account, enter the amount you want to send or request, select a recipient or payer, and hit send. Square will send a message to the recipient’s email address immediately, notifying them of the payment, and the transaction will process within two days. All personal transfers through Cash App are processed for free.
Cash App Payment Processing- Businesses Can Use It, Too
Square Cash’s solution for businesses requires merchants to set up a dedicated “cashtag,” which is a landing page where customers can enter their card details and pay the business directly. Cashtags are intended to be easily shared payment methods that would work best for the personal services industry, non-profits, and short-term fundraisers. Each payment accepted via a Square cashtag costs 2.75% of the payment amount to process, which is roughly on par with most mobile payment processing services. In 2022, it was announced that the IRS would require reporting of transfers of over $600 on Cash App and other peer-to-peer payment apps, which will heavily affect the taxes of those using the app for large transactions.
Square Cash Review Table of Contents
- Costs & Contract: Cash App is free for personal users and charges 2.75% per transaction for business users.
- Complaints & Service: Cash App complaints number nearly 400 on public complaints forums.
- BBB Rating: Cash App has a “B” rating with the Better Business Bureau and has received 6,660 complaints and 503 reviews in the past 3 years.
- Sales & Marketing: Cash App does not hire independent sales agents and clearly discloses its pricing and terms.