The tech companies have been in a race to deliver solutions that will enhance cashless transactions. And one of such solutions making the waves is Cash App.
The drive towards cashless transactions is surely real.
Look around and you will find stores, online platforms, and solutions designed for a cashless world.
Want to know what Cash App has to offer you?
Then stick around a little bit to learn the features, benefits, and downsides in using this great financial app.
One more thing, Cash App can be used by both individuals and businesses.
Now that you know, let’s take a deeper dive to find out what makes Cash App tick.
An Overview of Cash App
Cash App is a unique peer-to-peer financial service that enables users to transfer funds and get paid online. Basically, having an account on Cash App allows you to send money to others through the platform. Also, receive money into your Cash App wallet, and access a whole lot of features.
The service can be accessed via a web browser or mobile app for Android or iOS devices. The Cash App shares a lot of similarities with a typical bank account, giving users Cash Cards (debit cards) which you can use for making purchases online, in offline stores, and making withdrawals on ATM.
The app also includes bonus features that allow you to make an investment in stocks, and trade in Bitcoin.
Anyone with interest could download the app and install on their devices. But you may want to read through this review before doing that.
That’s because there are some grey areas where you need clarification before using Cash App.
But, we’re still in the “white” area, so we can as well discuss the main benefits that Cash App users enjoy.
Cash App Benefits
1 – Among the Best in Card Processing
Even though this sounds self-explanatory, permit me to give you more insight into this.
You see, Cash App is owned and operated by a company called Square Inc.
If you are yet to find the connection, then let me tell you that Square Inc is one of the best credit card processing companies, while Cash App offers credit and debit cards to individuals and businesses for sending and receiving money.
The bottom line is that Cash App is built on one of the best credit card processing technologies. So, you are assured of only the best in credit and debit card transactions.
2 – A Great App for Investing
One of the unique features of Cash App is that it lets you invest in stocks. You can buy selected stocks that can be accessed through the app.
You can also buy or sell Bitcoin from your Cash App wallet.
If investing is one of your hobbies, then Cash App may just be the right tool for you.
3 – Receive Discounts through Cash Boost
Cash App offers a discount program which it makes available to Cash Card Users.
You can use your Cash Card and Cash Boost to shop in supported restaurants, coffee shops, and several other merchants. And get discounts on purchases made by you.
Whenever a Cash Boost is available, just save it from the app to get it set for use.
4 – Ease of Using Cash App
One of my favorite benefits of this platform is the fact that you don’t need to know a recipient’s name before sending money.
You can execute money transfer with just the $Cashtag or email of the receiver.
Cash App doesn’t require a receiver to own an account on its platform. Funds can be sent directly to the debit card of the receiver.
5 – Transfer Bitcoin to External Wallets
Cash App doesn’t just allow you to buy or sell Bitcoin. You can transfer the Bitcoin in your Cash App wallet into any external Bitcoin wallet. Each Bitcoin transaction takes between 30 to 40 minutes to complete, and you can make deposits worth up to $10,000.
Before you get all geared up and ready to join into Cash App. There is some information that will prove very valuable to you before you take the big step.
What You Need To Know Before Using Cash App
You can call it a mix of gloom and doom because that’s what it seems like.
This section is a presentation of basic stuff about Cash App that includes the good, the bad, and the ugly.
- Account sign up on Cash App comes with a free optional debit card for making transactions. The debit, which is issued by Sutton Bank, is unique to your Cash App account
- If you set up a direct deposit on your account, you are entitled to free ATM withdrawals. Otherwise, there is a $2 fee for using your Cash Card on an ATM
- Using your credit card attracts a fee of 3% for transactions that involve sending money via a linked credit card. However, if you send money through your linked bank account or Cash App account, you won’t have to pay the fee
- Spending limits are placed on the Cash Card with a maximum of $1,000 per day, a week; while the limit placed on monthly spending is $1,250
- Withdrawal limits also apply to your Cash Card with a maximum of $250 per transaction (and day) on an ATM. The ATM withdrawal limit on the Cash Card is $1,250 for a month
- Your fund in Cash App isn’t insured by FDIC, nor are they held with Sutton Bank. This means that your money with Cash App gets lost if the company closes down
- Cash App uses fraud detection software to protect the accounts of its users. An extra security feature called Cash App Security Lock Feature provides 2-factor authentication. This allows you to lock your app with your phone’s face ID, or touch ID authorization
- Cash App offers you $5 for referring a friend to its service while they receive $10 from Cash App for signing up on the platform.
- Cash App makes it very easy to sign up for those who are new to its platform
- Cash App is only available to use for those residing in the United States. Residents outside the United States cannot access the services of Cash App.
There’s actually a workaround for those living in the UK, Canada, Australia, and Japan.
You can download the app if in any of these countries but to only buy or sell Bitcoin.
Getting Started With Cash App
To start using Cash App, all you’ve got to do is download it and enter your mobile number or email address. You then create a unique username which is referred to as $Cashtag.
You will then need to link your bank account or your debit card info.
To send money to a receiver, enter the amount and then tap ‘Pay’. You can import contacts, send money through email address, mobile phone number, or use $Cashtag. Include a reason or description for the transfer and then tap ‘Pay’ again.
Once you initiate a transfer, you may not be allowed to cancel it. You may only be allowed to cancel if there are security breaches or fraud.
When you have an incoming payment, Cash App will notify you via email or text. By tapping on the clock icon in the app, you will see the payment received.
Cash App Fees
The fees for using Cash are not clearly disclosed on its website. You will have to find out the fees imposed on different transactions on the app.
Sending money from your bank account to the Cash App balance is free.
Sending money from Cash App to your bank account is free but may take up to 3 days for the money to reflect. If you want the money to hit your account faster, then you will need to pay a 1.5% transaction fee.
Your Cash App debit card can be used to make withdrawals through ATM for free.
Pros and Cons of Cash App
- Offers an alternative means of sending money outside the banking system
- It is a great platform that can be used for investing in stocks
- There is a lack of transparency about certain aspects of Cash App, especially the transaction fees
- You are required to pay a fee of 1.5% if you need to cash out instantly.
As the world moves closer towards a cashless society, the race becomes intense for the best money transfer solution
A lot of Money Transfer solutions have come to the limelight – each with its own unique way of solving cash transfer needs.
Our review centered on Cash App, a money transfer solution that has been making the headlines for quite some time now.
This post has laid all – the features, benefits, advantages, and disadvantages.
Do you think Cash App is the ideal money transfer solution that you’re looking for? If your answer is yes, then give it a try by downloading the Cash App today. But be sure that you meet the requirements before signing up.
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