Cash App, one of the big players in the game, have their hands in the P2P industry, bitcoin, and stock trading and so many more.
Whether you are looking for a way to pass cash around, or bitcoin deal, or a stock investing machine,
Most of those questions will be leveled out and by the end this post, you should be well enlightened.
This post covers everything you need to know to get started with Cash App, no joke
Let's dive in
What is Cash App
Cash App (previously known as Square Cash) is a mobile platform, developed by Square, Inc, based out of San Francisco, California, USA.
Which offers users a peer-peer payment system and some financial services such as money transfer, (sending and receiving), Buying and selling of bitcoin, stocks trading, an account for saving funds, and a debit card that can be used at ATM's to take cash and more!
All of this can be done from the account, and if you have a bank, credit, or debit card link to the system
Cash App was started on October 15, 2013, to provide financial service and a simple peer to peer payment system.
With Jack Dorsey, co-founder of Twitter, and Jim Mckelvey as its founders and as of February 18, 2018, the platform had 7 million users.
It was only available In the US when they started, but was later extended to the UK, with limited features of the app only available to UK users.
Therefore if you live outside of these countries you’ll not be able to use the service or platform.
As of 2020 Cash App has an estimated 30 million active user, 90 million downloads and made $1.63 billion in revenue in the third quarter of the year,
And in 2019, it accounted for 27% of the gross profit of the parent company (Square) revenue for that fiscal year.
This platform offers an amazing service that eases the process of money transfer,
Which is a smart way to keep some change around, which can be used for eating out, paying for stuff when shopping online, or splitting the cost for a trip, and so on
This can be a great way to limit your spending, as you can allocate some spending money in the app, and when you're through with the money, it's game over!, No more spending.
Better still, it can be a great way to keep the money for trips, vacation, shopping, and kid's allowance without requiring you to have another bank account.
Features of Cash App
Cash Transfer plus an Account
The platform provides a flexible means of sending and receiving money by providing an account called "Cash App Account,"
This account can be linked to a bank, a credit or debit card, to which you can deposit and withdraw funds.
It can also be used to transfer money between friends and family, a colleague at work or your very unpredictable friend or anyone at all,
Once they are users of the app or are willing to use the app and they reside in the US or the UK
The transaction fees cost $0 in most cases, and you start transferring money with the platform today by tapping the ($) dollar icon located at the bottom of your phone screen.
Send cash
The app can be used to send funds to others using their email address, phone number, or cash tag (also known as $Cashtag),
It can also be used to send funds to a bank account, and have the funds deposited into any local bank account.
Which in some cases this can be the bank account that you've linked with the system.
Once you are done setting up your account, and linking a debit card or an existing bank account,
Then you simply send money to them, usually, you need their details, which would be their $Cashtag or email address,
For existing users, their email or $Cashtag would work just fine, but for people who are not yet users of the platform,
You'd need the email address of the receiver, to send the funds. The recipient will get an email notification, requesting them to join the system, to redeem their money.
However, there are a few things to aware of
- For non-verified users sending is limited to $250 in a week and limited to receive only $1000 in a 30-days interval. Regardless if it is a one time or multiple payments.
- For verified users sending is capped at $7,500 per week and allowed to receive an unlimited amount of money in a 30-days interval. Regardless if it is a one time or multiple payments.
Withdrawal and cash request
You can use the app to transfer/receive deposits from your existing bank account, debit or credit card which is linked with the system, you can also receive or request money from other users likewise.
All of these can be done for free if you are willing to wait a day to three days when you use a debit card or bank transfer to make the payment.
Usually using a credit card will not be advised as it attracts a 3% fee.
This means sending $1,000 from your credit card to your Cash App account would cost an extra $30.
You can opt for the instant deposit option that would require you to pay a 1.5% fee for such transactions.
This allows funds to be deposited within 30 minutes or less, in case you are in a hurry and need the funds immediately.
And just like for sending funds
Verified users can receive an unlimited amount of money, while unverified users are capped at $1,000 in 30 days.
Note: A local bank has to link to the app for this function to work.
Cash Card
Cash Card was debuted in 2017, it features a debit Visa card, which can be issued to users of Cash App for absolutely free of charge, once you request for it.
Users can use this card to, withdraw money at ATM's, transfer funds to your Cash App account or any local bank account, pay for goods and service, make purchases from retail and online stores, once it is funded.
Usually from your Cash App wallet/account. This card can basically do what your traditional bank debit can do! without involving your local bank.
Once you sign up for an account, you can request a Cash card, you'd be required to go through a simple verification process.
This would require you to provide your full name, date of birth, the four (4) digits of your social security number, and contact address.
Note: You'd have to be at least 18 years of age to be eligible to request for the Cash Card, '
The card requested would be sent to the user, usually delivered to your address in 10 business days, and it would be ready to use once it is delivered.
Features of Cash Card
100% free debit card
This card can be used to do whatever your local bank debit card can do, for absolutely $0,
But there is also a $5 fee to pay for a redesign with features such as signature, colors, design, and drawing if requested, but that is optional.
Disable Feature
The card features the ability for users to disable the card directly from the app when the card is not in use. This can be a great way to safe_guide your account from theft, fraud, or matters of debit card that touches the heart.
ATM withdrawal limit
Here's the breakdown of the limits
- $310 for a single withdrawal
- $1000 in a 24-hour time frame.
Cash Card Fees
Cash App charge $2 for withdrawals and there also fees from the ATM operators, incurred by using your card on their system, they only charge $2 for withdrawals, and if lucky get a free of charge ATM, then lucky you!
But if you receive $300 or more of deposit in 31 days, Cash App will reimburse the fee for 3 ATM withdrawals which can be high as $7 per withdrawal.
Cash Boost
Cash Boost is a discount/rewards program available for users of the Cash Card. By using your Cash Card along with Cash Boost turned on,
You can receive discounts and cash-back on purchases at coffee shops, restaurants, some online and retail stores, and other merchants.
One big pro to this feature is that the discount received is instantaneous when you make purchases, than having to rather wait for a rebate.
These discounts are usually cycled off, sometimes these could be 10%-off at select restaurants or stores, or a $1 off at a coffee shop (e.g Starbucks).
The boost feature can be applied to a select category and be swapped for other offers.
Once a Cash Boost is available, you can save it from the app, and it then ready for use by you from your Cash Card.
Bitcoin Trading
Cash App offers a way to buy bitcoin from funds available in the Cash App account,
Also sell, track/monitor the price, and transfer bitcoin to a digital wallet straight from the app, while having one of the lowest transaction fees in the business.
Buying bitcoin from the platform would require that there are funds available in your account.
You can sell any amount of the bitcoin that you have, through the platform.
You can also deposit bitcoin in your account if you have an external wallet,
Usually, you can deposit bitcoin worth up to $10,000 in a 7-days time frame and take a few hours to complete a deposit.
Users can also withdraw up to $2,000 and $5,000 worth of bitcoin from your account in a 24-hour and 7-days period respectively.
It should be noted that you need to have a minimum balance of 0.0001BTC before you can make withdrawals from your account.
Started in January of 2018, Cash App has become a big player in the bitcoin scene, with 72% of its 2020 second-quarter revenue derived from the bitcoin trading service that it offers.
This equates to $1.63 Billion in revenue from bitcoin in the third quarter as the Parent Company Square announces on Twitter.
Features
Low transaction fees
while Square cash doesn't have a fixed fee for bitcoin transactions, their fees are quite low, usually around 1.5% or less. from what I could find online. But the Cash App website states "Cash App charges two kinds of fees for bitcoin transactions: a service fee for each transaction and, depending on market activity, an additional fee determined by price volatility across U.S. exchanges.
Bitcoin purchases and sales made through Cash App are carried out at a mid-market rate that is determined by exchange prices." Usually, the fees are listed on the trading dashboard.
Monitor and track prices of bitcoin in real-time.
Automatic Bitcoin purchase: One big feature of the Cash App bitcoin platform is being able to schedule bitcoin transactions automatically based on market trends, which only require a minimum of $10 for purchase, to use be eligible to use the feature.
This can be set up for automatic purchase every day, a week, or 2-weeks, this is largely dependent on how often you will like to buy.
Stocks Investing
You can get started with stock trading using the Cash App platform for as little as $1, the platform provides a simple system invest in stocks, which can be done right from the app.
To use this feature, you'd be required to open an investing account with the platform, which is free, does not mandate a minimum account balance, and does not incur transaction fees for buying and selling.
While the Cash App platform itself doesn't charge fees, there are some fees involved in the system, these are fee required by government agencies, (E.g SEC )
However, these fees would be made known to you before a trade is confirmed.
Features
Zero transaction fees
You will incur no fees from Cash App for stock trading (buying and selling), there are also other fees to take note of, such as government fees which you may be required of you to pay.
"Cash App investing has a limiting feature that limits customers/users to the buying power of the user's balance, its add cash limit and also limited to three-day trades within a rolling five day trading period. "
For more on that CLICK HERE.
This feature is only open to individuals 18 years and above, who US residents and are willing to some personal information such as:
Full name
Date of birth
Contact address
Social security number.
Buying of fractional shares
The platform allows user to buy fractions of shares from big companies and corporation for as little as $5, which allow individual with a lower budget to get some piece of the cake (Not everybody has $1000 to buy a single share),
When compared to some of its competitors which only allow for the purchase of complete shares.
They also allow for the purchase of complete shares likewise.
Great user experience
Possess a simple system with great user experience, their platform provides a system that is intuitive and easy to use both for buyers and sellers.
International money transfer
Square system allows you to make international transfers between individuals in the UK and the US.
Now you can send and request funds to and from family and folks in the UK free of charge ($0), As of writing, this is only available in the UK and US.
Payment made in USD will be converted to GBP using the mid-market exchange rate at the particular time the transaction was carried out.
Usually, the exchange rate will be shown to you in the app, before the transaction is completed.
Support various popular credit and debit card
Cash App supports a range of various credit and debit cards, they accept cards from American Express, Master Card, Visa, and Discover to be linked to your account.
While Cash App support prepaid card, not every prepaid card is supported, prepaid cards from PayPal and ATMs are not supported.
Overall government-issued prepaid cards and most debit and credit cards are supported.
Note: you cannot use a government-issued prepaid card to receive deposits.
Large range of linkable services and apps
Cash App can be used to transfer money to Google Pay, Apple Pay, and Bill Pay by simply linking these platforms to your account. This is both for Cash App itself as an app and the Cash Card.
Benefit/pros of Cash App
- Card disable the feature, the company as stated on its site provide a disable feature for the card, in an event that it is lost or stolen.
- Synchronized Security: According to the company site, the card pin would be the same as the Cash App pin itself.
- Integrated system for buying and selling Bitcoin and stocks trading
- Zero transfer fee option for money transfers using the app,
- Sign up with your existing bank card
- Get a free debit card to use with Cash App
- Earn rewards
- Receive payments via direct deposit
- International money transfer is available
Cons of Cash App
At the time of writing the platform is only available in the US and UK, having a very small audience as compare to what is possible with a worldwide audience or consumer base,
These limit the availability of the app to everyone when compared to other similar services like PAYPAL, PAYONEER, or TRANSFERWISE.
But the company on their end is promising to add more countries to that list and expand its service to more locations.
At the time writing Cash App have an automated response customer service outlet, which some people complain about.
Competitors
While the platform has been around for some while and amassed a very respectable market share, and It’s therefore bond to have some competitor here or there.
Here is a list of its competitors
Coinbase (bitcoin)
Robinhood (stock trading)
Cash App fees
Usually, most services that Cash App offers are free or low charged, it's possible to perform transactions especially in the P2P and stock trading services for $0 (free).
It just depends on the service type you go with, as you can send, deposit, and withdraw money without paying a dime!
Typically this would require waiting for 1-5 business days for the transaction to be processed.
There are, however, services that you pay fees such as payment involving credits card, instant deposit, and bitcoin transactions.
ATM Withdrawal
There is a $2 fee on withdrawals using the cash card which is reimbursable if you receive a deposit of $300 or more in a 31-days period
Sending
Free
Standard Withdrawal and Deposit
Free
Instant Deposit
1.5%
Credit Card Payment
3%
Debit and Prepaid Card Payment
Free
Bitcoin trading
Not stated, usually low, under 1.5% in most cases.
Stock trading
Free
Cash App Debit Card
Free
Redesigned Debit Card
$5
Cash App reviews and complaints
Overall Cash App is a pretty good App at what it does, they have a pretty good review on the Google and Apple play store,
Which sits at 4.1 out of 5 stars on the Google play store and 4.5 out of 5 stars on the Apple play stores, with both of these reviews are positive from both respectable platforms,
But they also have pretty bad reviews of 1.2 stars out of 5 stars on Trustpilot, while they just have about 2,273 reviews, compared to Google and Apple play store's 268k and 415,676 reviews respectively.
While that can be considered overkill, it's worthy to mention a few sticks that pops-up
1. Cash App support
Cash App does not offer human to human phone support, which is also stated on their site
"Please note that there are currently no phone numbers that you can call to speak with Cash Support". Source: Cash App.
Now, what does this means?- That means you suck with receiving automated instruction over the phone, as the only phone support they offer or contact them on their site at cash.app/support.
This is the Cash App support phone number= 855-351-2274
Better still reach them by mail at the mailing address
Cash App.
1455 Market Street Suite 600
San Francisco, CA 94103
2. Cash App suggests that you should money to people you know and trust, as they don't support cash-back for mistaken or unintended payment, i.e
This means that you cannot get refund funds taken from a receiver account and sent back to the sender after the transaction has been completed in the case of unintended or mistaken situations.
"Cash App to Cash App payments are instant and usually can’t be canceled''
The only thing to do is to request for the payment back, which is at the sole discretion of the recipient sending the money back! .Ouch!!
Is Cash App safe
Overall, it's a great app to get money across, make payments, get cool discounts, trade bitcoin and stocks, and many other stuffs. They have the highest level of data compliance in the payment industry, which is PCI Data Security Standard Level 1 compliance.
It's also worth knowing keeping your account safe is also part of your job, never be complacent with your personal information and password, if you see foul movement, be sure to contact them on time and (... c'mon, you know the drill).
I think it's all about choosing the right tool for the job, and which it can do some pretty good!!!!
Comments
Post a Comment