Square Cash opens up shop for businesses with new $Cashtag feature
Square Cash opens up its doors to business
Looks like Square is turning up the heat on Venmo. Back in 2013 when Square unleashed their Square Cash app to the masses, sending money to friends and families has never been easier. If you have ever been in a position where you needed to send some cash on the fly, Square Cash allows users to send money easily and in most cases, instantaneously. All you need is an email or phone number and a debit card and you’re golden.
But as it turns out, businesses want to jump on the gravy train too. So Square Cash opened up their doors to businesses in the US, for a small fee of course.
Consumers still have nothing worry about. Sending money to friends is still free. However, if you’re a small business owner or someone selling something on Craigslist, the last thing you want to do is give people your real email address or phone number. So to stray the creeps away, the company is introducing $Cashtags. It’s essentially a unique public URL you can offer to people without any of your personal details being broadcasted. To see one in action, Wikipedia has a $Cashtag page where you can donate money. Here’s an example: https://cash.me/$wikipedia
Getting down to brass tacks, Square is charging a respectable fee of 1.5% per transaction. According to a recent press release “we deposit payments directly into your bank account (as opposed to a holding account), and offer an aggressive and affordable professional rate.”
With all the different payment options available to consumers and businesses, this new addition to the Square Cash family is certainly going rush in a new wave of users that company has been missing out on.