Multiple methods for quickly sending and requesting money. Cash Drawer feature lets you store money within your account. Smart Apple Watch integration. No credit card support. Lower spending limits than competitors offer. Square Cash is a refreshingly straightforward platform to send and receive cash, but, while it's becoming more like competing services, it lacks their polish.
Square knows where the money's at. The company's excellent mobile credit card readers turn phones and tablets into ad hoc cash registers, modernizing transactions between merchants and customers. But over the years Square hasn't been nearly as lucky when it comes to the more-personal transactions between friends.
The new Square Cash takes things back to basics. There's also a dedicated Square Cash Web app. Square Cash also lacks the credit card functionality and direct bank account linking featured in those apps. It doesn't even include the option for storing multiple cards and loyalty programs found in Google Wallet and Square Cash's predecessor Square Wallet. These limitations also mean Square Cash users won't face additional fees on transactions, aside from a 1.
And since money is only being directly deposited into your bank account, transactions through Square Cash can be faster than with competitors. Besides, credit card complexity is often what gets people into financial trouble in the first place. So maybe it's for the best that Square Cash only extends your plain old debit card instead of acting as a more abstract virtual wallet.
View All 7 Photos in Gallery. However, if you want that virtual wallet, and you don't want to send your money directly to your bank account, you can enable the optional, new Cash Drawer feature.
Cash Drawer holds onto your received funds within the Square Cash app. You can then cash out and deliver that money to your bank account. You can also add money from your bank account to your Cash Drawer. This feature definitely makes Square Cash more like PayPal and Venmo, but isn't quite compelling enough to overcome other limitations. What isn't limited is the number of ways Square Cash users can add new contacts. It makes sense then that Square Cash wants to grow its audience from multiple avenues.
And if the other party doesn't have the app, what better motivation is there to get onboard than "Download this thing to claim your money. A detailed activity list keeps track of where your money is moving. Both companies have solid track records when it comes to financial security. Square Cash's multiple contact methods make it feel more open than Venmo's Facebook-focus, but openness doesn't trump usefulness.
As of now, it doesn't look like that's happening. Or maybe people just don't care about this functionality. Facebook Messenger's similar payment options haven't taken off, either.
A more succesful gimmick is the recent Square Cash Apple Watch app. You can perform simple tasks like accepting or rejecting payments and sending "virtual stacks of cash" to friends and family nearby via Bluetooth, all on your wrist.
It's a convenient, social method for bringing the Apple Pay experience to transactions between individuals, and other mobile payment systems should consider it. Too bad there's no real communication between Square Cash and Square's own excellent mobile credit card readers, even if those are more of a business solution.
Square Cash's visual design also thoroughly surpasses its competitors. Maybe this is because of the pared-down functionality, but Square Cash is by far the most aesthetically appealing mobile payment system I've tested.
Shifting white text on green backgrounds conveys the feeling of money in motion without corny graphics like presidents' heads or Illuminati pyramids.
If you look at its status as essentially a replacement for Square Wallet, that's not an unfair observation. Square even claims features like credit card, ATM, PayPal , and prepaid bank card support may be added in the future. That sounds like a version of Square Cash worth relying on. He's previously written for Kotaku, The A.
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Pros Multiple methods for quickly sending and requesting money. Cons No credit card support. Bottom Line Square Cash is a refreshingly straightforward platform to send and receive cash, but, while it's becoming more like competing services, it lacks their polish. Square Chip Card Reader.
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