Take up $ Cashtags payments merchants to a new level -
never thought you would be able to pay for something with a hashtag? It is square, financial services and mobile payment company based in San Francisco, trying to make it a reality with its new $ Cashtags launched. This new payment option is to eliminate checks for small business owners.
Square is not a new face in the application arena of payment, because it already has a payment peer-to-peer (P2P) application called Place of cash, where users can easily send money online at no additional cost by simply entering their debit card information. Once the recipient accepts payment either on application or by e-mail, the money is deposited directly into their account. The company also has a Square reader, which is the card reading device that small business owners can attach to tablets and smartphones to accept payments by credit card
Although instead is not the option top peer-to-peer payment. - Fortune reported that 73% of US adults who use the Internet for P2P use PayPal - it made a big mark on the world of P2P application with its exclusive agreements with companies like Snapchat. And with the introduction of $ Cashtags, it will be interesting to see how the place will change the way business and consumer relationships develop.
How does $ Cashtags Place?
$ Cashtags are more or less hashtags, but with money. First, companies create a unique name for its $ Cashtag, for example something like $ CoffeeCoffee, with the dollar sign included in the name. This unique property $ Cashtag allows business owners to accept payment without having to give their phone number or address personal email, which is what consumers are required to enter when they pay with the application of cash Square. To make a payment using this system, customers just need to enter your name for $ Cashtag in implementing treasury Square, or customers can also use the cash Place site and entering the $ Cashtag ID and the payment amount. Once the company accepts the purchase, the amount is deposited in the bank account associated with this $ Cashtag.
What do I know?
The target audience of Square $ Cashtags is small business or nonprofit that generally accept checks as payments or donations. Unlike cash Square for consumers, businesses will be charged a small fee to use instead $ Cashtags. The company will take 1.5% of each transaction on your part to use the service; traditional credit card swiping the service of the company, Square Reader for Enterprise 2.75%. $ Cashtags are currently available in the US, and while consumers using cash instead will always be subject to the limit of $ 2,500 in transactions per week, the company will raise this limit for businesses.
How secure is and should I use?
If you are a business owner, $ Cashtags (with square Reader) can provide a cheaper alternative to traditional merchant services that you want to pass through a large bank, but is it worth it? Banks are required by law to observe some security, and they have procedures in place to maintain the necessary measures. In addition to these small businesses enter the merchant payment area, you'll want to do your research on the level of encryption and security measures. Square does not purport to use encryption when processing all of its payments, however, hacks and data breaches have been a major concern and widespread nowadays. Because of this, you'll want to consider the risks and benefits before opting to register. After all, you provide your banking information to the company.
Similarly, consumers will also want to take into account the potential risks before deciding to use a $ Cashtag or instead of cash to make a purchase app. Since you have to connect your banking information to the application, you'll want to do your research. An additional guarantee that you can watch uses a mobile security application that provides special security features to ensure the application you are using is secure. In addition, you should always be sure to monitor your transactions on your bank account closely and be wary of who you choose to put your personal and financial information.
Want to know more? Follow our blog of protection against identity theft to discover other ways to protect yourself.
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