For those who are using a peer-to-peer payment app called Cash App, you may have a lot of questions in mind. It is possible especially for the new users who just recently started using this app. One of the things that you may be wondering about is the way the app works when receiving money. So, how does a Cash App work when receiving money?
If you receive money, the money will be in your Cash App account. Aside from that, you can also link Cash App to a bank account that you have and use that to transfer money to and from the Cash App account. In addition, it is also possible for you to send money from a debit card and spend the balance in your Cash App directly from that.
Talking about Cash App and receiving money, as one of the users of the app, you are allowed to receive direct deposits, such as a paycheck, to your account. To make everything possible, there are two requirements that should be met. First, you must be at least 18 years old to be able to open an account. Second, it is only possible for the U.S. users to make payments to the recipients that are based in the United States only. This information was given by the company spokesperson. As for the ones in the United Kingdom, you can use a Cash App to send and receive money within the United Kingdom.
As you have already found out how Cash App works when receiving money, as a new user, you are encouraged to check out more information about this app so that you will be able to know it better.
As mentioned earlier, Cash App is known as a peer-to-peer payment app. This one is described as a money transfer service that makes it possible for the users to send and receive money from friends and family members. In the past, this app was known as Square Cash. It was renamed and rebranded with a few new features. It makes the list of one of the most popular apps for sending, receiving, and requesting funds from family and friends. One of the things that make it preferred by many, especially for personal and small business transactions, is the fact that it provides fast and efficient peer payment, built-in security, customer support, and a wide range of accessibility.
There are a few features of Cash App. All of them are designed to ensure fast and simple transactions. As an active customer who signed up with the app, you have the access to a number of resourceful features, such as:
- This app can be used to do a few things, such as sending, receiving and requesting money from friends and family.
- Every new user is able to send a maximum of $250 within a 7 day period and receive a maximum of $1000 within a 30-day period. However, those limitations will be lifted once the information is updated and the account is verified.
- The ones with the Cash App debit can withdraw a maximum of $250 from ATM’s. Not only that, they can also request cash back with eligible transactions.
- Sending, receiving, and requesting money is free without any charge.
- There is an option for Instant Deposit to your bank account (1-3 days).
- For the security purpose, it is recommended for the users like you to set up a PIN or fingerprint ID to access your Cash App account.
- Besides, it is also better for you to set transaction alerts and receive notifications on activity in your account.
Not only these, there are also some other features that make Cash App the perfect option for investing, such as:
- You can make Bitcoin exchanges.
- You can connect a bank account for instant deposit.
- You can receive payments via direct deposit.
- You can earn rewards,
- You can add recurring funds to your own account.
While Cash App is rich of features, it has some limitations and fees, just like any peer payment app. They include:
- Transaction limits: There is a 30-day transaction limit for every new user.
- Delays: It can take 1-3 days for the Direct Deposits to be processed. Plus, there is a 1.5% transaction fee. As for adding or depositing money to the Cash App account, it can take up to 1-3 business days.
- Losing money: If you make a mistake by sending money to the wrong person or account, do not expect to get a refund as it is unlikely.
- No phone support: The customer support can be accessed via the app or email. If you are wondering about reaching them out through phone or in person, the sad news is that there is no way for it to be done.
- Security: As Cash App is not considered as a public platform, it means all the transactions will not be publicly shared. However, everyone is advised to take added security measures by keeping transactions within their known community, such as family and friends, or anyone that they trust.
If you are one of the users of Cash App and want to send a payment, you can follow these following instructions:
- The first thing that you need to do is to open the Cash App on your device.
- When it opens, enter the amount of money that you want to send.
- In the next step, tap Pay.
- After that, enter the email address, $Cashtag, or phone number of the account that you want to send the funds to.
- Then, state what payment is for. For instance, dinner or concert tickets.
- When everything is done, the last thing that should be done is to tap Pay once more time.
As Cash App payments are known to be instant, it is important for you to ensure that all information is correct, especially verifying the account that you are sending the funds to. Once the payment is completed, you will be able to get a notification.
On my daily job, I am a software engineer, programmer & computer technician. My passion is assembling PC hardware, studying Operating System and all things related to computers technology. I also love to make short films for YouTube as a producer. More at about me…