$Cashtags allow anyone to send and receive money online
Businesses will now be able to send and receive payments easier than ever before thanks to a new transfer service from Square.
The company has today announced it will be rolling out its Square Cash service to businesses for the first time, following continued success with its customer service, which was first launched in October 2013.
Square hopes that the new service will allow everyone from charities to buskers to accept payments for the first time, and kill of cash and cheque payments for good.
To use the service, businesses sign up for a ‘$Cashtag’ – a unique profile that they can share with other users. This then allows them to set up a simple payment page at https://cash.me, where they can begin receiving payments.
The payees then enter a debit card number, expiration date, the CVV code on the back of the card, and postcode. If they haven’t previously signed up for Square Cash, they’ll also enter their name and phone number or email address to activate a new account and receive an email receipt of their transaction
Using Square Cash costs 1.5 percent per transaction, a big saving over the 2.75 percent Square charges on payments through its card reader. For now, Square Cash works with debit cards only, but is available to both Android and iOS device users.
The expansion of Square Cash is the company’s latest attempt to expand across the payments world. Last November, it announced it would be teaming up with Snapchat to power the social network’s payments service.
The company faces some strong opposition in the mobile payments market, however, especially following Facebook’s announcement last week that it would soon be allowing transactions through its Messenger service.
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