Square Cash Launches New Options for Instant Access to Funds
Square Cash, a peer-to-peer money transfer program from Square, just launched a new setting that allows users to get a virtual Visa debit card to access money in their account. Rather than transferring the money to their bank accounts, customers can use their Square Cash card numbers to spend money at online retailers or select in-store registers.
Users will only be able to access funds that are already in their Square Cash account. If they do not have enough funds to complete their transactions, they will need to add more from their bank accounts before using their virtual card numbers. By comparison, PayPal will simply withdraw money from your bank account if you do not have enough in your account to cover a transaction.
In addition to the virtual credit card, Square Cash now gives users the option for same-day balance withdrawals to a bank account. This process comes with a 1% fee. Users who do not want to pay the fee can receive their money the next day for free. Venmo, a similar P2P program, offers free next-day money transfers as well.
If you are interested in getting a Square Cash virtual debit card, you can sign up for one on the app. Simply enter a billing address you want associated with the card, and the app will give you the card data you need.