Your banking app may also already have the payment transfer service Zelle built into it, which could become more popular than Venmo this year. If you’d rather not download a new app, both Facebook and Google offer ways to send and receive money through services you may already use, like Gmail and Messenger. Square Cash also allows you to discover users nearby using Bluetooth, lowering the possibility of sending beer money to the wrong John Smith. That higher fee can be a pain if you need to move a large amount of money quickly, but neither app charges anything for non-rush bank transfers, which typically occur the next business day. One downside to Square Cash is that it charges a 1.5 percent fee to instantly transfer a payment to your bank account, while Venmo only charges 25 cents. The app was downloaded more times than Venmo in July and, as of earlier this week, it ranked higher than Venmo in the Apple App Store in the free finance apps category.įor the most part, Square Cash and Venmo share many of the same features. Sure, all your friends may be on Venmo, but maybe not for long: Square Cash is quickly growing more popular. The app's interface is sleek and easy to use, and there's no weird newsfeed. If you have an Android device, or simply want a payment app that’s hardware neutral, Square’s Cash app works great. ![]() One downside: You can only use it to transfer money between Apple devices. ![]() It was also rated the best peer-to-peer payment app by Consumer Reports earlier this month, largely for its robust security protections. Apple Pay Cash, the iPhone maker’s Venmo-equivalent, requires two-factor authentication on your Apple ID to start making payments. Is Cash App better than Venmo It depends. It’s also more suitable for small businesses. On the other hand, PayPal is better for more secure, safer transactions. PayPal Holdings ( PYPL -0.20) and Square ( SQ -1.06) are often compared as investments. Venmo is a better option for sending money to friends and family quickly. But there are plenty of better options out there. The two payment tech disruptors are playing very different games in their bids to be the future of fintech. Certain activities, or the industry you work in, may cause payment processors to characterize your merchant account as high risk. Cons: There’s a 3 percent transaction fee for credit cards (a linked bank account or a PayPal balance are free), and transferring money from PayPal to your bank account can take up to five. Sending Limit: 60,000 Venmo How Venmo Works: Just like PayPal, both the sender and the recipient need to have Venmo accounts. If Venmo were the only cash-transfer app of its kind, then fine. PayPal may be better for small businesses with an international customer base, but if price is a priority for you, Square may be your winner.
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