Square opening up its Cash service to businesses and making it easier for people to make direct payments for services with a new tagging feature.
Businesses will now be able to accept payments through Square Cash, which automatically deposits the funds into a bank account with a processing rate of 1.5 per cent.
The payments company is also introducing Cashtags, which allows users to create personal tags – a $ symbol followed by a name. These tags are shared to receive payments, which can be made through the company’s app or Square Cash site.
Non-profit companies such as Wikipedia, the USO and RED have also claimed tags.
“We think Cashtags are a fantastic marketing service that lets your customers, donors, fans or even friends pay you quickly and securely,” said Brian Grassadonia. The head of Square Cash sees the feature being used to send tips, and the tags added to business cards to bring in funds.
“There’s all sorts of people that are producing work where they’re not currently getting paid,” he added.
Square users were previously only able to pay one another using a phone number or email address.
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