With so many mobile payment systems available today, we have a lot of options for sending money to friends, family, employees, etc. But, which one of these mobile payment systems are the best — which one offers you the most intuitive UI? Which one makes it easy to send money without jumping through too many hurdles? These are questions you can only answer by setting up the mobile payment systems that you’re interested in and trying them out. However, that can take a long time, so today, we’re doing the research for you.
We’re pitting Square Cash and Venmo, two very popular mobile payment apps, against each other today. We’ll dive into them, show you their pros and cons, and help you make a decision on which one is better.
First up, we have Square Cash. If you haven’t heard the name Square before, you’ve probably been living under a rock. Square is a mobile payment giant that has primarily operated within commercial applications, but now we have Square Cash for sending money back and forth to friends and family; you can, of course, use it to pay employees as well, but it’s primarily application is for sending money to friends and family quickly and easily.
Square Cash is an intuitive mobile payment app that is easy to setup. Create an account, verify with your phone number, and you’re almost ready to roll. Square Cash lets you add a bank account for conducting transactions, but not everyone has their account and routing number handy. So, Square Cash also lets you use your debit card to send money. Transactions are instant this way, and you can even withdraw money to your bank account with your card, which makes it instantly available.
You can add money to your Square Cash account as well through this method, and it deposits instantly so you can send money to friends instantly. You can also just type in a friends’ cash tag, how much you want to send, and send it to them instantly that way (that skips the step of adding money to your Square Cash account, meaning it pulls it directly from your bank account).
Square Cash is completely free to use, although instant transfers will cost you some money, and it depends on how much you’re transferring. The rate is 0.01% for instant transfers, but it’s free if you want to do a normal ACH withdraw to your bank account. It’s worth noting that credit card (as opposed to debit) transactions are possible as well, but there’s also a 0.03% fee there, too.
Download it now: Google Play
Venmo is similar to Square Cash in a lot of ways. You can send and request money to and from friends, families, and even businesses. Friends and family transactions are free of charge, though instant transfers usually have a fee with it. You can add your bank account, but you can also use your card to send money, too. Sending with your debit card is free, but if you use a credit card, there is a 0.03% fee on the transaction.
One thing you might find is that Venmo isn’t nearly as popular as Square Cash, especially as far as name recognition goes. It’s still a good application, but one area Square Cash has it beat is when it comes to the user interface. Venmo isn’t very intuitive, and the UI feels messy and sometimes difficult to navigate, whereas Square Cash is straightforward and focuses on removing the steps necessary to send money.
The biggest downside Venmo might have is a lack of support for instant transfers. Venmo doesn’t even support instant transfers with a debit card, meaning you’re left with a bank account or ACH transfer, which takes a lot more time. When you withdraw money to your account, Venmo will let you know the estimated arrival time, which is usually one day, but it can take longer depending on holidays and the weekend. This is a downside, because it leaves you short out of luck if you need cash instantly during the weekend or a holiday.
Still, Venmo is free to download and use. You can get started with it at the link below.
Download it now: Google Play
As you can see, both Square Cash and Venmo have their pros and cons. But, it seems that Square Cash has a lot more pros when it comes to sending and receiving money. Being able to transfer money instantly to your card is huge, especially if you get in a pinch and need friends or family to bail you out immediately.