Square announced a new update to its Square Cash app that lets users – businesses and individuals alike – store a cash balance like other payments services. The feature is referred to as “Cash Drawer”.
With the feature, you can store cash you receive directly in the app or add your own from your bank account, so you can set aside funds for whatever you might need them for.
The feature is optional, and can be toggled on or off.
“When the Cash Drawer feature is turned on, anyone can keep all the payments they’ve received in one secure place and deduct from that stash to make payments,” the company says. “Anyone can access all funds in their Cash Drawer immediately by selecting the Cash Out button, instantly transferring the stored funds directly to their bank account.”
“Starting today, all Square Cash customers will be able to access the Cash Drawer and in the coming weeks customers will be able to access the Add Cash button in the app as well,” it adds. “We’re thrilled to provide our customers with even more ways to use Square Cash and keep track of their personal finances with the new Cash Drawer feature.”
TechCrunch shares comment from the company about business use:
Notes a company spokesperson, “a business may wish to turn on the feature so that they can easily track and manage their business payments in one place, rather than have them stream into their bank account.”
The feature is immediately available to all Square Cash users. It’s in a new update for both iOS and Android.
In the coming weeks, they’ll add a an “Add Cash” button”.
Images via Square