Square, is of the more popular merchant tools available. It allows you to plug in a pretty small card reader into your phone and take credit card orders without having to buy a register, or payment terminal. This is great for those that have a small business and might be a bit cash strapped in the beginning. Square also has a reader that works with Android Pay, Samsung Pay and chip cards. It competes directly with PayPal Here, actually, and has done pretty well. Today, Square introduced Cash Drawer, which is a new feature that keeps cash in your Square account from transactions made with Square.
This new Cash Drawer feature isn’t really an innovative or a big feature from Square but it should make things a bit easier to handle. You can think of it like a PayPal account. Cash Drawer still allows you to withdraw money to your bank account, like you would a PayPal account. The only real change here is that Square users can transfer money for transactions from their cash drawer to someone else’s. Instead of transferring from a bank account or credit/debit card. Although one thing that Square’s Cash Drawer has over PayPal is that when you choose to “cash out” the transaction happens instantly. Something that can’t be said for PayPal a lot of the time (of course that depends on your bank).
Cash Drawer is an opt-in feature for Square. So if you don’t want to use Cash Drawer, you don’t have too. Think of it as another way that you can use Square. And that’s the entire point of adding in this feature, to get more people using the service and using it more. The feature is rolling out in the Android and iOS apps right now, so you can download the Square Cash app from the Play Store if you don’t have it already, and get started with Cash Drawer. It’s also important to note here that when money is in the Cash Drawer, it is in Square’s hands – similar to when cash is in PayPal it’s in Paypal’s hands and not your banks hands.