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This article was published on February 29, 2016

    Square Cash takes aim at businesses with new ‘Cash Drawer’ feature

    Square Cash takes aim at businesses with new ‘Cash Drawer’ feature Image by: Napier Lopez
    Nate Swanner
    Story by

    Nate Swanner

    Former Reporter, TNW

    TNW's former West Coast writer in the PNW (Portland, Oregon). Nate loves amplifying developers, and codes in Swift when he's not writing. If TNW's former West Coast writer in the PNW (Portland, Oregon). Nate loves amplifying developers, and codes in Swift when he's not writing. If you need to get in touch, Twitter is your best bet.

    Square Cash is now a much more able virtual wallet. Today, the app has been updated to allow users to keep a balance in their accounts.

    Rather than automatically depositing incoming funds to your bank account, Square Cash’s new “Cash Drawer” feature lets you store money in-app for use later on. You can either keep it on-hand to pay friends back, or just use it as virtual savings account.

    Speaking to TechCrunch, a Square spokesperson suggested the feature will also be great for merchants:

    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.

    That’ll also cut down on transaction fees for businesses.

    Cash Drawer is optional, and turned off by default. If you do take advantage, there’s also a new “Cash Out” option for withdrawals.