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If you’re always on the go, managing and earning money from your smartphone is a convenient way to keep track of your finances. Here, we will investigate three apps that let you receive and send money, invest money, and earn money. Venmo is a popular payment application that allows you to pay friends and family, as well as retailers, directly through the app, similar to PayPal. Venmo began in 2009 as a text-message-based payment method, but has since expanded to a more robust, dedicated payment application, although its text-message history is still evident in the way that senders can send money to receivers along with messages and emojis.
Steady is an app much like TaskRabbit that lets you earn money with side gigs, and Steady review articles often rave about its earning potential. Tutoring, babysitting, lawn care, errands, writing, and other part-time and full-time work are all options on Steady for those in need of some extra money. Cash, formerly Square Cash, is another payment method application, but has also branched out into a minor stock investment and cryptocurrency service. Cash offers a debit card that allows for purchases in retail locations using the balance in the Cash app account. So, what are the advantages and disadvantages of each of these products?
Pros and Cons?
In terms of managing your finances, each of the three applications has its own advantages and disadvantages. Steady vs Venmo articles often point out how easy these apps are to use, as do Steady vs Cash App review articles demonstrating the flexibility of each. Here are a few things to be aware of before deciding which app to utilize in your financial management strategy.
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Payments are fast and easy with Venmo thanks to the fact that it doesn’t charge any fees for money transactions that don’t use a credit card, and the fees are low if using a credit card. Venmo is acceptable as a payment option in some stores. There is a debit card that is also useful for in-person transactions, and the app is still useful as a messaging app. There have been reports of data breaches and privacy issues with Venmo, however, and once a payment clears, it cannot be reversed or canceled. The recipient must cancel any payments that are erroneously sent. Venmo does not allow for international transactions, and sadly, scammers make use of it frequently.
Cash enjoys widespread acceptance in the United Kingdom and the United States. This app makes it simple to send and receive payments, and it is also accepted as a payment method by some retailers. Investing in Bitcoin and stocks has recently become possible within the app, with the balance of each investment being convertible to a currency for payment purposes. The app offers debit cards that can be used to withdraw money from the account balance, and the app makes it easy to reimburse customers for things like split bills. On the other hand, users are limited to sending and receiving only $1K in the first 30 days, which can be problematic if used as a payment for freelance jobs. It is not FDIC insured, nor can it be used internationally.
Steady, as a means of income, is fairly straightforward, and the signup process and business of linking a bank account are easy, according to Steady review articles. For those seeking side gig income, there are hundreds of options available in this one app, and payment to and from clients and workers is quick and easy. Additionally, the app provides cash grants and income trackers, as well as a wide variety of jobs and earning opportunities, and the premium version of the app that allows for more applications for jobs is reasonably priced. On the other hand, the commission fees for payments can be rather steep, and the applications for jobs is a continuous process, as each job must be applied for individually.
As we can see, there are many apps out there that allow mobile users to manage their finances, in both earning and spending, and each comes with its useful features. Venmo and Cash are great for managing the money you have, but if you are looking to earn some extra money, Steady is definitely worth looking into. Whether you need full time employment, or just some extra work on the side, Steady will help match you with the perfect job, with the potential to earn as much as $25 an hour in some jobs, or as much as an extra $5K a year. Steady vs Venmo articles tend to point out the fees associated with these services, and Steady vs Cash App reviews often mention the need between earning an income and managing it within mobile applications. However, for those looking to boost thier income with earnings and financial tracking, Steady is not to be missed.
How secure are these applications?
All three apps use robust encryption methods designed to protect your personal information and bank account information.
Are any of these applications FDIC insured?
Will I have to pay taxes on my financial transactions and earnings?
In America, you are required to pay taxes on any earnings over $500 in a calendar year from a single entity. If you invest in stocks and cryptocurrency in Cash, and sell them, you will need to pay taxes on those. Financial transactions between customer and retailers might be subject to sales tax, but transactions between peers are not taxed.
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