Square’s Cash App has been dealing with performance issues lately. The money transfer app recently expanded to support bitcoin trades to get an edge over competitors, but that has resulted in frequent disruptions where users might see their “payments pending” for extensive periods. Fortunately, there are ways to confirm your money’s location whenever the app is feeling sluggish.
The recent performance problems haven’t slowed down exchanges. In a 10-Q filing submitted to the U.S. Securities and Exchange Commission, Square, which is headed by Twitter CEO Jack Dorsey, declared more than $34 million in first-quarter revenue from cryptocurrency purchases alone. Of course, when factoring in the cost of purchasing the cryptocurrency, the company’s total profit from Q1 is only about $223,000.
Still, the small profit means the company’s digital transactions don’t seem to be slowing down. Since the app’s painfully slow loading tends to be due to traffic problems and an overwhelmed server, it’s smart to keep in mind these options.
Find Your Money
Before canceling or updating the transaction, it’s important to identify the point at which the transaction froze. Assuming the entire app isn’t malfunctioning, check your Cash App balance in the top of the screen. If the dollar amount doesn’t reflect the expected balance, check your linked bank account to see whether the transaction is pending.
Cancel the Payment
If your purchase appears in your bank account but has not yet been confirmed by the Cash App, canceling the payment could be an option since the payment has not yet been accepted by the recipient. If you cancel a payment within 24 hours of sending, the funds will be voided. Square won’t let you cancel the payment when the payment is completed instantly, but since that clearly isn’t happening sometimes, this is one option.
Cancel by opening Cash App and tapping the clock icon in the top right corner. Select the account you sent the payment to and select the “cancel payment” at the bottom of the screen. If you don’t see the option to cancel the payment, this means it has been completed and can no longer be canceled.
Dispute the Charge
As long as the Cash App is linked to your bank account, you have the right to dispute any unauthorized charges made to your payment card. Square is unable to provide refunds on behalf of Square merchants, so your best bet is to contact your card-issuing bank or credit institution.
And if these problems persist, there are always Square’s competitors, including Venmo, PayPal, and a crop of other new money-transfer apps that are vying for your convenience.