It most definitely is. First, we do not store any of your personal information outside of your name, number, email and address. Financial info is stored by Stripe.
Key security features include:
– Cloud Infrastructure Security:
- All computing instances in the CodeCash Cloud are deployed in individual Virtual Private Containers (VPC) and the only access to the app server is from the mobile app or through secure web access, and web access is only permitted via a secure AWS PEM certificate.
-Encryption on Device and In Transit:
- CodeCash leverages AES 256 bit encryption. All personal data is encrypted in the CodeCash database using the AWS Key Management Service (AWS KMS).
-Password, Banking and Card Account Information Not Stored in CodeCash:
- When debit or credit cards are added to CodeCash, account information is not transferred to, nor is it stored in CodeCash. The only information stored and displayed are the last five digits for the CodeCash identification number, which would be useless to a hacker. All handling of card accounts and account information is handled by Stripe.
Currently, only merchants can receive money. This will change in the near future when we enable peer-to-peer payments.
However, one can easily register a company through LegalZoom and open a business account at your local bank. Fees at Legalzoom range from $79 to $149.
Once you have your business registered and a business bank account you can receive money via CodeCash.
Codecash is currently a peer to merchant payment app. Peer to peer is coming soon. To send money to someone you simply need to connect your debit or credit card.
BY CREDIT CARD:
If you choose to send money with your credit card only. Simply enter your credit card information, which will be stored in Stripe’s secure database. Credit Cards may offer you some payment protection but you should check with your particular card.
TO RECEIVE MONEY:
First, make sure you are signed up as a company. Then, simply provide your QR Code to anyone. Your personal information cannot be determined from your QR Code. Feel free to create a public billboard with your QR code on it and people will not receive your personal information. It’s also important to note that you can only put money INTO A QR CODE, you can never PULL MONEY OUT of a QR code. Your money and information are safe!
Please note you can also use the REQUEST feature in Codecash to receive funds.
Go to the transactions section to see a list of money that has been sent or received. You can also change the note on the description to say anything you want. For instance: Business Dinner with John Smith.
You can click on any transaction to message with a recipient or sender of money. This Chat feature is especially useful to independent vendors who can now sell various products using Instagram (as an example) – no need for a costly and time-consuming website. The Chat feature allows customers to outline preferences like merchandise size, color and quantities and special shipping requirements.
Please note the Chat feature can be blocked by either side.
* It’s important to note that once money is sent CodeCash cannot get it back. Please make sure that all your recipient information is correct and even try testing a recipient by sending a small amount first (eg. $1.00), and then the larger amount.
You can send money in several ways:
Send or request money by scanning a Codecash QR code. The app will ask you to confirm if you’d like to send to this recipient and then agree. Then enter the amount you’d like to send. Your identity and info is automatically hidden from all recipients unless you check the box marked “Send my name and photo”. You can also add any note or information you want in the NOTES section before hitting send. If you choose to remain anonymous the recipient will only receive the last five digits of your QR code user number. It’s important to make sure you confirm a recipients identity before sending money.
QR CODE SCREENSHOT:
You can also send and request money by uploading a picture or screenshot to the app. Simply go to the send money and choose “upload picture of QR code”. The app will find the QR code in the picture and then ask if you’d like to send (money) to the owner of that QR code. Then enter the amount you’d like to send. Your identity and info is automatically hidden from all recipients unless you check the box marked “Send my name and photo”. You can also add any note or information you want in the NOTES section before hitting send. If you choose to remain anonymous the recipient will only receive the last five digits of your QR code user number. It’s important to make sure you confirm a recipients identity before sending money.
You can also search for a person or merchant’s name to send or request money. Please confirm their identity by checking the last five digits of their user number before sending money.
At the time of this writing we have the lowest transaction fees for a payment app.
To send money is free.
This is a one time only KYC (Know Your Customer) charge for Merchants:
Merchant Identity Verification: $5 (a one-time charge only)
If customer pays with a credit card there is a 2.99% + 30 cents charge per transaction. This is basically what the card processors charge Codecash.
1. Can the same individual (using the same phone) register as a Merchant (for their business), and also register as an individual to pay for items using CC?
Answer: No, in CodeCash you cannot register multiple account profiles, ie. Merchant and Individual, using the same phone number. Each phone number in CodeCash is unique so you cannot do that.
2. I’m using CC as an individual now but may decide to start my own small business 5 years from now. Would I be able to convert my individual account to a merchant account at that time? I’ve deleted apps in the past but if I try to download and set them up again, I usually see the “this email is already associated with another account” and get kicked out.
Answer: No, you cannot switch from an individual account to a merchant account or vice versa in CodeCash using the same phone number. This may be addressed in future updates of the app.