And composing an email to send someone money is secure how? What stops someone from spoofing my email address, CC'ing it to cash@square.com, and clearing me out? And if someone does get in to my email account I'm toast?
Square Cash
31–40 of 295 posts
Re: Square Cash
#32They're obviously taking a loss on this (due to credit card fees) if the recipient gets the full amount sent. So this must be a loss-leader that's building up to something else where they expect to make a ton of money.
That "something" is most likely just "replacing cash and cards", but will be interesting to see how it plays out. It's a bold move regardless.
EDIT: I meant debit card transaction fees, not credit card fees.
Re: Square Cash
#33This is one area where the US seems to be behind compared to the UK. I am from the UK and that service would look quite poor if it launched over here. We have a system called faster payments service that offers instant (although in some cases up to 2 hours) bank transfers for payments up to £100,000 (can differ between banks). You can use this directly if you share bank account numbers and sort codes but there are also wrappers around FPS like Barclays PingIt that people can register with and use your mobile number instead. There is no fee associated with these services.
Re: Square Cash
#34Echoing the other commenters: this is really great, but I'm a little weirded out because it's free. I'd like for them to be upfront about why it's free, since all the alternatives aren't.
That's not true, venmo and paypal and google wallet are all free if you use ACH.
Re: Square Cash
#35Hmm neat, however what benefits do I get using this when it's also built into Gmail and provided directly by Google Wallet? http://www.google.com/wallet/send-money/
Because you don't use gmail? Because your target doesn't use gmail? Because you're already a square user and not a Google Wallet user? Because you'd like to use a debit card without paying a fee? Because you like the letter S better than you like the letter G?
I'm pretty sure Google Wallet in Gmail lets you send money to someone not using Gmail. But you are correct. I guess it's a good solution if you don't want to deal with PayPal/etc. when you happen to use your own email setup or Outlook/Yahoo/etc.
Re: Square Cash
#36Hmm neat, however what benefits do I get using this when it's also built into Gmail and provided directly by Google Wallet? http://www.google.com/wallet/send-money/
The products are marketed very differently and have different features. Google Wallet is explicitly hoping to replace your wallet, focusing on loyalty cards, NFC payment, online shopping, and fraud monitoring, in addition to simply sending money to friends.
On the other hand, Square is positioning Cash as a dead-simple way to send money to friends, whether or not they've download the Latest Social Micro-payments App™. Its plumbing. Long run, they are obviously gunning for cards-on-file to support their merchant tools, where they make money hand-over-fist.
Who knows...Square Cash might expand into something that resembles what Google Wallet is today. They seem to be starting with the basics.
Besides that, Google Wallet is available in all 50 states, while Square does not allows residents of Hawaii and Tennessee to send money (only receive it).
Re: Square Cash
#37Hmm neat, however what benefits do I get using this when it's also built into Gmail and provided directly by Google Wallet? http://www.google.com/wallet/send-money/
Gmail "Send Money" charges a fee of 2.9% for people who don't use Google Wallet.
Re: Square Cash
#38They're obviously taking a loss on this (due to credit card fees) if the recipient gets the full amount sent. So this must be a loss-leader that's building up to something else where they expect to make a ton of money. That "something" is most likely just "replacing cash and cards", but will be interesting to see how it plays out. It's a bold move regardless. EDIT: I meant debit card transaction fees, not credit card…
Debit cards only. I'm sure the fees are significantly lower for debit vs. credit cards.
Re: Square Cash
#39Earlier quoted context omitted.
Because you don't use gmail? Because your target doesn't use gmail? Because you're already a square user and not a Google Wallet user? Because you'd like to use a debit card without paying a fee? Because you like the letter S better than you like the letter G?
I'm pretty sure Google Wallet in Gmail lets you send money to someone not using Gmail. But you are correct. I guess it's a good solution if you don't want to deal with PayPal/etc. when you happen to use your own email setup or Outlook/Yahoo/etc.
It has nothing to do with being edge-cases like "if you're hosting your own email thing". Personally, I just like to limit how many of my eggs are in one basket, and I already have a lot of eggs in the Google basket. I like my bank's own built-in system for this right now between me and their other customers, and for everyone else I use venmo. It works great, and I have no real complaints about either system.
But really I don't need to be talked out of using Google's like it's the default, and I'm not clear on why you do. I don't really get the "why do you use your own favourite toy instead of my own favourite toy?" crowd
Re: Square Cash
#40Seems to work amazingly although I'm a bit concerned about the security. A friend sent me $1. I get an email from square, link to website where I entered my debit #, expiry and postal. It deposited directly to my debit card (I didnt even know you could do that). The deposit already arrived!
"Checking Card Adjustment POS Pin (Credit) $1.00"
So I sent him $1 back (to: my friend, cc: cash@square.com, subject: $1). And it instantly sent it to him. I didn't have to verify my details or anything.
I'd feel a lot more comfortable if there was a security blog explaining how they are validating that I indeed sent the email and it wasn't simply spoofed.
Edit - I did this from Gmail which I presume authenticates all of the emails via dkim? I'm guessing this won't work as automatic for other providers?
Edit2 - Just attempted with another friend and had to verify manually. The automatic-authorization appears to only apply when it's between two previously validated parties.