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Square Cash

square.com

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Re: Square Cash

#251

Post by charleyma »

meritt wrote: post #40

Seems 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 i…

I posted up a detailed screen flow of the entire process on my own site if anyone is interested:

http://blog.charleyma.com/square-cash-initial-thoughts-scree...

Overall though, extremely impressed with Square's offering and it was also instantly debited to my account. Curious to see if the value increases to a somewhat significant amount if this "instant transfer" translates into 1-2 business days.

Re: Square Cash

#252

Post by evacuationdrill »

ZoFreX wrote: post #202
thaumasiotes wrote: post #97

Earlier quoted context omitted.

You know what's at least as hard to track and prone to fraud? Actual cash. I really dislike the idea that e.g. children shouldn't be able to pay for things over the internet because their identity can't be verified. Let's see some more support for prepaid cards.

Are pre-paid cards the only option for children in the states? I'm in the UK and I've had a debit card (attached to a bank account) since I was a young teenager.

I had a checking account under my Dad with a debit card when I was a minor. When I turned 18, I just called them, and they made it my current checking account. I'm not sure what the difference was.

Re: Square Cash

#253

Post by dragonwriter »

IanCal wrote: post #219
meritt wrote: post #40

Seems 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 i…

> The automatic-authorization appears to only apply when it's between two previously validated parties. This doesn't feel quite right, as you describe it you'd validated that it's ok to receive money from them, not send it. I'd be more comfortable if it was validated in some way when you first send something to a person. Receiving money doesn't mean I trust a person. I could send you a dollar, and when you accept it…

> How do you detect behaviour before it happens?

Didn't Minority Report answer that question?

Re: Square Cash

#254

Post by jacquesc »

crazygringo wrote: post #242
abalone wrote: post #200

Earlier quoted context omitted.

I didn't say dot com got anything wrong. I'm saying raising hundreds of millions of VC dollars and practically giving it away is a dot com era strategy. Remember when PayPal paid out a $20 referral bonus for each new customer? Yeah, those days.

Well, you're not saying that didn't work out for PayPal, are you? :)

It worked out for them (being bought), but I think you could relate it to a pump and dump scheme.

Re: Square Cash

#255

Post by ds9 »

racbart wrote: post #201
meritt wrote: post #40

Seems 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 i…

So one day you get an email that you got $100 and all you need to do as a recipient is to click on a link and enter your full credit card details? Sounds like a phishing paradise.

Not even a credit card - a debit card!

In the US at least, these are not covered by the $50 limitation on losses on unauthorized transactions. In practice the banks often honor that anyway, but AFAIK they don't have to.

In this case however, it appears the bank could argue that when you got phished, you gave access to a third party.

Wow. I would never do this. It's a good practice never to use a debit card online, and it's unclear to me whether the service here offers any enforeceable assurances to participants.

Re: Square Cash

#256

Post by aianus »

icebraining wrote: post #221
aianus wrote: post #177

Earlier quoted context omitted.

At my bank interac e-transfer costs $1.50 a pop but paper checks are free and unlimited. It boggles the mind.

Only if you're still tied to the notion that prices are proportional to costs. e-transfers are more convenient for consumers, so they can charge more for them.

I see it as being incentivized to waste relatively large amounts of their time and money printing, shipping, and processing my checks for stupid small amounts like $23.46.

But you're right, I'm sure that for every person like me there are many who just pay the $1.50 for the convenience.

Re: Square Cash

#257

Post by anoncowherd »

downandout wrote: post #81
meritt wrote: post #40

Seems 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 i…

I just found a major limitation with this thing. It blocks payment from any prepaid Visa/Mastercard - even reloadable cards attached to virtual checking accounts that support ACH (payroll cards, Netspend, etc). That eliminates payments from a huge section of the population. http://prntscr.com/1xm5le Another issue: if you make a mistake on the initial email, and want to send a different amount, you're out of luck. Whe…

>> I just found a major limitation with this thing. It blocks payment from any prepaid Visa/Mastercard - even reloadable cards attached to virtual checking accounts that support ACH (payroll cards, Netspend, etc). That eliminates payments from a huge section of the population.

.. Aaand it's not an accident either.

Re: Square Cash

#258

Post by dobbsbob »

meritt wrote: post #40

Seems 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 i…

This is almost exactly the same system as Interac in Canada. Will work well until the fraudsters figure out they can steal with it then limits will happen. Wonder what the merchant fees are and if they seize accounts for receiving an arbitrary amount of payments

Re: Square Cash

#259

Post by chasingtheflow »

I get that this is cool because it doesn't require an app or anything to work. But I just don't see this replacing venmo for me. Albeit venmo requires a bit of set up (so does this) and an app, but once that's in place sending money is quicker and easier and I don't have to remember to cc anyone. Thoughts?

Re: Square Cash

#260

Post by weaksauce »

dobbsbob wrote: post #258
meritt wrote: post #40

Seems 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 i…

This is almost exactly the same system as Interac in Canada. Will work well until the fraudsters figure out they can steal with it then limits will happen. Wonder what the merchant fees are and if they seize accounts for receiving an arbitrary amount of payments

There are no fees by the looks of it; it's completely free.
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