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Square Cash

square.com

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Re: Square Cash

#271

Post by ignostic »

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…

>" It blocks payment from any prepaid Visa/Mastercard - even reloadable cards"

This is to prevent money laundering and tax fraud.

Re: Square Cash

#273

Post by Thebigcheeze »

glesica wrote: post #265
weaksauce wrote: post #260

Earlier quoted context omitted.

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

No it isn't, somebody is paying something to someone. Square is just not charging the people who exchange money... yet.

That's like saying Facebook isn't charging people yet.

There are monetization strategies which don't involve charging the end user anything for the service provided.

Re: Square Cash

#274

Post by kudu »

thaumasiotes wrote: post #234
neolefty wrote: post #213

Earlier quoted context omitted.

Of course they can, but as a parent, I find it easier to supervise their store purchases than their online purchases, because they have to physically go there, and I can notice it.

Frankly, if you're that interested in tracking what your children have and haven't bought, online purchases are likely to be easier, in that they come to your home through the mail. The general categories of things that children are commonly restricted from buying: - Drugs. These are all black market, so availability of prepaid cards is unlikely to change how they're bought. - Alcohol. I've never tried to buy this on…

> - Birth control pills?

Exactly the kind of thing teenagers should be able to buy without their parents' consent.

Re: Square Cash

#275

Post by cstrat »

encoderer wrote: post #165
cstrat wrote: post #136

Earlier quoted context omitted.

I thought that there were now ways for payment processors to flag that a transaction is not supposed to earn points? (eg. balance transfers, cash withdrawals etc...) Otherwise I could deposit $10,000 from my credit card into my on-line gambling wallet, then withdraw it, repeat...

I challenge you to find a website that will let you charge $10k into an online gambling account from a credit card. And any that do exist will charge fees higher than credit card rewards in most scenarios. But yes, you also will not earn points on balance transfer transactions. But they typically are processed via ach.

You're right, I haven't tried to deposit more than about $1000.... however I could just do that over and over again.

Re: Square Cash

#276

Post by [deleted] »

abalone wrote: post #185

The most stunning part of this is the "free" part. The Durbin amendment regulates the cost of debit transactions over the Visa/Mastercard network. It's $0.22 + 0.05%. Mossberg reports that Square is planning to monetize via "premium options" like international transfers. But still, $0.22+ is a lot to lose every time someone uses your mass-market service. Good thing they raised $341M of VC money. Who said the dot com…

[deleted]

Re: Square Cash

#277

Post by encoderer »

cstrat wrote: post #275
encoderer wrote: post #165

Earlier quoted context omitted.

I challenge you to find a website that will let you charge $10k into an online gambling account from a credit card. And any that do exist will charge fees higher than credit card rewards in most scenarios. But yes, you also will not earn points on balance transfer transactions. But they typically are processed via ach.

You're right, I haven't tried to deposit more than about $1000.... however I could just do that over and over again.

With a credit card? Which site? To my knowledge this did not exist. Discount fees would cost them 2% at least.

Re: Square Cash

#278

Post by abalone »

artie_effim wrote: post #222
abalone wrote: post #185

The most stunning part of this is the "free" part. The Durbin amendment regulates the cost of debit transactions over the Visa/Mastercard network. It's $0.22 + 0.05%. Mossberg reports that Square is planning to monetize via "premium options" like international transfers. But still, $0.22+ is a lot to lose every time someone uses your mass-market service. Good thing they raised $341M of VC money. Who said the dot com…

my guess is the '1-2 days' for you to get your cash is how they are monetizing it. Sure, a poster above got $1 almost instantly, but as volume increases, 1-2 days in some form of investment vehicle will add up.

No, that's just the time it takes for funds to transfer from one bank to another via ACH.

Re: Square Cash

#279

Post by jrockway »

prezjordan wrote: post #245
jrockway wrote: post #132

Earlier quoted context omitted.

Not true. We only charge the sender to send from a credit card. If you send from a bank account or from the funds that you've already received, it's free.

Thank you for clarifying! Looked further into it here [0] "Receiving money is free no matter what." However, the text "You can add other payment methods like credit and debit cards, and a 2.9% fee per transaction (minimum $0.30)" is still a bit unclear. [0]: http://www.google.com/wallet/send-money/

Thanks for the feedback. I'll see if we can improve the wording at all.

Re: Square Cash

#280

Post by viiralvx »

downandout wrote: post #66
jser wrote: post #51

Earlier quoted context omitted.

Looks like an excellent target for phishing attacks!

That was my first impression. I could rip the site, post it to my own domain, and start sending out emails saying "you've got cash, give me your credit card number so we can credit it" in about 10 minutes. Great concept, and I plan to use the service, but as it gains momentum and acceptance, it's going to be a great attack vector for the Nigerians.

As a Nigerian, I'm offended. You know, other countries scam too!
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