Hacker News Board Hacker News, browsed like a classic message board
Live data from Hacker News

Square Cash

square.com

Post reply on HN
Print view View original

111–120 of 295 posts

Re: Square Cash

#111

Post by ghughes »

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…

What are the verification steps for sending money to a previously unknown party? Is it SMS verification, or do you have to re-enter your card details?

Re: Square Cash

#113

Post by MichaelApproved »

lbarrow wrote: post #62
usaphp wrote: post #53

Earlier quoted context omitted.

> Even with Square, I'd be hesitant to enter my debit card number. Are you afraid of entering your debit card number? How do you make purchases online?

I'm going to guess with credit cards. Credit card numbers are much safer to use online than debit cards, mostly because credit card dispute mechanisms give consumers a lot more power. If a merchant behaves in an unsavory way, with a credit card you can usually just call your bank, issue a chargeback and that's the end of it. You can't do that with a debit card.

This is wrong.

You absolutely CAN dispute charges with debit cards. The problem OP might have with debit cards could be that a fraudulent charge temporarily locks cash funds (with debit card) instead of credit availability (with credit card).

Re: Square Cash

#114

Post by lostlogin »

abraham wrote: post #98
delackner wrote: post #90

Earlier quoted context omitted.

It also doesn't work with pure ATM cards that lack a Visa/Mastercard logo. Maybe I am a bit over-paranoid, but I don't like the idea of staring at a zero bank balance while some fraud department promises to fix things up real quick now if I just stay on hold.

If you don't trust your bank to fix fraud, than you need a better bank.

I actually laughed at that. Every bank here is the same and we supposedly have some of the safest banks in the world. Im limited to an 8 character password, and the other banks here are little better. New Zealand.

Re: Square Cash

#115

Post by redthrowaway »

derefr wrote: post #105
redthrowaway wrote: post #78

Do Interac email transfers not work in the US? They're pretty much the same thing: send money to an email recipient who then clicks a link to deposit it in their account. I'm surprised that this is big news, and that it seemingly doesn't exist down south.

Interac is an exclusively Canadian payment-processor. The American equivalents are PLUS and Cirrus--who could have implemented this long ago, but for some reason haven't.

I didn't realize that. The ubiquity of Interac around these parts, and its deep integration with all things financial, led me to believe it was an international institution.

After spending the last week trying to find a cellphone plan for my mother, seeing a Canadian institution that mostly works and is mostly good for the consumer is a welcome breath of fresh air.

Re: Square Cash

#116

Post by [deleted] »

lostlogin wrote: post #114
abraham wrote: post #98

Earlier quoted context omitted.

If you don't trust your bank to fix fraud, than you need a better bank.

I actually laughed at that. Every bank here is the same and we supposedly have some of the safest banks in the world. Im limited to an 8 character password, and the other banks here are little better. New Zealand.

[deleted]

Re: Square Cash

#117

Post by robotresearcher »

privong wrote: post #61
sandipc wrote: post #38

Earlier quoted context omitted.

Debit cards only. I'm sure the fees are significantly lower for debit vs. credit cards.

> I'm sure the fees are significantly lower for debit vs. credit cards. This used to be the case, but in recent discussions with retail owners I've been told that the fees are now comparable.

In my Canadian city high-volume, low-price businesses such as independent fast food places take debit only since credit card charges would remove a good bit of their margin on a sale.

Re: Square Cash

#118

Post by bdegman »

thaumasiotes wrote: post #104
foxylad wrote: post #83

Earlier quoted context omitted.

As a non-USAsian, I'm always puzzled by the American's paranoia about their bank account details. In most countries, bank account numbers are effectively public knowledge, and appear at the bottom of invoices and such. The trick is that with this knowledge you can pay money in to an account, but you can't get it out - for that you need authorisation. This makes paying via echeck or direct credit very easy. Am I right…

Yes, in the US you can take money out of an account if you know the number. No, it's not a good system.

I'm no expert by any means but aren't the account number and routing number both printed on the bottom of every check? Are you saying that simply giving a check to someone compromises your checking account?

Re: Square Cash

#119

Post by yajoe »

thaumasiotes wrote: post #109
judk wrote: post #103

Earlier quoted context omitted.

Actual cash is nearly impossible to fraud/counterfeit. Are you a parent? I do not have want to my kid buying products unfettered.

I hate to break this to you, but they can already buy things in physical stores. And if you legitimately have a $20 bill, I can walk into a store, represent that it's mine, and buy things with it, never encountering an obstacle along the way. That's the same fraud you're worried about in prepaid cards.

I also wish the limitations would disappear, but there are two reasons keeping them in place:

1) Government wants to ensure it can track all digital transfers (many pre-paid cards require activating with SSN)

2) Failing to approve certain transactions is the equivalent of a financial firewall because banks and payment processors know they haven't hardened their servers enough to prevent another one of these: http://www.nytimes.com/2013/05/10/nyregion/eight-charged-in-...

Now, if policy-makers were convinced the online-children-purchases market were bigger than the drive-by-ATM fraud, we would see the rules changed tomorrow.

Re: Square Cash

#120

Post by MichaelApproved »

foxylad wrote: post #83
MBCook wrote: post #75

Earlier quoted context omitted.

As lbarrow said, I use a credit card. It used to be that debit cards offered almost no protection. I think they're competitive with credit cards now, but that may only be when you're using it like a credit card. I don't know if this would count towards my fraud protection (which, honestly, I know nothing about). Really, it's because I use my credit card as a firewall account. If my credit card gets compromised (which…

As a non-USAsian, I'm always puzzled by the American's paranoia about their bank account details. In most countries, bank account numbers are effectively public knowledge, and appear at the bottom of invoices and such. The trick is that with this knowledge you can pay money in to an account, but you can't get it out - for that you need authorisation. This makes paying via echeck or direct credit very easy. Am I right…

Remember that the person you're replying to said "which, honestly, I know nothing about".

To remove money from a US account, you also need authorization. The trick thieves use is to lie about having authorization. In that case, it's fraud.

I don't know of many fraudulent transactions that can't be reversed. Even fraudulent/unauthorized wire transfers can be reversed. The bigger problem is the hassle that comes with losing access to cash while the situation is resolved.

Can someone with actual banking knowledge correct me where I'm wrong and clear up this confusion?

Post reply on HN