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Square Banking

squareup.com

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161–170 of 174 posts

Re: Square Banking

#161

Post by onos »

clint wrote: post #100
pdpi wrote: post #84

This was the "Aha!" part for me: > Get a customized offer based on your card sales through Square, and then choose your loan size. and then a bit further down: > Repay it automatically with a percentage of your daily card sales through Square. Such an incredibly obvious idea in hindsight. While I can see why putting all your eggs in one basket like this can pose something of a problem, there's no denying this level o…

This is something PayPal has offered small businesses for probably close to a decade now.

So has square through a different mechanism, “square capital”.

Re: Square Banking

#162

Post by yardie »

yellow_lead wrote: post #119
the_snooze wrote: post #63

Earlier quoted context omitted.

https://www.fdic.gov/consumers/overdraft/ Overdrafts have been opt-in by regulation since 2010. What banks have done is try to trick people into opting into "overdraft protection," which is really just the old system that allows a customer's checking balance to drop below 0: https://www.wellsfargo.com/credit-cards/features/overdraft-p... As long as a customer takes no action or just says "no," they won't be allowed o…

So how do you opt-out? Or is this an action you have to take when creating the account.

You opt-out or opt-in when you set up the account or anytime afterwards. I know only because I just setup checking for my teenage son and it was something the agent asked during the process. I pushed back and declined even though they gave me the end of the world spiel.

Re: Square Banking

#164

Post by kyawzazaw »

echelon wrote: post #160
clint wrote: post #100

Earlier quoted context omitted.

This is something PayPal has offered small businesses for probably close to a decade now.

But then you have to interact with PayPal. PayPal burned me repeatedly as a teenager. Locked funds, some never recovered. I didn't do anything wrong. Never. Again. Maybe some people don't harbor this grudge, but to me PayPal is the epitome of incompetent and evil. Venmo, all of it.

Venmo is crucial to college life.

Re: Square Banking

#165

Post by Dylan16807 »

BayAreaEscapee wrote: post #158
angott wrote: post #133

Earlier quoted context omitted.

Yes, but if you do not opt into overdraft, you will still be charged a “non-sufficient funds” (NSF) fee when the bank declines your transaction. And the NSF fee is usually higher than the overdraft fee. This doesn't make any sense and is just a money grab on the poor and desperate, because there is absolutely no technical reason why declining a checking or debit card transaction should cost $35+ to process.

Back in the day (when we had to go to school uphill both ways), I met a banker who told me, "whatever your bank is charging you for a bounced check, it isn't nearly enough". Then he described how the system worked: the actual physical check had to be sent back from your bank, to the Federal Reserve branch of the receiving bank, then to your branch of the Federal Reserve bank, and then to your bank. Not electronically…

Let alone the cost changes for a bounce, a decline is very different from a bounce.

But also that bounced check was in a big stack and probably got 3 minutes of employee time spent on it across all those institutions combined. I bet that banker was describing some exceptionally double-dipped charges if they thought it wasn't high enough.

Re: Square Banking

#166

Post by OliverGilan »

BayAreaEscapee wrote: post #158
angott wrote: post #133

Earlier quoted context omitted.

Yes, but if you do not opt into overdraft, you will still be charged a “non-sufficient funds” (NSF) fee when the bank declines your transaction. And the NSF fee is usually higher than the overdraft fee. This doesn't make any sense and is just a money grab on the poor and desperate, because there is absolutely no technical reason why declining a checking or debit card transaction should cost $35+ to process.

Back in the day (when we had to go to school uphill both ways), I met a banker who told me, "whatever your bank is charging you for a bounced check, it isn't nearly enough". Then he described how the system worked: the actual physical check had to be sent back from your bank, to the Federal Reserve branch of the receiving bank, then to your branch of the Federal Reserve bank, and then to your bank. Not electronically…

Super interesting to learn this. I find that people often assume the things that don't make sense in today's world simply never made sense but often that's not the case! You're right, overdraft fees DO make sense in the world of physical checks the system just hasn't caught up (intentionally or not). Thanks for sharing!

Re: Square Banking

#169

Post by ishjoh »

htrp wrote: post #146
fumblebee wrote: post #80

Earlier quoted context omitted.

This is where fintech has been headed for some time -- a bundle of complimentary products all in a single app (payment provider + bank + loan company + crypto + etc.). Square are demonstrating this here for business, some Chinese finance apps went down this road years ago, Revolut are billing themselves as a "financial super app". There's tremendous advantage in having everything in one place. Each individual product…

Taken to its logical conclusion (or back to the dinosaur monolithic systems from pre-history), each individual product can be shit as long as one product is a must have.....

without wanting to start a flame war this is how I've often felt about the MS Office suite. Each product on it's own is Ok, but there was always at least one that I've needed and always ended up with the entire suite in the end.

Re: Square Banking

#170

Post by danpalmer »

notenoughhorses wrote: post #128
danpalmer wrote: post #33

It's amazing to me how much of a better product can be created when everything is in one place. It's obvious that when you're charging customers and paying invoices through the same interface, that you'll have more visibility on your cash flow and it'll generally be easier to use, but this goes so much further. The reason those loans are easy is because Square know your history of charging customers. The reason they…

Maybe. Every time Intuit integrates another app into their main QBO product, it makes things worse. To some extent, when they are separate apps that connect to QBO, I get more control over what data transfers. When it’s integrated, they tend to make automatic adjustments with no ability to edit them. Obviously this is a choice they are making to do things a bad way, but my point is just to share a counter example of…

My point was not about the integration in terms of the products, but the integration in terms of the business models and pricing. It doesn't look like Intuit is doing anything smart there?
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