171–174 of 174 posts
Earlier quoted context omitted.
Regardless, if Square were to offer legitimate 2FA I would probably feel more comfortable using their debit card for daily life..Can't seem to find any details regarding this on the FAQ though.
For sure. It's surprising how many legit banks believe that cell phones are appropriate for authentication of large transactions.
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…
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…
I'm curious about the small business loans. I'm from Europe and the animations suggests for a $9000 loan a total repayment of $10305. Let's assume you make $5000 in revenue per month and they use 10% as a repayment cut per transaction. That would yield a 20 month long repayment schedule. The "interest" would be roughly 7% annually. In today's world, isn't that greedy? In today's world, Warren Buffet can issue a 0% co…
> 0.5% APY on savings accounts How insulting, and yet still better than the competition
Low-risk yield doesn't grow on trees. 0.5% is about what a 3 year treasury bond was paying at the beginning of the month (its lower now). Banks dont really need deposits to make loans right now either, since the reserve ratio was changed to 0% last year. So yes, safe, insured deposits in savings accounts dont pay much at the moment. This has less to do with banks being greedy and more to do with current fiscal policy…
It has more to do with the state of the economy demanding low interest rates. When you bail out banks like in 2008 deposits are seen to be perfectly safe and thus depositors aren't deterred by increasingly shrinking or even negative interest rates, they still want that perfectly secure bank deposit because the government will bail it out.