51–60 of 295 posts
This is my favorite type of product. Here's why: - Take an existing known medium (in this case email) and makes it way more useful. - They didn't try to build a bunch of new UI for connecting your Facebook so you can find and invite and pay your friends, paying out to your card, etc. - It magically hides the messiness of an enormously complex problem (fraud, different types of debit cards & banks all over the world)…
Amazing what you can do with a card number and expiration date. Don't loose your debit cards!
Note that it takes 1-2 days for the deposit. They must be using ACH to do this. The 'free' part is great. Even with Square, I'd be hesitant to enter my debit card number. Planet Money recently did a great episode all about the US's ACH system and why it works the way it does. http://www.npr.org/blogs/money/2013/10/04/229224964/episode-...
Are you afraid of entering your debit card number? How do you make purchases online?
Note that it takes 1-2 days for the deposit. They must be using ACH to do this. The 'free' part is great. Even with Square, I'd be hesitant to enter my debit card number. Planet Money recently did a great episode all about the US's ACH system and why it works the way it does. http://www.npr.org/blogs/money/2013/10/04/229224964/episode-...
Here's another comment that describes someone's actual experience with the product: https://news.ycombinator.com/item?id=6557516
Moreover, why hasn't a bank or credit card company done something like this yet? Amazing how the solution disappears into a cc: address line and unique link in your email.
Aren't emails sent in plaintext? What are the security and privacy implications of using this service?
This is one area where the US seems to be behind compared to the UK. I am from the UK and that service would look quite poor if it launched over here. We have a system called faster payments service that offers instant (although in some cases up to 2 hours) bank transfers for payments up to £100,000 (can differ between banks). You can use this directly if you share bank account numbers and sort codes but there are al…
Note that it takes 1-2 days for the deposit. They must be using ACH to do this. The 'free' part is great. Even with Square, I'd be hesitant to enter my debit card number. Planet Money recently did a great episode all about the US's ACH system and why it works the way it does. http://www.npr.org/blogs/money/2013/10/04/229224964/episode-...
I believe it's done by opening bank accounts at major banks, and then using the interbank transfer system which is instantaneous and only requires an account number and a name. Other services offer pushes to credit cards or debit cards using bill pay systems or blind credits.
It isn't actually that hard to move money from person to person. The real issues with this sort of stuff are: a) payments fraud b) money transmission law and regulatory compliance
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…