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Square Banking

squareup.com

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Re: Square Banking

#91

Post by roland35 »

mellavora wrote: post #76
donmcronald wrote: post #68

Earlier quoted context omitted.

> you never know when your account will get overdrawn How? It’s not that hard to keep track of money in vs money out. I bet most of it is people that don’t understand it takes time for a cheque to clear or people that know an auto payment will overdraw their account but can’t do anything about it (ie: no money). Overdraft fees should be illegal, especially for electronic transactions that get rejected.

maybe you have never lived through a period of sustained financial stress. Yes, people in that situation understand that it takes a few days for a check to clear. One of those checks is your paycheck, which you need to clear to cover your other costs. The other is the check you wrote to the grocery store so you could eat, or your rent check. Which clears first? Did you time it right? What if your paycheck was delayed…

This is true. Having an extra few hundred dollars made a huge difference to me since I was always juggling the payday vs rent money as well.

Credit cards are not easy to get with no credit history either. I eventually was able to get a card but it had a $250 limit.

Re: Square Banking

#92

Post by dclusin »

dm8 wrote: post #27

0 overdraft fees. Yay. More like it. It will force major banks to rethink their overdraft fees as a revenue center. As someone who was not so well financially just a decade ago, overdraft fees seemed like penalty for being poor. When you are living paycheck to paycheck, you never know when your account will get overdrawn. And most evil thing was - bank will deny the charge because you didn’t have enough funds but wil…

Instead the extortionary practices will be moved to the foreign exchange rate or some other more opaque mechanism.

Re: Square Banking

#93

Post by meltedcapacitor »

eggbrain wrote: post #55

While Square makes (more) sense to get into the banking game, I've noticed a lot of companies only tangentially related to finance doing similar things, and I wonder what it's indicative of: - T-Mobile offers an exclusive checking account for their customers - Credit Karma promoting their own debit card - Robin hood doing "Cash Management" - Coinbase offering a debit card with crypto rewards Has something changed wit…

White label providers is a thing, there's only a handful of operators doing the actual banking/payment services behind that.

The big change is probably that actual banks' brand value got damaged to the point that people trust banking services with random consumer brands stickers on them more than they used to.

Re: Square Banking

#94

Post by mchusma »

csa wrote: post #87
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…

Stripe has been doing this for at least a few months now… maybe since last year. It’s a nice feature. Frankly, PayPal has been doing a version of this for years where they would put a hold on your funds and then (usually) offer you a loan that would cover most/all of the money held. Of course, they called all the shots, but the idea was there.

It's a very expensive loan though. I did the math on our stripe offer, and it was o

Re: Square Banking

#95

Post by mchusma »

csa wrote: post #87
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…

Stripe has been doing this for at least a few months now… maybe since last year. It’s a nice feature. Frankly, PayPal has been doing a version of this for years where they would put a hold on your funds and then (usually) offer you a loan that would cover most/all of the money held. Of course, they called all the shots, but the idea was there.

It's an expensive loan though. Stripes offer was about 45% APR, which was higher than Kabbage, Fundbox, and a host of other fast/easy loan providers.

Re: Square Banking

#96

Post by arkitaip »

dangerlibrary wrote: post #78
arkitaip wrote: post #52

Earlier quoted context omitted.

Maybe we can also start moving away from feature-limited Saas offerings that are so damn proud that they focus on One Thing And One Thing Only when customers want just one affordable app to handle all their work and not fifty-eleven ones that become crazy expensive.

You seem to be operating under the assumption that an integrated product will necessarily be cheaper, as opposed to simply more convenient. That's definitely not a necessary result of a combined product offering, but it's interesting to think about.

It's often much cheaper. Take a look at What Microsoft offers with their Office 365 subscription plans or Zoho One.

Re: Square Banking

#97

Post by bdcravens »

Moeancurly wrote: post #43
bdcravens wrote: post #35

Square has confirmed they are having issues: https://www.issquareup.com/incidents/9hzcgjpvj9dv

Rough day to announce your next big product, for sure. Currently unable to access my business account.

It did finally come up for me. Signing up (had a Square account for years, but wanted this to be specific to a small business I have) was pretty quick and easy, as was setting up the checking account.

Re: Square Banking

#98

Post by yesimahuman »

mchusma wrote: post #94
csa wrote: post #87

Earlier quoted context omitted.

Stripe has been doing this for at least a few months now… maybe since last year. It’s a nice feature. Frankly, PayPal has been doing a version of this for years where they would put a hold on your funds and then (usually) offer you a loan that would cover most/all of the money held. Of course, they called all the shots, but the idea was there.

It's a very expensive loan though. I did the math on our stripe offer, and it was o

Yea, we recently got a Stripe Capital loan offer, but it didn’t seem compelling at all. We’re clearly not their target customer for that but as a tech startup doing SaaS I kind of figured we would be their target customer. The offer was orders of magnitude less than our ARR on that account.

Re: Square Banking

#99

Post by bdcravens »

JohnWhigham wrote: post #88
bdcravens wrote: post #30

Earlier quoted context omitted.

Sutton has been around for 140 years. They issue the debit cards for Cash App. They also have worked with Robinhood (it looks like Robinhood may have moved on to JPM however)

I'm just saying how it looks. I'm not about trusting my money to a mom-and-pop-looking credit union that outsources everything, I want a powerful firm that does everything in-house and has robust security.

That's reasonable, but pretty much every business that manages money usually has a third-party bank behind the scenes (though many do use a big bank like JPM or WF)

Re: Square Banking

#100

Post by clint »

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.
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