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Review of Square Cash: The Money Is in the Email - WSJ.com
Square Cash (brought to you by the Square credit card processing - Square reader phone app - people) is a way for U.S. individuals to email, at NO cost, cash from one to another.
Simply sign up (no verification required to send US $250. or less per week) and send an email to a person, with the subject indicating how much you would like to send, and cc the email to [email protected] There is of course a sign up process at both ends that consists of little more than associating a debit card with your email address - but after the email is sent the money is debited from the sender's bank account and ACH'ed (electronic transferred) with a couple of days to the recipient.
To send higher amounts - up to US $2500. per week, the sender must verify his identity (with a social security number identity check), or - and this is interesting - allow access to his Facebook account (no information passed or shared, simple verification that you are a real person with a Facebook account).
Supposedly Square Cash is not for merchants or online purchases - just to send money from one person to another, but for our purposes I think it could be used with impunity. Seems to me that it will be difficult for Square Cash to figure out, at least right away, that the account is used for business. Perhaps all they care about is that the money is sent to and from individuals, and not businesses.
Square Cash does have fraud control in place, but the only recourse is to reverse the transaction (and hope that the money is still available in the recipient's bank account). Since Square Cash does not hold the money (at least not for any appreciable length of time), it assumes no sort of indemnity liability.
Best of all - Square Cash is FREE to send and receive. (Square Cash plans to make money not from ads or offers, but from premium "add on" services, such as the ability to use it internationally.)
Square Cash (brought to you by the Square credit card processing - Square reader phone app - people) is a way for U.S. individuals to email, at NO cost, cash from one to another.
Simply sign up (no verification required to send US $250. or less per week) and send an email to a person, with the subject indicating how much you would like to send, and cc the email to [email protected] There is of course a sign up process at both ends that consists of little more than associating a debit card with your email address - but after the email is sent the money is debited from the sender's bank account and ACH'ed (electronic transferred) with a couple of days to the recipient.
To send higher amounts - up to US $2500. per week, the sender must verify his identity (with a social security number identity check), or - and this is interesting - allow access to his Facebook account (no information passed or shared, simple verification that you are a real person with a Facebook account).
Supposedly Square Cash is not for merchants or online purchases - just to send money from one person to another, but for our purposes I think it could be used with impunity. Seems to me that it will be difficult for Square Cash to figure out, at least right away, that the account is used for business. Perhaps all they care about is that the money is sent to and from individuals, and not businesses.
Square Cash does have fraud control in place, but the only recourse is to reverse the transaction (and hope that the money is still available in the recipient's bank account). Since Square Cash does not hold the money (at least not for any appreciable length of time), it assumes no sort of indemnity liability.
Best of all - Square Cash is FREE to send and receive. (Square Cash plans to make money not from ads or offers, but from premium "add on" services, such as the ability to use it internationally.)
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