By Mohammed Waseem
Can sending money become as easy as sending email? Can bank deposit be as quick as writing an email? With Square Cash, the answer is yes. They offer services to send and request money by email and also direct deposit into bank accounts. All the user needs is a debit card and an email.
Square Cash is not like other payment apps or payment websites which require the users to login in order to send or request money. All a user needs in the debit card number for payment transactions. Square is a company which offers tablet-based checkout systems and a hardware which enables people to accept credit cards or debit cards on smartphones. They launched Square Cash in last October as a new product in their product portfolio. They have also launched apps for iOS and Android smartphones.
Sending or requesting money is so simple with Square Cash. It does not take more than 10-15 seconds to write the email and the amount and click the send button. It is easier to use even for people who are bad with new technology. Currently they are not charging any fee for the service, and they claim that they have no plans or intention of charging. However, each transfer costs the company an estimated ¢35 as it uses Visa and MasterCard routes.
In order to send money, all the user has to do is draft an email with the recipient’s email in the ‘To’ field and with firstname.lastname@example.org in the ‘CC’ field and at least $1 in the subject field. A message can also be included in the email body to specify what the payment is for. First time senders will get an email prompting them to go to the company’s website and enter their debit card number, expiry date and the CVV number. The same is applicable for first time receivers as well, after which, they can deposit the money in their bank account through their debit card, as debit cards provide real-time connection to one’s bank account. In order to request money, same process has to be followed, except that the email in ‘CC’ should be email@example.com. For security purpose, users are given an option to turn on a security code for sending money, which is the CVV number.
Payment usually completes in 1-2 business days, through it can happen faster as well. The maximum amount allowed is $250 per week, which can be increased to $2500 per week if the users verify their identity. The user can do this in two ways, either by allowing the company to check their Facebook profile and providing the last 4 digits of their social security number, or by providing their full name, date of birth and the last 4 digits of their social security number.
For the fact that the service is free, this gives no reason to the people not to try it. In fact, they are currently offering $1 to new users for trying the service. At present, the service is only available in the US; but introduction in other countries may be a good idea.