Last October the company Square, Inc. launched Square Cash. Square is the company that brought us the card-swipe hardware thingies that attach to the end of mobile devices that allow anyone to accept credit cards, and tablet-based checkout systems at retailers. This new app allows individuals like you and me to send or request money from friends, family or anyone else in your circle of acquaintances.
I am a Square Cash user. My first use was to reimburse my daughter for something. Both participants must be signed up for Square Cash with their debit card information. It was so simple and instantaneous! I downloaded and set up the app, put in the amount I wanted to send, then clicked ‘Send’. If I’d been asking her for money I would have clicked ‘Request’. I was then asked for her email address and off it went! It came out of my bank account and went into hers in a matter of seconds. We each received an email alerting and confirming the transaction. There are no fees.
Worried about security? Square’s secure servers handle all money transactions. There is a $250 per week maximum users can send to the same individual. Users have the choice of requesting a second security step that requires the security code from their debit card. I did opt for that. My transactions are held up until I respond to an email requesting my security code. Square Cash works only in the United States. At this point there have been no thefts reported to the company.
When Square Cash was launched users could only send cash. In February the service was expanded to allow a user to request money from one to twenty-five people. Requesters are provided a URL that lets them check so see who’s paid up. This makes splitting a restaurant tab or going in on a group present so much easier!
I couldn’t figure out how Square Inc. would make any money from this, and each transaction costs them about 35 cents. One article I read speculated that they hope to increase their visibility and attract consumer’s attention to the products they do charge for. Other articles speculated that there might be fees charged at a later date, or that it might be free for only the first year. At this point it’s totally free so enjoy its ease and simplicity. It certainly shortens my ‘to do’ list.
The app is available for free for Android and iPhone. They will send $1.00 to every new user.