Square Cash Lets Users Send Money Instantly by Email

Posted by Philip King Business, News Add comments

Oct 302013

Could Square Cash be the End of Paypal?

In 2012 Jack Dorsey signed a deal with Starbucks that sees the coffee giant using the Square service across the US

A new money transfer service is set to give PayPal a run for your money. The new service, Square, is set to make the money transfer process even easier.

Although only available in the US and Canada at the moment, Square is the shape of things to come according to twitter and Square co-founder Jack Dorsey. He co-founded the company in 2009 and in 2012 signed a deal with Starbucks to process all the coffee shop chain’s debit and credit card transactions in the US.

“We’ve driven a lot of growth in the United States, but we’re really excited to get outside the US,” Dorsey said. “You’ll see some announcements very soon.”

Square and Merchants

The reader fits right in your pocket and securely encrypts every swipe.

Merchants can use a small secure credit card reader that plugs in to the headphone jack of an iPhone or iPad and enables them to take credit card payments via an app. There are also Android and iOS Square Cash apps available.

The reader is free to order on the Square site, connects to Square Register, a point-of-sale app that replaces the traditional cash register, allowing customers to pay with cash or swipe a credit or debit card and sign on the screen with a finger.

There is also a housing unit for an iPad, called Square Stand, which should enable it to compete directly with cash register sales, aiming for what Dorsey calls “medium-size, high-volume businesses with a line out of the door”.

Businesses download the free Square Register app to link the credit card reader to their bank accounts, plug the one-inch reader into the device of their choice, and are set to accept credit cards for a fixed 2.75 percent swipe fee.

Square has allowed thousands of merchants, from taxi drivers to businesses big and small, to take card payments where previously it was impossible because of high charges and embedded vested interests.

More than three million merchants are using the Square Card Reader to process $12 billion a year in transactions.

Square makes the transaction more efficient, cheaper for the seller and more convenient for the buyer thanks to emailed receipts and a quicker process.

What Square offers, Dorsey argues, is a mix of doing something new and something more prosaic – getting paid. “We’re in the business of breaking down the barriers and making things more convenient,” he says.

“Design is not just about how it looks, it’s about how it works,” he says. “The technology should disappear when you’re just using it. Any technology can be made to look good.”

He says that Square used iPhones and iPads because they were so simple – “a two-year-old could teach you how to use it” – and because they could easily look “timeless”.

Within the next 10 years, Dorsey expects Square to be available worldwide.

Square Cash

Intuitive and easy-to-use tools let you focus on running your business anywhere it takes you.

You can also send and receive money with Square Cash using an email address and debit card. Square Cash can be used with any email client and it’s completely free to send or receive Square Cash regardless of how much you send.

For those new to Square Cash, there is a $250 (£155) weekly limit when you send money with Square Cash. You can increase this amount to $2,500 (£1,550) when you upgrade to Gold Status by providing some additional information such as a mobile phone number for text message verification and your Facebook account.

Send Money using Square Cash

To send money with square cash via email:

Draft an email with the recipient’s email address in the “To” field.
Enter cash@square.com in the Cc field.
Enter the payment amount in the subject line.
Add a note in the email body to inform the recipient why you are sending Cash.
Send the email.
If you haven’t sent or received Square Cash before, you will be prompted to link a debit card. Once added, your cash will be sent and you’ll see the “Cash Sent” confirmation screen.

You can also send money using the Square Cash App which can be downloaded from the iTunes App Store or Google Play.

Receive Money Using Square Cash

To collect your money, all you need to do is link a debit card or bank account after you receive the Square Cash email. We’ll deposit the full amount to your debit card or your checking account. There’s no fee to accept Square Cash.