If you have email and use a debit card then Square Cash is a great way to go when you want to send or receive money from friends and family.
The process is quite easy: simply compose an email to the recipient with [email protected] in the CC field and the dollar amount in the subject line. For a first time user of this service, you will receive an email from Square with a link to a secure website where you can enter in your debit card number. And that’s it, you’re done! There are no accounts to create, apps to download, surcharges to pay, bank account numbers to look up, nor additional friends to add. And once your debit card account is set up, any subsequent cash transactions go through automatically. The service is free to send and receive however users are limited to sending only $2,500 a week. This can be done in several transactions or all at once.
Is handing over your debit card information safe?
Square isn’t new to the money-transfer business and it has a strong track record in its merchant business. They don’t require your bank routing number, only a debit card number in order to transfer funds [via email] from your account to and from your acquaintance. Their service notifies you via email or text stating that you have sent money, which provides the opportunity to cancel a transaction that didn’t come from you or was a mistake. Square claims to have strong security measures and close human and machine monitoring in place for possible fraud. Should fraud be suspected, the company will reverse the fund transfer. With Square Cash, there is also no intermediate stored-balance accounts to worry about, which have plagued other person-to-person payments solutions up to this point. People don’t want their money in a secondary holding account, they want it where they use it: in their debit account. This is one of the principles and perks of the product.
The overall goal for this product is to reduce anxiety for the sender and make handling the currencies we already use more efficient Of course, if you’re still a bit trepidatious about using this product take some time to review the website and decide if Square Cash is for you.