Square is known for its financial transaction software that allows businesses to accept payments from customers. Now the company is moving into the personal realm with a new money sending service called Square Cash that allows people to send money to anyone with an email address.
Square Cash is designed from the ground up to be easy to use for both the sender and the recipient. There is no signup process and funds are transferred directly from one bank account to another within a few days.
To send money, a customer has to send an email to the person who is the recipient of the funds and cc [email protected] on the email. Square will then prompt the sender to add a debit card to fund the payment. The recipient will then receive an email and must link their debit card to the transaction in order to receive the payment. The money then will be deposited directly into their bank account in one to two business days.
The service works from any email client (desktop, mobile or web). There’s also a Square Cash app for iPhone (iTunes link) that gives you a quick and easy way to send the email payments.
If you’re worried about email spoofing then Square says that it has an industry-leading risk detection system in place to prevent it from happening:
Square verifies each Square Cash email to authenticate that it comes from a legitimate sender. For added security, we send you a text confirmation each time you send Cash if you have linked your mobile phone number.
Square’s proprietary, industry-leading risk detection system – which combines smart automation with manual human review – detects suspicious behavior in real-time, and in many instances, even before it happens. This keeps Square Cash senders and recipients incredibly safe. When we notice suspicious activity, we alert you and prevent further payments from being sent. Square Cash uses the same fraud detection infrastructure that monitors millions of daily Square Register transactions.
If you want to try it for yourself, you can do so now if you live in the US.
You can check out the video of Walt Mossberg of WSJ reviewing Square Cash below to see how it works:
It is almost unbelievable that sending and receiving money can be so easy. Every once in a while something revolutionary comes along that disrupts an industry, I think Square Cash has the potential to do just that for payments.
You can read more about Square Cash on Square’s website.
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