You probably heard that now that you can send money to people with an email address by using Google Wallet.
There are few cons though against using Google Wallet and I will discuss them in next post. For now I would like to discuss newcommer to payment field SQUARE CASH. President Obama used donations by email with them.
Square introduced a service called Square Cash that allows Internet users to send funds via email.
Although users don't need a Square Cash account, both the sender and the recipient must link their e-mail address to a debit card. That step takes place after the e-mail is sent. (I can predict war is coming from credit cards financial institutions against Square but it is my humble opinion.)
Square Cash represents–the ability to transfer dollars quickly and easily without fees.
Why I think it is brilliant solution for any business?
- There's no need for a Square account. Both Google and PayPal require you to set up an account to receive money. You can send it to someone without an account, but they can't do anything with their cash until they sign up. Your clients do not need to sign up with Square Cash !
- Flat fee for sending money (and none for receiving). Square's fee is fixed at $0.50. For a $5 transfer, that's quite a bit, but for anything above around $170, you'll pay less sending with Square than you will with PayPal or Google.
Unfortunately You can't use it right now. Square Cash is was previously available only in an invite-only beta. For now, at least, it is available in the United States.
Square Cash, is one of the more recent ones and it's pretty neat: people can send money directly to your business debit card using email!
One more thing: it is the fastest way to send money electronically.
From recent news we can assume that Square is coming to Australia soon! Malcolm Turnbull was in San Francisco with Jack Dorsey, and has broken the news that the mobile payments start-up will expand to Australia soon. (14th Jan 2014)