01) Enroll for the mobile/email alerts tool of your Bank.
02) Square Cash works only with Visa and MasterCard debit cards and will not support credit cards, prepaid cards or ATM cards. In some countries Debit Cards and ATM cards are separate. However in India, a single card can be used as Debit Card and ATM Card
03) To send money, users send an e-mail to the recipient’s address, CC’ing pay@square.com and putting the dollar amount in the subject line.
04) Only US Dollar transactions are accepted.
05) Funds are directly deposited into the recipient’s bank account, rather than held in a stored balance account.
06) The processing time is 1 to 2 business days.
07) The recipient too has to add his/her Debit Card Number, Expiry Date and Zip Code. Recipients’ have up to 14 days to accept the money.
08) At present, there is no method to cancel the ‘transfer’, unless the Sender’s bank account does not have funds.
09) Square has in built anti-spoofing methods, which is not yet made public.
10) Consumers using the service will be limited to $250 worth of transactions per week
11) In case they wish to transact a higher amount, i.e upto $2,500, they can opt for the “Gold Status” by providing a mobile phone number and linking to a Facebook account.
12) To safeguard your money, have a continuous track on your debit card linked bank account. Report any suspicious transaction immediately to your bank customer care.
13) Once the mail is sent, take a copy of it, and store it in your PC. This is necessary for tracking payments at a later date, and you are unable to access your email account.
Related articles
- Send money via email for free with Square Cash (chron.com)
- Tech company Square announces service to transfer money via email (kvue.com)
- Squar Cash lets anyone with a debit card send money instantly over email (theverge.com)
- Review of Square Cash: The Money Is in the Email (online.wsj.com)
- TEN Tips to Safeguard Your Credit and Debit Cards (arthamvidya.wordpress.com)
Simple Financial Mantras 