I don’t carry cash. Normally I don’t run into trouble without cash with the only exception being when I go out to eat with others. It seems as if I’m the odd man out because everybody else has cash. In those situations, I usually either take all the cash from my friends and put the entire bill on my card, or we all circle who’s paying what on the bill and let the waiter figure it out.
It’s those times where the new Cash by Square app will work the best for me. If you’re not familiar, Cash by Square will let anyone send money via email – No extra fees or no Square account needed. All you have to do is link your debit card and any money you send via the app will show up in the recipient’s account in approximately two days. The recipient will need to link their debit account to recieve the money.
The app simply populates all the email fields with the correct information to ensure everything goes smoothly, but the entire transaction is done via email.
1. Enter the email address you linked to Square in the “from” field
2. Enter the email address you want to send money to
3. Add “Cash@Square.com” in the CC field
4. Add the amount of money you want to send in the Subject field
5. Add a note to recipient in the body
Check out my walk-through video of Cash by Square
In other words, if you can send an email, you can send money using Cash by Square. This puts Square squarely (see what I did there) in competition with PayPal, where you can also send money to anyone, but you do need a PayPal account and the PayPal mobile app. With Square, all you need to do is link an email address and debit card, no account or app needed. Oh, and most importantly, not fees.
The service is free to use, I’m assuming Square sees the value in having a ton of email addresses and debit cards…Hopefully they will only use that information as to figure out how to eat at PayPal’s market share.
Let me know what you think? Will you switch from sending money via PayPal to Cash by Square?