TechCrunch reported this morning on the formal announcement of Square Cash, a service that allows you to send money through your email account.
This story caught my eye because only moments ago I had to find an ATM in order to pay my portion of a gift. I asked, halfheartedly, if they would accept a check, which would have saved me a trip across campus. Of course, the answer was "No!" Hey, I had to try, right?
As I write that, I can think of other examples where this service would have helped me recently. I have a friend in California who I needed to send some money to. We tried transferring funds from my bank to hers, but it was far too clunky and ended up requiring a bank visit.
For my carpool partners and I, asking them to simply simply email their monthly payments sounds much easier than what we previously discussed. I mean, who doesn't have a debit/credit card and an email account?
Think about it, you can send money from your smartphone, desktop, or tablet. Easy peasy!
How Does It Work?
Create an email message that is addressed to the person you want to send money to. Make sure to Cc: email@example.com and add the dollar amount that you wish to transfer, it can be either in the subject line or message body.
You will receive an email reply from Square asking you to link a debit card. You'll have to initially do this from a web page.
The recipient will be emailed a link to easily deposit the cash into their bank account.
While you can do all of this from your email account, Square also offers a mobile application that you can download. Currently, there is an Android and iOS version.
What Else Should I Know?
Sounds simple enough, right? Well, there are a couple of things you should know.
- It's FREE! There are no transaction fees.
- It's secure. This service is powered by the same company that food trucks and other vendors use to swipe your debit card. It's made possible by Square, Inc.
- The deposit usually happens within 1-2 business days.
- The recipient has 14 days to enter their debit card and receive the money. A reminder will be sent out regularly just in case they forget.
For me, this sounds like a very handy and easy-to-use service. Try it out and let me know what about your experience.