Pay Me!

Personal Square Cash payment page for Juan Monroy

For the last few years, I’ve been using Square Cash for small transactions between friends. Since its introduction, it’s been dead simple to send money: you send your friend an email, copy cash@square.com, and enter the dollar amount in the subject line. I’ve preferred it to Paypal, which most everyone else I know uses, for several reasons:

  1. Having occasionally sold things on eBay, I’ve watched a lot of my sales earnings evaporate with Paypal fees. That left a bad taste in my mouth.
  2. Speaking of fees, Paypal insists on having my ABA bank routing and account numbers to send money in order to avoid the recipient incurring a transaction fee. Square, on the other hand, uses a debit card number, which comes with fraud protection and allows you to dispute fishy transactions. It’s difficult to do that with ABA transfers.
  3. One of Paypal’s founders is a billionaire that encourages students to drop out of college.

Today, I noticed that the Square Cash iPhone app was updated to include support for a few new features:

  1. They have a dedicated domain name for the service at https://cash.me.
  2. Users may now have custom web address to receive payments, which they cleverly call “$cashtags.” For example, you can send me money—all kinds of money—at https://cash.me/$juanmonroy.
  3. They also introduced something called Cash Pro which provides businesses with a simple Cash-style payments for a 1.5% transaction fee.

That last bit is interesting mostly because it explains how this Cash service makes money. It was a bit of a hard sell when I would recommend the service to friends. Each would invariably ask how Square can transfer money with no fees. My response of “they make it up in volume” never seemed satisfactory.

I hope this lasts longer than that recently killed Square Order app.

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