Newsletters
News & Information for Technology Purchasers NewsFactor Sites:       NewsFactor.com     Enterprise Security Today     CRM Daily     Business Report     Sci-Tech Today  
   
This ad will display for the next 20 seconds. Please click for more information, or scroll down to pass the ad, or Close Ad.
Home Enterprise I.T. Cloud Computing Applications Hardware More Topics...
APC Free White Paper
Optimize your network investment &
Enter to win a Samsung Galaxy Note

www.apc.com
Small Business
24/7/365 Network Uptime!
Average Rating:
Rate this article:  
Your Check Is in the E-Mail, Is It Safe?
Your Check Is in the E-Mail, Is It Safe?

By Barry Levine
October 16, 2013 2:25PM

    Bookmark and Share
One question is whether Square has enough of a trust factor for Square Cash users to send their debit card info via e-mail, particularly given how wary we all are of scams. Square, which makes inexpensive point-of-sale solutions for mobile phones and tablets, is known among small-business owners, but is not exactly a household name.
 



How about sending cash just by sending an e-mail? That's the idea behind a new online payments service called Square Cash, which began rolling out this week.

The service is free and requires no sign-up. To use, a person writes an e-mail, copies the company Square, and specifies the dollar amount in the subject line. The message body can be left blank or can include a message.

Once the e-mail is sent, Square will reply to the sender asking for permission to link their debit card to the payment, which they can do by simply replying with their debit card number once. Square verifies that the debit card account exists and sufficient cash is present, before sending an e-mail to the recipient. The company said it does not track the total funds in the account.

Up to $2,500

The recipient of the funds receives an e-mailed link from Square and is asked to reply to Square with his or her debit card number to receive the funds, also just the first time. There is no intermediate stored balance account, and the transaction takes a day or two, although Square says sometimes the funds show up right away. The sender and recipient are now both authorized to send or receive funds, in either direction.

Square says the actual financial transaction is communicated securely. Any e-mail service can be used, including Yahoo, Gmail or Outlook, on any device. There's also a Square Cash app for iOS and Android devices, for sending e-mail payments directly.

Initially, individuals are being targeted in this person-to-person version, but the company said it may someday offer a business-focused version. Up to $2,500 can be sent each week, debit cards need to be either Visa or MasterCard, and the service only works in the U.S. The simple verification service described above is good only for up to $250 weekly. For additional amounts, up to $2,500 total, Square requires you provide other information once, such as the last four digits of your Social Security number with name and birthdate.

Without Hoop Jumping

Square says it eventually will make money by offering premium options, such as a fee for use of Square Cash internationally.

Square Cash's Brian Grassadonia said in a statement that Square's philosophy is to create solutions "for individuals and businesses that work with the tools they already have in their pocket." He added that sending money can now be done without making recipients "jump through hoops to retrieve it."

Other digital services also allow person-to-person payments, such as PayPal. But PayPal requires a PayPal account, which is linked to a bank account, and then separate steps to transfer the PayPal funds to the bank account. According to a July report from industry research firm eMarketer, mobile payments are expected to reach $1 billion this year and balloon to $58 billion by 2017.

One question is whether Square has enough of a trust factor for users to send their debit card information via e-mail, particularly given how much we have been trained to be wary of scams. The company, which is known primarily for its inexpensive point-of-sale solutions for mobile phones and tablets, is known among some small-business owners and some e-commerce watchers, but is not exactly a household name.

Square makes a free credit card reader for iPhone, iPad and Android devices. Businesses can use the Square Register app with the reader to accept credit cards on most mobile devices, for which they are charged a fee of 2.75 percent per swipe or a flat $275 monthly.
 

Tell Us What You Think
Comment:

Name:



Neustar, Inc. (NYSE: NSR) is a trusted, neutral provider of real-time information and analysis to the Internet, telecommunications, information services, financial services, retail, media and advertising sectors. Neustar applies its advanced, secure technologies in location, identification, and evaluation to help its customers promote and protect their businesses. More information is available at www.neustar.biz.


 Small Business
1.   Alibaba Earnings Boost Yahoo
2.   Politics Test Silicon Valley, Russia
3.   Red Hat Unveils OpenShift Marketplace
4.   Clinton Calls for More Tech Training
5.   Data Compilers Peg Consumers


advertisement
Alibaba Earnings Boost Yahoo
Amid modest advertising sale gains.
Average Rating:
Politics Test Silicon Valley, Russia
Financial ties are being slowed down.
Average Rating:
Clinton Calls for More Tech Training
Wants Silicon Valley firms to step up.
Average Rating:
Product Information and Resources for Technology You Can Use To Boost Your Business

Network Security Spotlight
Michaels Says Nearly 3M Credit, Debit Cards Breached
Arts and crafts retail giant Michaels Stores has confirmed that a data breach at its POS terminals from May 2013 to Jan. 2014 may have exposed nearly 3 million customer credit and debit cards.
 
Heartbleed Could Cost Millions, Could Have Been Prevented
Early estimates of Heartbleed’s cost to enterprises are running in the millions. The reason: revoking all the SSL certificates the bug leaked will come at a very hefty price.
 
Google's Street View Software Unravels CAPTCHAs
The latest software Google uses for its Street View cars to read street numbers in images for Google Maps works so well that it also solves CAPTCHAs, those puzzles designed to defeat bots.
 

Enterprise Hardware Spotlight
Vaio Fit 11A Battery Danger Forces Recall by Sony
Using a Sony Vaio Fit 11A laptop? It's time to send it back to Sony. In fact, Sony is encouraging people to stop using the laptop after several reports of its Panasonic battery overheating.
 
Continued Drop in Global PC Shipments Slows
Worldwide shipments of PCs fell during the first three months of the year, but the global slump in PC demand may be easing, with a considerable slowdown from last year's drops.
 
Google Glass Finds a Home in Medical Education, Practice
Google Glass may find its first markets in verticals in which hands-free access to data is a boon. Medicine is among the most prominent of those, as seen in a number of Glass experiments under way.
 

Mobile Technology Spotlight
Google Releases Chrome Remote Desktop App for Android
You're out on a sales call, and use your Android mobile device to grab a file you have back at the office on your desktop. That's a bit easier now with Google's Chrome Remote Desktop app for Android.
 
Amazon 3D Smartphone Pics Leaked
E-commerce giant Amazon is reportedly set to launch a smartphone after years of development. Photos of the phone, which may feature a unique 3D interface, were leaked by tech pub BGR.
 
Zebra Tech Buys Motorola Enterprise for $3.45B
Weeks after Lenovo bought Motorola Mobility’s assets from Google for $2.91 billion, Zebra Technologies is throwing down $3.45 billion for Motorola’s Enterprise business in an all-cash deal.
 

Navigation
NewsFactor Network
Home/Top News | Enterprise I.T. | Cloud Computing | Applications | Hardware | Mobile Tech | Big Data | Communications
World Wide Web | Network Security | Data Storage | Small Business | Microsoft/Windows | Apple/Mac | Linux/Open Source | Personal Tech
Press Releases
NewsFactor Network Enterprise I.T. Sites
NewsFactor Technology News | Enterprise Security Today | CRM Daily

NewsFactor Business and Innovation Sites
Sci-Tech Today | NewsFactor Business Report

NewsFactor Services
FreeNewsFeed | Free Newsletters | XML/RSS Feed

About NewsFactor Network | How To Contact Us | Article Reprints | Careers @ NewsFactor | Services for PR Pros | Top Tech Wire | How To Advertise

Privacy Policy | Terms of Service
© Copyright 2000-2014 NewsFactor Network. All rights reserved. Article rating technology by Blogowogo. Member of Accuserve Ad Network.