Square Cash’s new feature helps you hit your friends up for money
Everyone has a freeloading friend or family member who borrows money and then “forgets” to repay you. Quit letting it slide and collect the debt with Square Cash’s new request feature.
Square launched Cash last October as a new, user-friendly financial service that could take on PayPal. Square’s main products, Reader, Register, and Stand, make business transactions easier, but Cash lets users pay each other instead of a company.
The new request feature lets you ask for money from a friend or from groups of people using the Square Cash app for iOS or Android. Don’t have the app and don’t want to install it? You can request cash in an email—just CC email@example.com with the dollar amount in the subject line. You don’t have to register for an account with Square to request money or send it, which differentiates the service from PayPal’s.
Other apps let users transfer funds to each other, like Google Wallet and Venmo, but Square Cash’s request feature is a little out of the ordinary. After you’ve requested funds from a group of people—friends who owe you for that vacation you put on your credit card, for example—Square Cash also lets you track who’s paid up and who’s ducking their responsibility.
Square Cash transfers max out at $250 per week, unless you verify your identity with Square, in which case the limit is bumped up to $2,500. Other apps have higher transfer limits, so if you have to collect big bucks, you might want to check out Google Wallet’s $50,000 weekly cap. But Square Wallet is one of the few apps that deposits money directly into your bank account for immediate use—other similar services require you to cash out from the app, which can take a couple days.
When Square Cash was introduced, we were a little concerned about the potential for phishing scams, because the company notifies you by email when you receive a transfer and requires you to enter your account information via a link within the message. You can see how it would be easy for a hacker to take advantage of that process. Square has said it works with banking and email providers to protect customers, and now with Cash’s new request feature, the company is quickly becoming a real financial option for consumers as well as businesses.