By now the vast majority of people have settled into using the Internet as a 24-hour shopping center, where almost anything imaginable can be purchased and shipped right to your door. From goods to services, everything under the sun has a digital price tag. While most of us have used a credit card to buy something online, many of us have alternatively chosen a more secure option, especially when closing deals with individuals on online auction sites like eBay. That option has traditionally been PayPal, which in many ways, has helped to revolutionize the way people transfer money. In fact, PayPal has been so successful, and essential to eBay’s success, that eBay bought the company in 2002.
Since its inception, PayPal has been an innovator in the way that people send money to one another. Instead of sending money to a family member across the country via Western Union or a bank transfer, that money can now be easily sent via your laptop, tablet, or even smartphone within minutes. PayPal has made it much easier to make International transactions, ensuring that, if you are willing to wait the two-to-three weeks it may take to ship a product, the absolute lowest price and best possible selection is available to you.
With any great innovation, a competitor with a tantamount technology is always lurking just around the corner. Square Cash is that competitor. It launched on October 15, 2013 and is already creating a worldwide buzz. It is now possible to transfer money with no username, no password, no account, and no app. In fact, you only have to visit their website once for the initial setup. Square Cash will then prompt you to enter your card’s pin number and then links to your email address. Square Cash works like this, you simply compose an email to a friend, type the amount of money in the subject line, then C.C., email@example.com, and the transaction is complete. Done. Over with. Ancient history. There is no account that requires you to transfer money. Most importantly, there are no additional charges and it all just works instantly and for free.
The first thought that would come into any person’s mind is, “How safe could this possibly be?” Only time will tell, but for now Square Cash is espousing total security. They have addressed the issue of invasive phone hacks and claim to be 100% secure against this type of theft.
So let’s take a look at some of the other benefits of this service. Many transactions, especially individual-to-individual transactions have traditionally been strictly cash. You would be hard pressed for someone to try and make a purchase at a yard sale or a farmer’s market with a credit card or Paypal, but Square Cash could end that. There is no equipment to slide your credit card through, there is no three day wait to have your cash available in your bank account. All that is necessary is an email account linked to Square Cash.
Of course, there are certain transactions that PayPal still seems more advantageous, such as purchases made on Amazon or eBay. PayPal offers safeguards against fraud, buyer protections, and customer service rarely seen from any company. For the average Technology company, it would make more sense to use this option. However to ignore a company as bold and innovative as Square Cash would also be a mistake.
Do you think you could benefit from Square Cash for your cash transfers? Leave your thoughts in the comments.