Square Cash – Should I sign up? – PayPal vs Square Cash

Square Cash is the next new cash transfer medium.  We are no longer in a traditional savings and checking account world any longer where it takes too long to withdraw funds in person.  ATM’s have even become a thing of the past.  Enter PayPal, Google Wallet, and and the rest of the crop that try to compete with PayPal.  As predicted, Bitcoin will also become a quick afterthought.  Too much corruption and no traceability equals crime.  How many crime scenes and lost money have we heard about on Bitcoin.  Bitcoin is the latest Ponzi scheme where you must buy stock via bank account or wired funds and then to sell those funds to your buyer, in essence.  Purely untraceable and becoming the best way to mastermind cons left and right.

Okay, I digress.  Let’s get back to Square Cash, the latest way to pay to transact online.  With Square Cash, you don’ t have to ante up your savings or checking account.  Instead, you sign up for a debit card account if you don’t have one, and then you send money from it to someone else.  The really cool factor here is that you use it like you would with e-fax.  You simply email your money.  Write who it’s going to in the To: field, put Square Cash’s email in the CC: field and the Subject line is where you put the amount.  Feel free to write notes in the body of the email.  Very simple and clear, beautiful IT service.  And guess what?  For now, it’s completely free.  It won’t be free for long so if you have a debit card or account, this is definitely for you.

If you’re wondering what the difference in fees and days to clear are between Square Cash, I’ve made it easier for you with this chart breakdown below.  I tested sending $10 five different ways this past Friday.  Here are the actual results:

Amazing for Square Cash.  Just 1 day to clear and no transaction fee.  Others take 3-5 days to clear with higher transaction fees for the traditional checking account and Popmoney.

PayPal vs. Square Cash.  No transaction fees for now.  Soon, it will be 50 cents per transaction which is much better than the hefty 4% transaction fee PayPal throws on if you use your credit card.  It’s extremely easy since you can email money from anywhere you are and don’t need to be logged into PayPal to do so.  The only concern here is, as always, security.  It’s a start-up and you always have to worry about hackers, computer virus issues, and identity theft situations.  So, just make sure if you use it to do it on a computer or smartphone that has a password or passcode, and change your password monthly.  Other than that, dive it and enjoy!