|Credit: Mobile payments image via Shutterstock|
A new online payment platform from Square can simplify the way your small business processes transactions.
The company — best known for pioneering credit card reader dongles for smartphones and tablets — launched this week a new platform to make sending money as easy as sending an email.
Square is touting the platform as a simpler alternative to competitors like Venmo, PayPal and Google Wallet in the online payment arena.
To use Square Cash, you just compose an email to the recipient, type the amount you want to pay into the subject line, and carbon copy firstname.lastname@example.org.
If it’s a customer’s first time using the service, he or she will be directed to Square’s website to input their credit or debit card number. After that, the card number and email account are permanently linked.
Once the email is sent, the payment is transferred directly into the recipient’s bank account. That’s in contrast with services like Venmo, which functions as an intermediate account to hold cash until you claim it manually.
The platform is notable for its simplicity: There’s no need to create an account, download an app or add contacts. Android and iPhone apps are available to download, but they function simply as a shortcut to compose an email; both apps CC email@example.com automatically.
It won’t replace the flagship Square Wallet platform, which lets customers purchase items wirelessly from participating brick-and-mortar shops by using their smartphone as a mobile wallet. But it’s a lightweight, viable solution for business owners to accept individual payments on the fly.
And unlike Square Wallet, Square won’t take a cut of your transaction when you use the Square Cash email service.
Originally published on BusinessNewsDaily.