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How Square Works

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Author's Note: How Square Works

I can easily envision a day when my grandchildren will ask me what money looked like. Even today I feel a little strange using actual cash (or coins, for heaven's sake) to make a purchase. Why are we still passing around these wrinkled pieces of paper when the entire financial system is electronic? It's not as if your bank has a stack of cash waiting in a vault with your name on it. Money is transferred in and out of your bank account as a string of ones and zeros. Why should our transactions at the mall be any different? Cash equals hassle. You have to go to an ATM to get it. A store has to count it, stash it in an envelope and lug it down to the bank to deposit it. And don't even get me started on checks! Obviously there are obstacles to a cashless economy. What about people who don't have bank accounts or credit cards? What about fraud, identity theft and other security concerns? Still, I believe that I'll see the death of cash in my lifetime. I'll bet you a two-dollar bill.

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Sources

  • Accertify. "Card Not Present Fraud: A Simple Primer." (Oct. 31, 2013) http://www.accertify.com/documents/Accertify%20Whitepaper_CardNotPresentFraud.pdf
  • Better Business Bureau. "Square" (Oct. 31, 2013) http://www.bbb.org/greater-san-francisco/business-reviews/credit-card-merchant-services/square-in-san-francisco-ca-370609
  • Delevett, Peter. "From Twitter to Square, Jack Dorsey is on a hot streak." San Jose Mercury News. Oct. 27, 2013. (Oct. 31, 2013) http://seattletimes.com/html/businesstechnology/2022126067_inpersondorseyxml.html
  • Deloitte. "Trends and Prospects of Mobile Payment Industry in China 2012 – 2015." April 21, 2012. (Oct. 28, 2013) http://www.deloitte.com/assets/Dcom-China/Local%20Assets/Documents/Industries/Financial%20services/cn_gfsi_TrendsProspectsChinaMobilePaymentIndustry_041212.pdf
  • Kim, Ryan. "Square rivals bank on customer support to compete." gigaom. Sept. 19, 2012. (Oct. 31, 2013) http://gigaom.com/2012/09/19/square-rivals-bank-on-live-customer-support-to-compete/
  • New, Catherine. "Cash Dying As Credit Card Payments Predicted to Grow in Volume: Report." The Huffington Post. June 7, 2012. (Oct. 28, 2013) http://www.huffingtonpost.com/2012/06/07/credit-card-payments-growth_n_1575417.html
  • Nicole, Kristen. "Square Cash Raises Security Questions: Too Simple for the Masses?" Silicon Angle. Oct. 16, 2013. (Oct. 28, 2013) http://siliconangle.com/blog/2013/10/16/square-cash-raises-security-questions-too-simple-for-the-masses/
  • Parker, Phillip. "Square Review." CardPaymentOptions.com. July 24, 2013. (Oct. 31, 2013) http://www.cardpaymentoptions.com/credit-card-processors/square-review/

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