Share:
POST
TWEET
SHARE
SHARE
EMAIL

Square enables direct payment to their Cash app

By Dan Wilson March 12, 2018 - 8:12 am

You can now accept payments, such as your salary or money from friends, directly to the Square Cash app, according to news from the innovative payments company, by bank transfer.

PAYDAY! Cash App now supports direct deposits for your paychecks. Give your employer the account and routing number in your Cash settings, and we’ll notify you the second that direct deposit hits.
Square on Twitter

It’s worth noting that Square doesn’t yet have a bank charter (and maybe doesn’t want one), and they’ve built out their financial services offering by partnering with existing. That’s how they offer a debit card to users and now this direct deposit function. The debit card is issued by Sutton Bank and now it seems like the direct deposit feature is facilitated by Lincoln Savings Bank. They is giving Cash app users a sort code (or routing number in US parlance) and an account number to use for making deposits. It looks like this function is only currently on offer to Square users in the USA. But they do have global ambitions.

Companies like Square are fighting it out to become broad-based finance companies offering consumer services, and those services are increasingly about offering what could be considered traditional banking functionality. The question that remains is why they don’t simply become banks and give themselves the freedom to operate accordingly. Perhaps because the regulations are too onerous?

Comments are closed.

Featured in this article from the Tamebay Guide – companies that can help you grow and manage your business.

See More Companies >

Recent Comments

28 mins ago
OnBuy: Hi Tyler, Thank you for raising these points. As always, we appreciate the feedback as this...
40 mins ago
jim: and while i am moaning the order booking process is just a little Del Boy ...
54 mins ago
jim: my point being parcel2go take the payment my contract is with them, they sold...
2 hours ago
Jim: @tyler It is You who miss the point With your obsession to contradict and argue do...