Reply
Contributor
firesoul453
Posts: 150
Registered: ‎08-24-2012

Square Cash (app). How do they make money?

Hello, anyone know how square makes money off their new square app? I really want to like it but when they are offering everyhing 100% free and for nothing in return I am suspicous. Other free services (such as gmail, youtube, free tv,  radio etc) all have ads to pay for it and so I can depend on my gmail still being there but what about this? No fees whatsoever? No ads? Don't even need to sign up for an account! Seems to good to be true.

 

Any thoughts?

My ultimate credit wish,
a JP Morgan Palladium card
Super Contributor
enharu
Posts: 7,132
Registered: ‎02-27-2013

Re: Square Cash (app). How do they make money?

They may eventually introduce fees. Right now is kinda a promo period to market to customers, and also for them to put their systems to test.

They only allow money to be withdrawn from a debit / checking account only if I'm not wrong. The fees for debit transaction are a lot lower compared to credit cards so they aren't losing as much money.
JPMorgan Palladium (100k), AmEx Platinum (NPSL), AmEx SPG (46k), AmEx BCP (42k), Chase Sapphire Preferred (47k), Citi Prestige (31k), Citi Thank You Preferred (27k), Citi Executive AAdvantage (25k), JPMorgan Ritz-Carlton (21k), Merrill+ (15k), US Bank Cash+ (22.5k), Wells Fargo (12k), Bloomingdale’s (12.4k), Chase Freedom (5k), Discover IT (5k).

myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Click to Verify - This site chose VeriSign SSL for secure e-commerce and confidential communications.
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+
}