![]() ![]() But the company must comply with a thicket of state rules on abandoned property and escheatment, so dormant cards are not pure profit unless Square institutes some type of inactivity fee down the road (note 2). So far, there are no fees or expiration dates for the gift cards. If the recipient does not accept the gift card within 90 days, the money is returned to the sender. ![]() Printing or displaying the QR code sent in the original email to recipient (if merchant supports QR code scanning) iPhone Passbook (if merchant accepts Passbook)ģ. Recipients can potentially redeem in three ways, but the last two options only work for merchants that support bar-code scanning at the POS:Ģ. In the event that the merchant stops taking Square, the funds will be cashed out and placed in the recipient’s Square wallet for use at any other Square merchant. The virtual card can only be used by the recipient at the designated merchant using Square’s processing services. It can be sent immediately to any email address right from mobile app, which is integrated with iPhone contacts.Īs show in the inset, the gift card option is shown under each merchant’s "page" within the Square Wallet app ( above the fold). That’s a business with as much potential as anything it has done to date ( note 1).Īnd it’s available now at any of the 200,000 merchants that accept the Square Wallet.Ĭonsumers can use their Square Wallet app to purchase a virtual gift card ( $10 minimum $1000 max) for any Square merchant. We got a glimpse today of where it’s heading as the company rolled out virtual gift cards. As the first billion-plus payments startup since PayPal, I’ve been looking forward to watching Square deliver on those hefty expectations. ![]()
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