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Square does not currently require a license, and they have not yet applied for one in California.

• dpark 15y ago
  Out of curiosity, where are you getting this info? From a cursory look, I was under the impression that they would need a license in every state that they'd do business in.
  • thinkcomp 15y ago
    It's all public information. Square is exempt from the California Money Transmission Act per FC § 1805(d) (see http://www.leginfo.ca.gov/cgi-bin/displaycode?section=fin&group=01001-02000&file=1805-1806 http://www.leginfo.ca.gov/cgi-bin/displaycode?section=fin&#3...), since it's actually JPMorgan Chase Bank, N.A. that is moving your money. Square does not have a license. http://www.dfi.ca.gov/directory/mt.asp http://www.dfi.ca.gov/directory/mt.asp And Square has no plans to get one as of last month. http://www.dfi.ca.gov/publications/summaries/2011/september.pdf http://www.dfi.ca.gov/publications/summaries/2011/september....
    • dpark 15y ago
      Thanks! Would it not be possible for them to partner in the same fashion to do direct debit?