[thinkcomp]

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

[dpark]

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]

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&#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

And Square has no plans to get one as of last month.

http://www.dfi.ca.gov/publications/summaries/2011/september....

[dpark]

Thanks!

Would it not be possible for them to partner in the same fashion to do direct debit?