From a cursory look, I was under the impression that they would need a license in every state that they'd do business in.
Square is exempt from the California Money Transmission Act per FC ยง 1805(d) (see http://www.leginfo.ca.gov/cgi-bin/displaycode?section=fin...), 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....
Would it not be possible for them to partner in the same fashion to do direct debit?
Square is exempt from the California Money Transmission Act per FC ยง 1805(d) (see http://www.leginfo.ca.gov/cgi-bin/displaycode?section=fin...), 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....