As some of you noticed, we recently took away the option to redeem your Carats for Square Cash. We’ve provided an explanation as to why below. Sorry for the inconvenience, but it’s something we had to do. Hope you understand!
Why did you remove the Square Cash option?
We initially introduced the Square Cash option for users to easily redeem their Carats directly into their bank accounts because it was a simple and free way to receive cash. However, processing Square Cash transactions (unlike other redemption methods) has been a labor intensive process. We’re talking about writing/sending an email and verifying each transaction (not to mention multiple blockages from too many transactions in a short period of time)! In our early days, this was ok, but since we’ve grown, the processing time has become too much for our small team to handle. Besides, we’re guessing that you’d prefer we spend the time improving the app than on just one redemption option.
This has caused a lot of confusion and frustration among our users who had to wait for a long time for their Square Cash transactions to clear. To prevent this from happening in the future, we decided to remove the Square Cash option for now.
What will happen to my existing Square Cash transactions?
We have already canceled and refunded all pending Square Cash transactions.
Will Square Cash be gone forever?
It depends. We are able to process other redemption options (Paypal and gift cards) programmatically, which is why they take much less processing time. As soon as Square Cash provides us with an automated method to process transactions, we will add it back to our list of reward options. We’ve talked to Square and they don’t have anything at the moment.
What alternatives do I have?
For cash, you can always use Paypal. For gift cards, you can redeem Carats for a wide selection of retailers and brands we provide. As an extra incentive for users to use gift cards, we will be starting a Carat Rebate program starting early next month. From then on, you will be receiving a certain percentage of the gift card amount in Carats as a rebate to your Slidejoy balance. Keep an eye out for the announcement later this month!
Our vision is to make the reward redemption experience as enjoyable and painless as possible. As an example, check out our most recent update, which includes a more detailed view of all your current and past transactions. We hope you understand the changes we had to make, and if you have any questions, suggestions, or comments regarding these changes, please send us an email (email@example.com). We are happy to chat with you!