The popular transaction provider, Square, has been hard at work, preparing to help retailers make the switch to card readers that can read the new cards with secure EMV chips, a move which the US credit card industry has been inching towards. Square has recently begun accepting preorders for its new chip card-compatible readers. The new Square Reader for chip cards costs $29, unlike the regular iPhone-compatible Square swipe accessory which the company had made available for free.
The new reader includes a slot that merchants can “dip” an EMV-compatible card, where they would presumably leave it in place for the entire sale. This method replaces the traditional method of just swiping a card, although it should be noted that the new Square Reader also includes a magnetic strip reader for legacy support as well.
Square is also taking preorders for a new “Chip Card Accessory for the Square Stand, which is a $39 accessory that connects to the iPad stand with an included USB hardware hub. This top-loading slot allows merchants to insert a credit card and securely initiate a transaction. Furthermore, the EMV card reader pairs with the iPad in the stand and its accompanying legacy magnetic stripe reader. Those interested in purchasing the standalone Square Stand can do so for $99.
Both the Square Reader for chip cards and the Square Stand Chip Card Accessory are now available for preorder. Spring of 2015 is the scheduled shipping time, which is well ahead of the October 2015 EMV mandate adopted by the US payment networks. This should allow everyone to get well acquainted with the technology before it is required.
Will any of you be getting the chip card readers from Square?
Source: Square (blog)
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