Square Unveils Reader for Chip-Based Credit Cards
Square has revamped its credit card reader to accept chip and PIN cards, and the new device can be preordered for $29. The reader accepts magnetic strip cards and smart cards, and it is compatible with Android and iOS devices.
Merchants familiar with the old Square reader should have no trouble making the switch. The dongle still plugs into the headphone jack of a smartphone or tablet, and corresponds with an app on the device. There are no merchant accounts or long-term contracts to sign, and Square typically delivers money to the merchant’s bank account in two business days.
“We’ve simplified the traditional cumbersome, power-hungry EMV terminal that costs sellers hundreds of dollars and requires complicated contracts,” Jesse Dorogusker, Square’s head of hardware, said in a statement.
Square is also offering a chip accessory for its brick-and-mortar merchants who operate with Square Stand. Stand functions more like a traditional register, rather than a device plugged into a phone. The chip accessory connects to a USB port on a Square Stand, and allows sellers to process EMV cards.
Square is making these changes now in order to get ahead of the competition in the October 2015 switch to chip-and-PIN technology.
Delivery for both devices is scheduled for early 2015.