From easier to easiest
Everyone is familiar with Square. We use them in our own businesses; we use them to pay for our coffee and scone at the corner bakery. And now we have a new contactless Square with a chip reader to make life just that much easier.
Your customer line will move at lightning speed with the contactless Square when all your patrons have to do is hold their mobile device near the Square and you’ll automatically receive payment through Apple Pay or any other NFC format.
But, if they’d rather pay with their chip card, all they’d have to do is insert the chip into the bottom of the reader. Make sure to place the chip into the reader for the entire sale for the safest transaction for the customer and your company.
How your business can become liable for fraud
Be aware that as of October 1, 2015, if you swipe the magstripe on a chip card instead of inserting the chip, the liability for many types of fraud shifts from the bank to you! Always “dip the chip” in the card reader!
Now, in the event that a customer hasn’t received an updated chip card, a Square magstripe reader is sent with the new contactless Squares. This way you still have the ability to swipe a good, old-fashioned credit card and receive your payment.
Dippin’ the chip
Just in case you aren’t familiar, chip cards are also called EMV cards, which actually stands for Europay, MasterCard, and Visa. Chip cards are far safer than credit cards and are already the standard in Europe. The chip visible in each card is a computer chip that talks with payment terminals to ensure that fraud is not taking place each time the card is being used. The U.S. accounts for 24% of the world’s credit card sales, but is responsible for 50% of worldwide fraud. Magstripe credit cards are far too easy to steal, hack into, and commit fraud with, which is why the EMV chip cards were invented.
Pricing and compatibility
The contactless Square is compatible with iOS and Android devices and is priced at $49. It is made of molded white plastic, weighs 56 grams, is 2.6 inches wide, 2.6 deep, and .4 inches tall.