New Square Reader Does Apple And Chips

Square, Inc., is helping small businesses accept the latest payment methods without breaking their budgets. The upcoming version of the Square Reader will accept Apple Pay and other NFC contactless payment systems, as well as the chipped (EMV) credit/debit cards that U. S. banks are rolling out rapidly.

Do You Accept Apple Pay and Chipped Cards?

The cost of upgrading POS (point of sale) terminals to deal with contactless payment systems and the new chipped cards has worried many small business owners. Rest easy, Square’s new reader costs just $49 and if you pre-order now you can get it for free!

The new reader is a discreet white box; from pictures I’ve seen, it looks about ½” tall and maybe 2 inches long and wide. It can be mounted on a countertop or a vertical surface, or carried in a pocket. It connects wirelessly to your mobile device and the Square mobile app or to the Square Stand, a $99 device that turns an iPad into a countertop POS terminal.

Square Reader - Apple Pay - Chipped Cards

Cards can still be swiped through a slot on the reader’s side. Magnetic stripe cards are still accepted as well as the new chipped cards. (See my article, Are You Ready For Chipped Credit Cards?) Contactless payments are made by waving a smart device within a few inches of the reader.

Contactless payments are a “nice to have” feature right now. Your hipster customers will appreciate the chance to show off their Apple Pay skills, and it never hurts to make customers feel good. Contactless payment is gaining popularity rapidly; in the not-too-distant future, a business that doesn’t accept it will lose revenue as more consumers carry nothing but their smartphones.

Accepting chipped cards is already a “must have” feature. New credit card rules penalize merchants who don’t accept chipped cards and shift much of the liability for fraud onto non-compliant merchants instead of banks. If you don’t upgrade to accept chipped cards, you’re taking a big risk.

Apple Pay, with its Touch ID biometric authentication, provides extra protection against fraud, too.

When you reserve your next-generation Square Reader, you will get one of two offers that seem to be based upon your business history with Square. You’ll either get a reader free of charge without strings, or you’ll pay $49 and get up to $49 worth of Square processing fee credits that must be earned within three months.

The free offer is most likely given to established Square merchants, while new Square accounts and very low-volume merchants get the fee-rebate offer. Either way, it seems like a good deal to me.

Are you using a terminal that accepts all the latest payment methods? Your thoughts on this topic are welcome. Post your comment or question below…


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Comments

  1. John L. says:

    You didn’t mention Paypal’s mobile reader device. They don’t accept chipped cards and Apple Pay now, but they say a new reader is coming in “Fall 2015” which will.

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