Square is a payments company which also makes mobile card readers which can be used to swipe cards and accept payments using smartphones and tablets. The existing credit card reader from Square isn’t capable of accepting chip cards, otherwise known as “Chip and Pin cards” across the pond. That changes today. The company is now accepting pre-orders for its updated reader which brings support for these more modern cards.
Support for chip cards doesn’t come at the expense of the much older magnetic-stripe only cards. Users will be able to accept them as well by swiping them through the reader just like before. The reader is small enough to fit into a pocket and it works with iOS and Android devices.
There’s one major difference between magnetic stripe only and chip or EMV cards. The latter doesn’t require cardholders to sign their name instead they have to punch in a PIN into a dedicated terminal.
Square’s Jesse Dorogusker points out that these terminals are “cumbersome” devices which are not only costly but require merchants to sign contracts. On the other hand Square’s new reader is smaller and easier to carry, plus it only costs $29.
Square also opened up pre-orders for a new accessory that allows its iPad Stand to accept EMV cards, it costs $39, and will arrive in early 2015.
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