This is great news for those of us who had to revert back to carrying cash due to the possibility of fraud. I know I am not a fan of carrying cash to do business and although I do my best to protect myself online, there is still the possibility of that “one time”.
More small businesses are using the Square Up technology to be able to accept credit card transactions. Some consumers are a bit uneasy about the mobile readers because of the possibility of fraud. Well I think they can sleep easy now as credit and debit cards are being designed with fraud or counterfeiting mechanisms, the reader has unveiled its new reader to aid in the process.
Guess I need update my reader…huh??
Check it out as reported by USA Today:
Mobile payments service Square announced it’s launching an EMV reader that support credit cards with security chips.
The reader will allow businesses to accept credit cards carrying an EMV chip, which stores additional digital data on the card and makes it tougher to counterfeit.
Square says the reader will be available later this year.
“There are more and more ways to pay, and with options like bitcoin and contactless, customers expect to pay however they want; cashiers should never have to say ‘we don’t accept that’,” said Square founder Jack Dorsey in a statement Wednesday.
Banks in the U.S. are slowly rolling out new credit cards with EMV chips, developed by credit card firms MasterCard and Visa along with payments firm Europay. The chip carries “dynamic authentication” that helps reduce the risk of fraud, according to an explainer on MasterCard’s website.
Retailers have until October 2015 to install hardware that accepts chip cards.
Source: USA Today