This month something happened that has been a bit of a confusion for many makers. Some might not even be aware of the change or the need to upgrade. By now most of you have probably received at least one new credit card with the chip and pin technology. And you've probably encountered the new card readers at your local grocery store or Target.
This new shift to chip and pin means that if you're not using this new system, you are now on the hook for fraud that might be committed using a fake credit card to purchase your goods using the old swipe technology. That means you can still use your old card reader that just swipes but it's with much more risk now (previously if there was card fraud in this manner, the bank ate it and not the seller).
We always like to present you with options and facts about these issues, so we asked our friends at Square (a sponsor of the AHAS Awards last year) to share a little bit about the new upgrades. This is not a sponsored post and I know there are other card readers out there and are also probably offering similar technologies, so if you have one of those you should also look into their upgrade. If they don't offer one, make sure to consider risks involved for you to continue with swiping.
If you are in Europe, well, haha, you are probably like this is old news! The US is just now migrating to this more secure technology that should be better for consumers and sellers in the long run. Kudos to you for being ahead. :)
Major technology shifts often leave local businesses behind. At Square our job is to make sure sellers of all sizes have equal access to the tools they need to grow. A few years ago, local businesses’ only options for accepting credit card payments set them back hundreds of dollars, overwhelmed their countertops with bulky hardware, and required stringent, binding contracts.
The same is true of today for the new payment technologies like chip card and contactless payments, and that’s why Square is putting new, affordable technology into the hands of business owners. We know how important it is for a seller to be able to accept any form of payment they see come over the counter.
We announced our Chip Card reader in July of 2014 and it’s currently available to order on our website for $29. The reader was built to give sellers an affordable and seamless transition to securely accepting chip card payments.
We announced our new reader for contactless and chip cards in June of this year, which allows sellers to accept both chip cards as well as contactless payments like Apple Pay -- sellers can pre-order it for $49. Our new reader for contactless and chip cards is our flagship reader because it promotes authenticated, more secure payments for our sellers and its NFC capabilities are faster and more efficient than EMV for customers.
The liability shift makes sellers of all sizes nervous because they aren’t clear about what it is or how it affects them. We’re committed to removing barriers that stand in the way of Square sellers running their businesses. That’s why we’re taking away the stress of the liability shift -- we will cover EMV liability shift-related charges for Square sellers who pre-order the new Square Reader. And once sellers receive their new Square reader in the mail they’ll have access to the same smart technology that the big guys have.
Square has a history of educating our sellers on any major technology shifts that may leave their businesses behind. Since announcing our chip card reader last year, we’ve provided accessible educational material like the EMV educational page on our website, a special section on new payment technologies on our blog, and our social channels.
What about you? Have you made the change? Why or why not?