Square is Producing a Faster Credit Card Chip Reader
Is the chip reader working or isn’t it working? Sometimes it can be hard to tell. Thankfully, Square has a faster chip reader in development.
It took the US years to implement the credit card chip technology that the rest of the world has been using. The current EMV chip technology allows for a safer and encrypted transaction, but it is slow and obnoxious in design. In a world of smartphones and tablets, the current chip technology feels incredibly outdated. Luckily, Square has a faster chip reader in production.
What is Square?
Square is a mobile payment company founded by Jack Dorsey, the founder of Twitter. Square has made it easier for small or local businesses in particular to expand their business through credit card payments. Hopefully, as the technology improves, it will be used by a wider variety of businesses.
Square’s Contactless + Chip Reader
This new chip reader from Square not only reads EMV chip technology, but also accepts contactless payment methods like Apple Pay, Android Pay, and Samsung Pay. The device uses Bluetooth technology for transactions and includes a magstripe reader for cards without chip technology. In addition, the chip reader promotes freedom of movement — it can work anywhere you can go, as long as you have a network connection. It also works effortlessly with the Square app, which handles payments, tipping, inventory, reports, and more. Currently, the device takes about 4 seconds to process a transaction, but the company is hoping to get that time down to 3 seconds. That’s much less than the average processing time for current chip readers, which can take up to 13 seconds.
The reason that Square’s Contactless + Chip Reader works is because it supports a variety of different payment methods that many card readers, or payment devices, don’t support (such as contactless payment). It also appeals to younger generations who may be more inclined to shop at a particular store if they can use a card or contactless payment. Further, it is the type of technology we’ve been waiting years for — one that incorporates most of our modern forms of payment.
An Answer to Credit Card Fraud
The US is suffering from a large amount of credit card fraud. EMV chip technology, as mentioned, offers a more secure way of paying for goods. Square’s Contactless + Chip Reader furthers this by offering contactless payment, another payment method that is considered to be more secure than a magstripe.
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If you’re going to use contactless payment such as Android Pay, be sure to install antivirus software on your device. Download DFNDR for your Android to protect your device against malware and security threats 24/7.