Square just unveiled its new Square Reader for chip cards, which is now available for pre-order. Don't expect to get it for free though. It will cost you $29, though the company calls this the most affordable chip card reader on the market.
Back in July, the company announced plans to release a reader for chip cards, an EMV solution aimed at combating card fraud and protecting payment data. EMV (Europay, MasterCard and Visa) is a global standard for chip cards (cards with integrated circuits).
Square says the chip card readers that are currently on the market "aren't ideal for small sellers," as they cost hundreds of dollars, and are "big, clunky, and power hungry." Square says its reader is "compact," and that having it fit in your pocket is important to them. It's also compatible with iOS and Android devices, of course.
The reader processes both magnetic-stripe and chip cards. Square maintains that it's energy efficient as well.
"It’ll get even the most active Square sellers through an entire day of sales without having to charge," the company says.
As previously announced, Square Stand users are covered, as a new Chip Card Accessory for Square Stand is also coming, you can process chip cards using your current Stand.
"We designed it to look unintrusiveunobtrusive [not sure if they're making up new words or if that's a typo] so it won’t overwhelm your countertop, and you won’t need additional cables or chargers to use it," Square says.
That will cost $39.
Businesses will need to be able to process chip cards by next October.
Image via Square