Square, a mobile payment company, announced a new chip-based version of their mobile credit card readers. Done mainly for security reasons, the chip-based version is much more secure than current magnetic stripe readers. With the majority of current chip-based readers being bulky and not mobile at all, Square is offering the best of both worlds starting early next year. Starting October 2015 in the United States credit cards must adhere to EMV regulations to be chip-based instead of using magnetic stripes.
Reducing the amount of credit card fraud while remaining completely mobile should allow Square to remain popular and grow in the sector. The mobile dongle will sell for $29, while the tabletop version will be $39. The dongle will be compatible with iOS and Android devices, is extremely energy efficient and should last the whole day. To find out if Square is right for your business, more information is available on their website.