Following on plans to release an EMV-compatible Square Reader, Square has reassured merchants that it will also offer a Square Stand accessory that will help merchants comply with upcoming US regulations that require credit cards to include a security chip.
The EMV standard was developed by Europay, Mastercard and Visa to improve security over the outdated magnetic swipe technology, which can be easily compromised.
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As seen in the diagram below, the new EMV solution will plug into the Square Stand alongside other peripherals, such as the cash drawer:
The transition to EMV will take place in October 2015, with banks and card issuers no longer taking liability for fraudulent purchases made from terminals that don’t support the standard.