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The EMV standard was developed by Europay, Mastercard and Visa to improve security over the outdated magnetic swipe technology, which can be easily compromised.
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.
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