What Happened
Mobile payment platform and POS device maker Square is looking to speed up adoption rate of the new EMV chip-and-PIN terminals, promising to cover any faulty charges if the business has already pre-ordered its latest card reader, set to ship this fall. While obviously hoping to convert some businesses to Square’s platform in the process, this offer could help some small and medium-sized businesses (SMBs) to have a smooth transition to the new POS terminals.
What Brands Should Do
For security purposes, businesses that are still using the old magnetic swipe-and-sign system are mandated to upgrade to the new chip-and-PIN EMV payment system by October. For retail brands and small business owners that haven’t been aware of this imminent change, now would be time to make the switch, and try out the benefits digital POS terminals can bring, in terms of improved security, convenience, as well as consumer data some of the digital POS platforms can gather.
Source: Ars Technica
