It may not yet be practical for micro businesses to fork out for the expensive NFC payment terminals needed for Apple Pay, but Square is ensuring that they will at least be all set for the shift to chip-and-signature cards next year.
As of October 2015, any retailer without a chip-and-signature reader will bear the risk of fraudulent transactions, giving them a strong incentive to update their cardreaders. Fortunately, with Square, it’s not an expensive shift: the iPhone reader will cost just $29 – the cheapest on the market – while the Chip Card Accessory for the Square Stand iPad terminal costs $39.
It will be interesting to see whether Square is later able to develop a low-cost NFC reader to support contactless cards and Apple Pay, but in the meantime both chip-and-signature products are available for pre-order now, with delivery early next year.
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