NEW YORK (TheStreet) -- Mobile payments giant Square is unveiling a solution to meet new EMV standards in an effort to help sellers get ahead of the new credit card technology planned for next year, cutting down on credit card fraud as well.
An EMV solution (which stands for Europay, Mastercard (MA), Visa (V),) will allow small businesses to accept new credit cards with chips inside them, making them harder to clone than the traditional magnetic-stripe credit cards. The solution will include a new Square chip reader and a resource for Square sellers on what the migration towards EMV means for their business.The deadline for businesses to be able to accept the new credit cards is October 2015. If a business is not compliant by then and the chip card being used is fraudulent, then the merchant will be liable for the fraudulent charges.
"There are more and more ways to pay, and with options like bitcoin and contactless [payments], customers expect to pay however they want; cashiers should never have to say 'We don't accept that'," Square CEO Jack Dorsey said in a press release. "Square started by empowering anybody to accept credit cards and enabling customers to pay with their name. Our EMV readers are the next step towards ensuring sellers make every sale."
Square's EMV chip reader, which will be available later this year for pre-order, will look very similar to the company's existing card reader, and will work with Apple (AAPL) iPhones and iPads, as well as Google (GOOG) Android devices.