Square, the iOS payment system that’s recently been made available to purchase in Apple Stores, has announced they have now added extra security to their device via encryption. The new security has come after Square’s involvement with Visa and was announced at the Visa Global Security Summit on Wednesday.
Enhanced Security Features
The new encrypted Square credit card reader is expected to become available this summer and will only work with the Square app. This encryption is a significant upgrade, ensuring that all transactions are secure and that sensitive information is protected from potential breaches. Square currently makes its money off a 2.75% per transaction fee on each sale processed by their devices. However, it has not been revealed how Square intends to absorb the extra costs associated with the new encryption feature. This move towards enhanced security is likely a response to growing concerns about data breaches and the need for more robust security measures in financial transactions.
Benefits for Small Businesses
Square is a great device and service for small businesses, to which Square charges a flat rate per transaction. This allows businesses to concentrate on sales rather than worrying about the charges normally associated with owning and using a credit card charge machine. The simplicity and transparency of Square’s fee structure make it an attractive option for small business owners who need a reliable and straightforward payment processing solution.
The new addition of encryption will surely be welcomed by its customers and also lay to rest VeriFone’s concern that the company was essentially distributing “card skimmers.” VeriFone had previously raised alarms about the potential for Square’s devices to be used for fraudulent activities. With the new encryption, Square is taking a proactive step to ensure that their devices are secure and trustworthy.
Moreover, the integration of encryption aligns Square with industry standards and best practices for payment security. This move not only enhances the trust of existing customers but also positions Square as a leader in secure mobile payment solutions. As cyber threats continue to evolve, businesses and consumers alike are becoming more vigilant about the security of their financial transactions. By implementing encryption, Square is addressing these concerns head-on and demonstrating their commitment to protecting user data.
In addition to security, Square’s ease of use and accessibility have made it a popular choice among small businesses, freelancers, and even larger enterprises looking for flexible payment solutions. The device’s compatibility with iOS devices means that users can quickly and easily set up a payment system without the need for extensive hardware or complicated software.
Furthermore, Square’s ecosystem includes a range of tools and services designed to help businesses manage their operations more effectively. From inventory management to sales analytics, Square provides a comprehensive suite of features that go beyond simple payment processing. This holistic approach to business management makes Square an invaluable tool for entrepreneurs looking to streamline their operations and focus on growth.
The introduction of encryption to Square’s credit card readers marks a significant milestone in the company’s ongoing efforts to enhance security and build trust with its users. As the payment landscape continues to evolve, Square’s commitment to innovation and security will undoubtedly play a crucial role in shaping the future of mobile payments. Whether you’re a small business owner or a consumer, the added layer of protection provided by encryption ensures that your transactions are safe and secure, giving you peace of mind in an increasingly digital world.
Latest Geeky Gadgets Deals
Disclosure: Some of our articles include affiliate links. If you buy something through one of these links, Geeky Gadgets may earn an affiliate commission. Learn about our Disclosure Policy.
