In recent years, payment technology in Canada has been moving away from magnetic stripe and toward safer, more secure chip and PIN and contactless transactions. As part of this continued evolution, Square Reader for magstripe won’t be available to purchase starting October 13, 2022*. “There’s been a shift towards increased payment options in Canadian commerce,” said Grace Jung, Head of Industry Relations, Payments, and Operations, Square Canada. “Square’s recent 2022 Future of Retail report found that 61% of consumers prefer contactless payments—perhaps unsurprising in a post-COVID-19 world. Adapting to chip and PIN devices will allow Square to continue to meet sellers and consumers where they are, while providing them with safer and more convenient payment options and improved protection from fraud.”
Can I keep using my Square Reader for magstripe after October 13?
Square Readers for magstripe that were purchased before October 13, 2022 will still be able to take payments without disruption following that date, however, as of October 1, 2023, additional fees may apply to transactions processed on them. Square will provide (at minimum) 90 days notice of any fee changes.*
Please note that additional fees will not apply to Square’s chip-enabled products with built-in magstripe readers (Square Register, and Square Terminal), which will still be able to take payments (including swipe payments) without the additional fees relating to magstripe transactions referenced above.
What alternative products can I use instead of Square Readers for magstripe?
For sellers looking to accept on-the-go in-person payments, Square Reader for contactless and chip lets you safely accept any type of payment method (including debit), while retaining the same mobility and ease of use as Square Reader for magstripe.
Canadian sellers looking for customer point-of-sale products should consider free-to-get-started options like Virtual Terminal and Invoices. Merchants can also take payments by manually keying in a customer’s card information on their mobile app or computer.** “Economic empowerment has always been our mission at Square so we will continue to offer no-cost and low-cost solutions for Canadian businesses of all types and sizes,” said Jung.
How can I safely dispose of my Square Reader?
To dispose of your Square Reader for any reason, you can drop it off at your local Best Buy, Staples or e-waste recycling centre.
*Square will provide at minimum 90 days notice of changes in applicable fees for magstripe payments. Square Reader for magstripe will be discontinued on October 13, 2022 or while supplies last.
** Visit square.ca/pricing for more information