The new terminals require you to dip your card in a slot, not swipe, as the older terminals that
accept magnetic stripe cards do.
Not exact matches
It's complicated, but under the new rules, if a customer walks into a store with a chip
card and the store hasn't updated its point - of - sale equipment to
accept chip
cards, the merchant is liable for any fraud that occurs from using the
card the old way, by swiping the
magnetic stripe.
Torous opened her shop just three weeks ago, and had previously purchased a terminal that
accepted only
magnetic stripe cards for $ 150.
The $ 29 reader will
accept both
magnetic -
stripe and chip
cards, and can be used with iPhones, iPads and Android devices.
In certain countries, for example, it's not uncommon for travelers to encounter merchants that don't
accept cards with
magnetic stripes at all.
When retailers update their terminals to
accept chips, just insert your
card instead of swiping the
magnetic stripe.
While they won't be
accepted at every kiosk overseas, you'll probably find them easier to use than
cards with
magnetic stripes.
PagPop, founded in 2006, enables product sellers or service providers to
accept credit
card payments using smartphones, tablets and an optional
magnetic stripe reader.