Hi Sellers!
On October 13, 2022 we will stop selling the Square Reader for Magstripe in Canada. This includes:
- Square reader for magstripe with headset jack
- Square reader for magstripe with lightning connector
We will continue to support payment processing on magstripe reader products sold prior to October 13, 2022 however, after September 2023 transactions processed on these readers may be subject to additional fees. Square will provide at minimum 90 days notice of changes in applicable fees for magstripe payments.
Existing & prospective sellers will be advised of this upcoming change on July 20, 2022 through email, Public Web, Shop and Onboarding. These products will no longer be available for sale October 13, 2022.
Why are we discontinuing this product?
In recent years, payment technology, customer preferences and industry regulation in Canada has been moving away from magnetic stripe and toward safer, more secure chip and PIN and contactless transactions. Adapting to chip and PIN devices will allow Square to continue to provide our sellers and their customers with safer payment options and improved protection from fraud.
Can sellers 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, however, as of October 1, 2023, additional fees may apply to transactions processed on them. Square will provide at minimum 90 days notice of changes in applicable fees for magstripe payments.
Can sellers still use magstripe functionality on other Square hardware?
Square’s chip-enabled products with built-in magstripe readers (Square Register, and Square Terminal) will still be able to take payments (including swipe payments) without the possible additional fees related to magstripe payments mentioned above.
What alternative products can sellers 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 INTERAC debit), while retaining the same mobility and ease of use as Square Reader for magstripe.
Canadian sellers looking to process remote payments without using reader hardware should consider free-to-get-started options like manually keying customers card information in the Square app on their device or alternative solutions like Virtual Terminal and Invoices.
Note: Pricing may vary for card-not-present solutions and customers should refer to square.ca/pricing to learn more.
What about warranty coverage?
Square Reader for magstripe is covered by a 6 month limited warranty that will cover all units sold prior to October 13, 2022 for a period of 6 months from the shipping date.
How can sellers 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.
