Etsy Introduces New Credit Card Reader

Posted on October 24, 2014

Etsy are definitely not the first to bring out a credit card reader for a smartphone and neither are they the first online retailer to do so (as Amazon already have). The reader can only process the magnetic strip of a credit card (as a conventional credit card machine would) so it does not cater for chipped cards and nor does it allow for Apple Pay or any other NFC-enabled payment.

It is interesting to see all of the new payment methods and the businesses that are getting involved in them. All retailers, let alone the online retailers like Etsy and Amazon have grown tired of giving Visa, MasterCard and American Express a cut of all their transactions. These new payment methods are an attempt by these companies to get a portion of the transaction costs that the credit card issuers have enjoyed for quite some time now…

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