Square working on ‘a credit processing and risk issue’ before shipping more card readers
If you’ve tried to get in on Square’s mobile payment system , you know that a critical part of the whole setup is the tiny credit card reader that plugs into your phone’s headphone jack — and in all likelihood, you don’t have it. The company just sent out a message to those who’ve signed up for their service today, saying that a prior hardware shortage is resolved but that it’s only half of the problem; the other half, and arguably a more serious one, is that the company needs to find a way to “handle the huge demand for readers and still manage the risk of chargebacks and fraud.” So far, those risks have been mitigated by setting limits very low, but customers have apparently complained that they’re too low, which is requiring a “rethinking and expanding” of the company’s underwriting
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Square working on ‘a credit processing and risk issue’ before shipping more card readers
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