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a previous article stated that I can use the mag card reader for chip cards by going into the in-app settings and under Check out options , I can "tap swipe card options" to toggle this feature on. I have the latest app update and this is no longer available in the settings. How can I do this?
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Yes it will work if you swipe the chip card thru your reader. However if you swipe the magstripe on the back of a chip card instead of dipping the chip, you could be liable for certain kinds of fraud—instead of your bank or the card issuer.
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Yes it will work if you swipe the chip card thru your reader. However if you swipe the magstripe on the back of a chip card instead of dipping the chip, you could be liable for certain kinds of fraud—instead of your bank or the card issuer.

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There is a good explainer on why buy the $49 chip reader.
https://squareup.com/guides/liability-shift
Here is the article explaining the liability shift Ron was talking about.