The same thing happened when I had my English Setter chipped. We were walking (she was on a harness) about 30 minutes after it was put in and she started bleeding. She was white, so there was blood everywhere. I took her back to the vet and they looked at it and made sure the chip was still in (scanned her) and sent her back home.
It happened about an hour later, but not quite as much bleeding and we were at home, so I was able to put a wash cloth and a little pressure on it since we weren't 3 blocks from home this time.
After that it was fine though.
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