In 2017, the company announced that it had trimmed its processing time down from 4.2 seconds to 3.6 seconds via a firmware update it rolled out to the Square Contactless and Chip Reader.
Using the previous figure as a benchmark, Square has cut its processing time by a further 44%, achieving this speed reduction by working with Visa and Mastercard to implement their respective Quick Chip and M/Chip Fast technologies.
The reduction adds up throughout a day for brick-and-mortar retailers, meaning more transactions per hour for the merchant and shorter lines.
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