Square cuts again its chip reader card processing time

Thursday 16 August 2018 13:35 CET | News

Square has announced that it has cut its chip reader processing time for card transactions down to two seconds.

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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Keywords: Square, chip reader, card processing, merchant, retail, Visa, MasterCard
Countries: World

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