Square Boosts Chip Card Reader Speed by 14%
Square released new firmware for its chip card readers that improves transaction speeds by 14%. The average chip card transaction on a Square reader now takes 3.6 seconds, down from 4.2 seconds. This makes Square one of the fastest chip readers on the market.
Slow transaction speeds are some of the biggest complaints from people using chipped cards. Shaving off less than a second per transaction may not seem like a lot, but it adds up when you have hundreds of people going through a checkout line each day. This improves customer satisfaction, which encourages people to shop at small businesses that use Square.
In September 2016, Square dropped its chip transaction times from 5.7 seconds to 4.2 seconds. That was significant, considering that American Express averaged as long as 20 seconds per transaction.
Square offers several programs for accepting EMV cards. There is a basic chip reader that looks much like its magstripe reader, and also an upgraded version that accepts contactless payments. In addition, Square sells a stand that allows you to convert an iPad to a POS, all paired to the contactless chip reader. All of Square’s programs require a 2.75% transaction fee for payment with no monthly or annual fees.
If you already use Square in your business, you may update your firmware through the Square app if your device does not do so automatically.