Square Readers Now Process Chip Transactions in 2 Seconds
Square has been on a mission to reduce chip card processing times for several years. They have now updated their Readers and Registers to process chip cards in just two seconds, down from 3.6 seconds in 2017.
Those extra few seconds may not sound like a huge savings, but it adds up over time. By comparison, most card readers average a 13 second processing time for chipped cards.
To achieve this, Square has implemented Quick Chip and M/Chip technology, which reduces the amount of time a card has to stay in the reader. Customers can dip and pull out their card almost immediately without waiting for the machine to hear back from the card issuer.
Square has also eliminated the need for card signatures in the United States and Canada. All major credit card networks stopped requiring signatures in April, but some processors still ask for this at checkout. Getting rid of signatures further reduced checkout times for Square Registers and Readers.
Square’s pricing remains the same after the upgrade. Most transactions require a 2.5-2.75% processing fee, comparable with other products on the market.