Square Accelerates EMV Transaction Speeds
Payments company Square announced that it has reduced the speed of their chip card (EMV) readers by 25 percent and its plan is to reduce the speed even more over time.
Square indicated that the most recent reduction moves the time between when a card has been "dipped" to when payment is complete from 5.7 seconds to 4.2 seconds. The company wants to further reduce time it takes to successfully process payment to around 3 seconds with software updates that it will automatically push to business owners' devices in the future.
"Square is in a unique position to make EMV card processing faster," said Square Hardware Lead Jesse Dorogusker.
"First, we build our own hardware, so we use custom-designed components to maximize efficiency resulting in better performance. And second, we build the software too: as one cohesive solution, we can make sure all aspects of processing a payment integrate seamlessly, and prioritize for speed and ease of use."
Over 75 percent of cards processed on Square now contain a chip - up from 40 percent just one year ago.