Sick of slow credit card chip readers? Here's Square's solution

Speeding up readings by about 25%

We've all been there: Ready to bundle our latest purchase in our arms to go home and enjoy, only to hear the dreaded "please insert your card" request from the cashier. Arg!

Chip cards may have made our payment information more secure, but they have also significantly slowed down the checkout process.

Knowing all too well this new paying pain point, Square has come up with a solution. The payment service firm announced today that it's cut down on transaction time, ensuring that you can get out the door (or serve more customers, depending on which side of the checkout counter you're on) faster than ever thanks its latest software update.

The update speeds up its new line of card readers, which are compatible with EMV cards - better known as chip cards - as well as contactless payment services like Apple Pay.

Gotta go fast

Square boasts that the reader update cuts the time between touching the chip and transaction completion down to 4.2 seconds - about 25% faster than its current record of 5.7 seconds.

Things don't stop there though, as Square plans to keep working to lower transaction speeds until it hits 3 seconds flat, a feat it claims is possible thanks to the fact that it not only does develops the software, but also the hardware that powers its mobile point-of-sale system.

While a few seconds doesn't seem like much, any retail employee can attest that a smidgen of wasted time can easily compound into longer lines at checkout - the bane of customer and clerk alike.