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updated 12/10/2013 4:49:51 PM ET 2013-12-10T21:49:51

Businesses that use Square's credit-card reader to process payments are in for a treat, as the company released an upgraded version today that's twice as thin as its predecessor and promises to read swipes more accurately.

One of the new features is the improved 1/8-inch audio jack that makes the reader compatible with more devices. The new Square Reader also has a new magnetic readhead and spring designed to improve swipe accuracy, meaning fewer "reswipes."

“We engineered purpose-built components to create both excellent performance and beautiful design, without compromise,” said Square’s head of hardware Jesse Dorogusker in a statement.

Users who sign up for a new Square account will receive the new reader for free. It will be available for purchase in stores sometime next year.

Related: Square Makes Money Transfers as Easy as Sending an Email
 

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