NO
Square deposits all swiped card transactions from each business day at midnight eastern time. No waiting. For Saturday, and Sundays transactions they go through on Sunday at midnight.
Dedicated
In the newest update of the square ap, it will try to attempt to connect 3 times. If it still does not get a data connection via Wifi (yes this works and most homes have wifi and a guest login you can use if you ask) or through the cell network it will hold on to the data and allow you to have the customer sign for the transaction. Then the first time your phone gets a signal it will process the transaction. Only draw back here is if it were to decline you are gonna have to go back to customers house to get an alternative form of payment.