This paper concerns the positive part $U^+_q$ of the quantum group $U_q({\widehat{\mathfrak{sl}}}_2)$. The algebra $U^+_q$ has a presentation involving two generators that satisfy the cubic $q$-Serre relations. We recently introduced an algebra $\mathcal U^+_q$ called the alternating central extension of $U^+_q$. We presented $\mathcal U^+_q$ by generators and relations. The presentation is attractive, but the multitude of generators and relations makes the presentation unwieldy. In this paper we obtain a presentation of $\mathcal U^+_q$ that involves a small subset of the original set of generators and a very manageable set of relations. We call this presentation the compact presentation of $\mathcal U^+_q$.