The mobile payment processor, Square, recently revealed a new hardware accessory for Apple’s iPad: the Square Stand. This accessory turns the popular Apple tablet into a register capable of accepting credit card payments. It’s specifically designed to fit either the iPad 2 or 3 and has a built-in credit card reader to allow for easy payment processing. Connecting the accessory to an iPad running Square’s point-of-sale management apps allows for tracking of sales data and management of inventory and employees.
The new accessory is a more iPad-specific hardware option from Square. The company’s popular card swipers are already compatible with the iPad, but the Square Stand leverages the iPad’s unique properties to make a more capable point of sale system. It also connects to Square’s Business in a Box connected register system, which can generate receipts and store cash as well.
While introducing the device, Square said that 13 businesses with 30 locations will begin using the Stand. Square is also in discussions with Starbucks about putting the Stand into use in the coffee chain’s locations. Square also revealed that it’s processing more than $15 billion in payments on an annualized basis. The company’s revenues from processing those payments, which is 2.75% for swiped transactions and 3.5% +15 cents for manually-entered transactions, have encouraged investors to continually pour additional money into Square, with the firm raising $200 million in funding last fall.
Those of you interested in purchasing the Square Stand can preorder it for $299, which is what it will be selling for.
Source: Square
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