Square has announced a new product that was designed specifically for the iPad called “Stand.” Square hosted an event at Blue Bottle Coffee in San Francisco for the product launch. Merchants have been using the iPad to connect to Square with the traditional card swiper. However this product turns the iPad into a full-on register. Square chose the iPad for their Stand product because the tablet accounts for nearly 50% of total payments processed by Square. The average payment volume processed by these customers is over double the average volume that are processed by Square customers that use smartphones.
Square Stand has a card reader that can be connected to the necessary hardware accessories that a typical business has like a receipt printer, cash drawer, barcode scanner, and kitchen printer. The iPads can be locked into place and secured to countertops. The Square Stand can also be tilted and rotated. Square Stand works with iPad 2 and 3.
There are 13 businesses with 30 locations that will start using Square Stand tomorrow including Blue Bottle in San Francisco and Cafe Grumpy in New York. Dorsey said that the company is in talks with Starbucks about using Square Stand also. Square and Starbucks have a lucrative credit card processing deal in place already.
Square Stand will allow merchants to process payments faster and it has a customized operating system for registers as opposed to replacing barcode scanning or cash drawers. Square Stand will cost $299 and it is available for purchase on squareup.com/stand. According to TechCrunch, Square is processing over $15 billion in payments per year, excluding Starbucks.
Check out a demo of Square Stand below: