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Square shows off new hardware stand that turns iPad into a register

post #1 of 37
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Mobile payment processor Square on Tuesday revealed a new hardware accessory for Apple's iPad: the Square Stand, which turns the popular tablet into a register capable of accepting credit card payments.



The Square Stand is specially designed to fit either the iPad 2 or iPad 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.

The Square Stand also connects to Square's Business in a Box connected register system, which can generate receipts and store cash as well.

In introducing the device, Square said that 13 businesses with 30 locations will begin using the Stand on Wednesday. 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 ? 2.75 percent for swiped transactions and 3.5 percent + 15 cents for manually-entered transactions ? have encouraged investors to continually pump money into Square, with the firm raising $200 million in funding last fall.

The Square Stand is currently available for preorder. It will sell for $299.
post #2 of 37
Apple needs to buy Square already. You want iWallet, a huge, key piece is right there before your eyes. Square plus iOS hardware plus iTunes accounts = Apple instantly out in front of the mobile processing game by miles.
post #3 of 37
$300 is a little steep for a still-niche product. All it is is a plastic weighted iPad stand with its magnetic reader. The reader itself is less than $100
post #4 of 37
Quote:
Originally Posted by MacVicta View Post

Apple needs to buy Square already. You want iWallet, a huge, key piece is right there before your eyes. Square iOS hardware iTunes accounts = Apple instantly out in front of the mobile processing game by miles.

Couldn't agree more. 

post #5 of 37
Quote:
Originally Posted by AjbDtc826 View Post

$300 is a little steep for a still-niche product. All it is is a plastic weighted iPad stand with its magnetic reader. The reader itself is less than $100

Yeah and the plastic pellets for injection molding when bought in bulk are only worth about $5.

 

Did you stop to consider that they have to design it, engineer it, test it, market it, patent it, write apps for it, build a banking infrastructure for it, warranty, sales, packaging, office space, warehouse space, manufacturing costs, employees wages, insurance, taxes, etc, ... oh and I almost forgot they need to profit from it too?

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post #6 of 37
2.75% plus taxes... does it secure the iPad and mount to the counter?

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post #7 of 37
Really impressive. And I love their 2.75% with no surprise fees or monthly fees. I'm likin this square company.
post #8 of 37

Looks excellent.

post #9 of 37
Quote:
Originally Posted by daveinpublic View Post

Really impressive. And I love their 2.75% with no surprise fees or monthly fees. I'm likin this square company.

 

I've been using them and have no complaints.  

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post #10 of 37
One thing that would be a nice bonus is if they had a customer facing display mode where you could have a second screen and thus not have to swivel your register. Some businesses prefer this method, especially if it allows cx to see the order being put in, input a phone or whatever for your loyalty thing and so on.

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post #11 of 37
Quote:
Originally Posted by MacVicta View Post

Apple needs to buy Square already. You want iWallet, a huge, key piece is right there before your eyes. Square plus iOS hardware plus iTunes accounts = Apple instantly out in front of the mobile processing game by miles.

 

Yup. Square is already being used in Starbucks, and it could explode if Apple pushed it.  They should also buy foursquare, which has a massive, current, and accurate database of POIs. Would do wonders if integrated directly into their mapping service. 

post #12 of 37
Quote:
Originally Posted by darkdefender View Post

does it secure the iPad and mount to the counter?

Yes. It secures to the counter.

post #13 of 37
Quote:
Originally Posted by charlituna View Post

One thing that would be a nice bonus is if they had a customer facing display mode where you could have a second screen and thus not have to swivel your register. Some businesses prefer this method, especially if it allows cx to see the order being put in, input a phone or whatever for your loyalty thing and so on.

....and a box of hand wipes for disinfecting post-signing..... lol.gif

post #14 of 37

What about charging? was the demo simply unplugged? or does the wire feed down through the base? guessing there is not a battery in the device itself. 

 

Which iPads does it work with? or are there different versions? a device with full size iPad for employee and iPad mini for customer facing would be kinda cool - or what about attaching the receipt printer directly in the base of the unit? for cases where there are not multiple POS units sharing a printer? 

 

I wonder if they have any sort of chip in the unit that holds an activation key so that if someone where to force the iPad out of the unit and run of with it they would not have access to your data - then again taking your iPad home at night to "do the books" would need a way to get in - and oops I forgot to bring my iPad to work or forgot to charge it could be a problem. I suppose if you were using it as your POS you might not also take it home and let the kids play with it. 

post #15 of 37
Quote:
Originally Posted by AjbDtc826 View Post

$300 is a little steep for a still-niche product. All it is is a plastic weighted iPad stand with its magnetic reader. The reader itself is less than $100

You must be a cheap person.  

 

 

$300 for this product is completely reasonable.  That swivel base isn't cheap to mfg.

 

You try and design something like that, mfg it, and the put it out on the retail market and try to make some money.

 

Remember, they have tooling and R&D to recoup, marketing, mfg, etc. and this is the retail price, not cost.  Plus, they aren't making these by the tens of millions, these are a niche product.

post #16 of 37
When can I add one for my Nexus tablet or Kindle Fire...HD of course??

And how about the cash register accessories? Do they have those for my tablets?


JK.

Yet this is just one more of umpteen thousand examples of where iPad is ahead of the competition by miles, yet doesn't show up in the only stat the simple-minded use: global "shipments" marketshare.
post #17 of 37
I don't know if they sell them here but in the UK the swipe thing is dead it's all smart chip and pin cards here. I wouldn't want to have to type my pin in on that screen with half the shop watching.
post #18 of 37
Apple has the cash to purchase companies, but Apple will do absolutely nothing and just let some rival take it away from them and turn it into a goldmine.
post #19 of 37
Quote:
Originally Posted by GadgetCanada View Post

 

 

I agree with the both of you. Apple buying the two squares (Square and Foursquare) would be an excellent use of their billions in the bank. Excellent ideas both.

Yes, Apple should buy Square and re-invent mobile payment by lowering the tariff by half. Not sure how Square processes the transactions but merchant banking is very expensive. Some companies make money from each transaction... a LOT of money. Apple would be doing it to sell devices. 

post #20 of 37
Quote:
Originally Posted by anantksundaram View Post

Couldn't agree more. 

 

Unfortunately, they're going to want a couple billion for their company at this point. Not exactly the kind of acquisition Apple typically makes.

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post #21 of 37
Quote:
Originally Posted by commoncents View Post

When can I add one for my Nexus tablet or Kindle Fire...HD of course??

 

POS software is popular on any kind of tablet.  E.g. AccuPOS:

 

 

 

Quote:
And how about the cash register accessories? Do they have those for my tablets?

 

Sure. Printers, cash registers, barcode scanners, etc are available for just about any kind of computer ever made. from PDAs to PCs.  It's a popular accessory market segment.

 
Tablets are attractive because of their low entry price, but of course PCs are undoubtedly still the most popular base device.  Easier to get comprehensive restaurant, inventory management and payroll software, printers, ethernet connections to prevent snooping, etc.
post #22 of 37

That's the same in Canada. Magnetic strips are being replaced with smart chips and PIN numbers to reduce fraud.

post #23 of 37
Quote:
Originally Posted by Bruce Ketchum View Post

That's the same in Canada. Magnetic strips are being replaced with smart chips and PIN numbers to reduce fraud.

 

Square is not thinking ahead!  Chips and pin is the future or present.  They'll have to redesign it.

post #24 of 37
Quote:
Originally Posted by MacVicta View Post

Apple needs to buy Square already. You want iWallet, a huge, key piece is right there before your eyes. Square plus iOS hardware plus iTunes accounts = Apple instantly out in front of the mobile processing game by miles.

 

I've been saying this for a while. I literally think Apple should buy both Square and Twitter.

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post #25 of 37
Quote:
Originally Posted by AjbDtc826 View Post

$300 is a little steep for a still-niche product. All it is is a plastic weighted iPad stand with its magnetic reader. The reader itself is less than $100


Man... such an amazing business sense you have.  It's a wonder why Apple (or anyone else) hasn't snatched you up to run a company yet!

post #26 of 37
IPad=$400
Cash Register=$2000-10 years of tech
Well that was better
post #27 of 37
Quote:
Originally Posted by GadgetCanada View Post

Apple buying the two squares (Square and Foursquare) would be an excellent use of their billions in the bank.

And the resulting company would be a separate entity called 'Fivesquare'?

1wink.gif
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post #28 of 37
Quote:
Originally Posted by GTR View Post


And the resulting company would be a separate entity called 'Fivesquare'?

1wink.gif

 

...Or Apple(squared).

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GOA

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post #29 of 37
No shit, my cousin Xavier Shay works for square. He's tight lipped about anything business though
post #30 of 37
Quote:
Originally Posted by paxman View Post

Yes, Apple should buy Square and re-invent mobile payment by lowering the tariff by half. Not sure how Square processes the transactions but merchant banking is very expensive. Some companies make money from each transaction... a LOT of money. Apple would be doing it to sell devices. 
Actually the rates are not bad, especially if you do a very limited amount of transaction or a very large amount of transactions. For very small businesses or individuals there is the advantage of no monthly fee. For businesses doing a large amount of transactions there is the advantage of the $275 monthly cap on fees. As far as processing the transactions, my receipts land in my checking account the next business day - automatically!

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post #31 of 37
I don't know if it's currently used in the US but all our cards in the UK are 'chip and pin' so it would need some kind of input device to take off here. The iPad screen could take a numerical code (pin number) but entry has to be discrete and secure!
post #32 of 37

Apple could probably buy any company with Square in their name (add Squarespace) and do pretty well.

 

I don't get this stand. It'd be cheaper and better to just have the card dongle attached to an iPad and hand it to the customer to sign (as they do where I buy coffee).

 

Gruber also reported that it's 30-pin connector only. If that's true, not too forward looking.

 

Still, love the company. I wonder how they got my email addy at my coffee shop....probably sucked it off my card profile (though didn't know I had one).

post #33 of 37
Originally Posted by stniuk View Post
I don't know if they sell them here but in the UK the swipe thing is dead it's all smart chip and pin cards here.Originally Posted by Kung Fu Guy View Post
Square is not thinking ahead!  Chips and pin is the future or present.  They'll have to redesign it.

 

iZettle and payleven are equivalent services which offer chip and pin devices in Europe including the UK.

 

At best, Square is trailing behind or at worst, has conceded the European market to its competitors.

post #34 of 37
Quote:
Originally Posted by paxman View Post

Yes, Apple should buy Square and re-invent mobile payment by lowering the tariff by half. Not sure how Square processes the transactions but merchant banking is very expensive. Some companies make money from each transaction... a LOT of money. Apple would be doing it to sell devices. 


Why do you say that? Credit card companies normally charge at least 2.5%, and I suspect this includes credit card processing. I'm thinking of smaller business rates. Larger ones probably pay lower percentages.

post #35 of 37

As much as I hate PayPal (and eBay), I've been using them instead of Square. They offer 2.7% for swiped transactions, and the funds are available immediately via the PayPal debit card or using an ATM. When using the debit card, you can earn 1% cash back on eligible purchases. If you use an ATM, they charge $1. 

 

They PayPal Here card reader also appears to be more reliable. 

 

Granted, PayPal hasn't jumped into quite the game Square has when it comes to a near-full POS solution, but it's great for casual use. 

post #36 of 37
Quote:
Originally Posted by RedGeminiPA View Post

As much as I hate PayPal (and eBay), I've been using them instead of Square. They offer 2.7% for swiped transactions, and the funds are available immediately via the PayPal debit card or using an ATM. When using the debit card, you can earn 1% cash back on eligible purchases. If you use an ATM, they charge $1. 

 

They PayPal Here card reader also appears to be more reliable. 

 

Granted, PayPal hasn't jumped into quite the game Square has when it comes to a near-full POS solution, but it's great for casual use. 

Although I use them for eBay and some online shopping, I don't like trusting PayPal with all of my cash flow.  I prefer to deal with a local bank - if I have a problem, I can talk face to face with people that know me and want to keep my business.  How long does it take to get money received through PayPal into your bank account?  Last I remember it was about five days, although it might have changed.  Also as a merchant they wanted to charge me $30 a month whether I had any transactions or not.  

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post #37 of 37

Is this new Square design patent?

 

If so what is the patent number?

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