Square Announces New $999 Point-of-sale Device
Square Inc. (NYSE:SQ) has announced a new addition to its hardware lineup: a new point-of-sale device called the Square Register. The Register is meant for larger sellers using Square or considering using it. Square’s Head of Software Jesse Dorogusker said that the ultimate goal is for the Register to replace “the giant beige and gray boxes that are out there in the world.”
Square unveiled the new device at a small event in New York. The new device is a “fully functioning computer,” according to the company. Dorogusker said that the Square Register is “totally integrated — our hardware, our software, all in the box, all by Square.” The device was built using an aesthetic the company hopes will make it popular among retailers.
The device is targeted to businesses that have a fast-changing employee base or large number of inventory. The features include Ethernet and offline support, as well as a five-port USB hub to connect the Register to other devices. Users can use the device to connect to inventory, allow for added items or discounts, issue refunds, and generate sales reports. The new device also supports tap-to-pay, allowing customers to pay with their phone or watch.
The Register comes with separate screens for the buyer and seller. The separate displays let the customer to see each product as they’re being rung up and are detachable to accommodate different countertops. The customer screen also displays the businesses’ imagery and branding.
Square hopes the Register will be its next big source of new business. CEO Jack Dorsey explained that Square was not shifting away from supporting small and medium-sized businesses. In a statement, he said small businesses will “always be a part of our growth plan and always who we serve.”
Dorsey said that the Square Register could help the company retain those businesses as customers as they grow. He said, “We can’t be a business that says, ‘you’re too big for us now.’” Ben & Jerry’s Ice Cream is already using the Square Register in select locations.
The Square Register will cost $999, plus a transaction fee of 2.5 percent and 10 cents per transaction. Square is also offering a financing option where businesses pay $49 a month for 24 months. That could be a welcome deal for big retailers that are already spending thousands of dollars on point-of-sale hardware.
Square went public on the strength of its cheap and easy to use payment devices. Square’s more basic Stand POS system currently retails at $169. Square also offers a Venmo-like product, Square Cash, and loans to its business customers through Square Capital.
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