Square launches iPad-based 'Business in a Box' point-of-sale system
Square is expanding its Register point-of-sale application for Apple's (NASDAQ:AAPL) iPad tablet with the introduction of Business in a Box, offering brick-and-mortar retailers a complete point-of-sale system for accepting payments, tracking sales and sharing product and location information.
Business in a Box includes two Square Readers, an iPad stand, a cash drawer and an optional receipt printer.
Square Register, introduced last March, enables mom-and-pop businesses to accept cash and credit transactions, customize inventory, integrate loyalty programs and issue receipts via iPad; the application operates in tandem with the existing Square Reader unit, which let users to accept purchases via smartphone or tablet by swiping cards through a small dongle that plugs into the device's audio jack. The new Business in a Box for package includes two Square Readers, an iPad stand, a cash drawer and an optional receipt printer, all of which work wirelessly with the Square Register app.
According to Square, Business in a Box is designed to make life simpler for merchants, freeing them from piecemeal POS systems bringing together hardware components, software licensing agreements and service plans from multiple providers and manufacturers. Packages begin at $299.
Square charges a flat fee of 2.75 percent on all purchases, lower than conventional credit and debit card transactions, and promises no contracts, monthly fees or hidden costs. Funds are deposited into customers' bank accounts within 24 hours on average.
Square now processes $10 billion in annual mobile payment transactions. More than 2 million U.S. businesses and individuals use its services. In September 2012, Square closed a Series D financing round led by investors including Citi Ventures and Rizvi Traverse Management; The New York Times reported the round totals about $200 million, valuing the startup at $3.25 billion.
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