May 14 (Bloomberg) -- Square Inc., the payments startup co-founded by Twitter Inc. Chairman Jack Dorsey, is rolling out hardware that turns iPads into point-of-sale systems, bolstering an effort replace cash registers in stores.
Square Stand, which costs $299, includes a credit-card reader and swivels back and forth, allowing customers to enter information from across a counter, the company said in a statement today. By connecting to a mobile point-of-sale application called Square Register, shops will also have access to real-time sales data.
Square has been introducing products to overhaul the way companies process in-store transactions, competing with Intuit Inc. and EBay Inc.’s PayPal. In February, Square rolled out “Business in a Box,” an ensemble of devices that includes two credit-card readers, a cash drawer, an iPad stand and an optional receipt printer. The system costs $599, or $299 excluding the printer.
“Local business owners take as a given that they need an ugly, slow, expensive, and complicated point of sale system cluttering their counter,” Dorsey, Square’s chief executive officer, said in the statement. “Square Stand is elegant, fast, affordable, and easy to use.”
The San Francisco-based company began offering a stamp-sized credit-card reader in 2009 that lets merchants accept payments on the go, targeting small proprietors -- cab drivers and food trucks. Square offers a flat fee of 2.75 percent per transaction or a monthly fee of $275, along with free software. In addition to mom-and-pop retailers, Square has allied with companies such as Starbucks Corp. to expand services.
More than 3 million merchants are able to use Square’s card swiper and the company is processing more than $12 billion in payments on an annual basis, the company said last month.
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