Perhaps the most heavily disrupted, at least from the consumer and small business perspectives, element of fintech has been payments. The stranglehold banks have had on how money is collected and moved remains strong but a number of new players have begun to edge in. One of the big players in that disruption is Square. Today, they have released their new Square Stand - a $299 device that works out-of-the-box to convert an iPad into a full point-of-sale system.
Square Stand delivers contactless and chip card payments allowing businesses to take payments and run their entire operation from their countertop device.
The system includes a Square Reader and Dock, integration with Square's point-of -sale software, and a bespoke iPad stand.
Square's Point of Sale app lets vendors send receipts via email or text message, apply discounts and issue refunds, access real-time sales data and sales history, track inventory in real time and print to receipt and kitchen ticket printer. It also works with barcode scanners and cash drawers.
Square's Australian Country Manager, Ben Pfisterer, said “There is an overwhelming demand from Square sellers to find better countertop solutions that can help them streamline their operations as they grow and move into more fixed locations. Square Stand for contactless and chip is designed specifically to address the countertop needs for businesses of any size, location, or complexity".
As well as offering a functional solution, the Square Stand looks quite elegant. The iPad stand and Square Reader look great together, unlike some of the cobbled together solutions I've seen in some stores.
Transaction fees are fixed at 1.9% of each transaction with funds transferred into your account the next day, the company says.
The Square Stand is available today either online or through OfficeWorks for $299