Square, the start-up co-founded by Twitter inventor Jack Dorsey, has recently unveiled Square Register, a free Apple iPad app designed to evolutionize the point-of-sale experience for merchants and customers.
The new app, Square Register, replicates and according to Square, enhances the features of a cash register for small business merchants. The app accepts cash and credit payments, allows merchants to easily list menu items, and tracks the history of customers’ purchase.
Currently, the New York City Taxi & Limousine Commission is rolling out pilot program from Square to replace Taxi TVs in 30 cabs with an embedded encase iPad in metal sleeves providing a streamlined payment experience for the passenger. The iPads will be attached to credit card swipers where passengers can pay their fare – even before the fare is calculated. Receipts will be sent to passengers’ phones by email or text.
What exactly is Square?
Released in 2010, Square, Inc. is a mobile application available for iPhone, iPod Touch, iPad and Android. Square’s two apps are Card Case, which allows customers to view merchant menus, do mobile payments, receive virtual receipts, and discover other Square-enabled merchants, and the aforementioned Square Register.
Square derives its revenue through collecting transaction fees. More than 1 million people are able to accept credit cards with Square. Their average purchase is $75.
The original Square card reader has more than 1 million users nationwide.
Square’s current valuation is more than 1 billion dollars having raised $168 million since launched in November 2009. Square is headquartered in San Francisco with additional offices in Saint Louis and New York City.
Sources: USA Today, Mashable.com, SquareUp.com, Wikipedia, CNET