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Square Inc., which debuted more than seven years ago pursuing micromerchants with a free card reader, launched Square Register, a $999 point-of-sale system designed for larger merchants, it announced Monday.
Square Register is a full-sized POS device that has merchant-facing and consumer-facing screens. Also available at $49 a month for 24 months, the device accepts chip, magnetic stripe, and contactless payments. It has a five-port USB hub to enable merchants to connect devices like a scanner or cash drawer.
It can connect via Wi-Fi or Ethernet and has an offline mode. Square Register comes with a two-year warranty. Some Ben & Jerry’s Ice Cream locations, and merchants such as Goa Taco and Café Grumpy, already are using the device. In all, 50 merchants tested Square Register, Square says.
Square Register is an extension of Square’s other hardware, it says. It is another option for merchants as they grow. Many started using just the Square Reader, migrated to Square Stand and now are ready for a POS system, Square says.
Standard with the device is Square’s POS software that accepts and tracks payments and enables invoicing, employee access, and marketing campaigns. Transaction data and related information is available via a single dashboard across any Square device and multiple locations managed by a Square merchant.
Transaction pricing is 2.5% plus 10 cents per transaction for card-present transactions. That’s less than the 2.75% fee it charges for payments made with other Square services. Square also notes it will negotiate custom rates for larger merchants with annual revenues of more than $250,000 and an average ticket size of more than $15.
In a press release, Jesse Dorogusker, Square head of hardware, said Square Register combines everything “we’re known for in one place: beautiful hardware, powerful software, and a robust management-payment experience.”
Such advanced POS systems have become popular among acquirers and manufacturers, especially has more merchants realize they can afford them and have a need for them.
Square Register fits this trend, says Ron van Wezel, senior analyst at Aite Group LLC, who recently authored a report entitled, “Evolution of the Point-of-Sale Terminal: Survival of the Smartest.”
“This move illustrates Square’s commitment to its strategy of penetrating the larger merchant segments,” van Wezel says in an email. “Such merchants will welcome the arrival of a player that is well-known for its capacity to disrupt the industry.”
Square, since its debut, has steadily expanded its product line, and consequently broadened its potential merchant base. In addition to Square Register and the card reader, Square also offers the Square Stand and a contactless reader with a chip slot.
