These days, if an entrepreneur is is looking to get their new business off the ground, they have to consider the traditional items - product, location, cost of inventory. As it relates to marketing, hey must consider a lot of the "modern" marketing questions as well - how do I build a website? Do I need a Facebook page? Twitter account? But when it comes to taking cash at checkout, they tend to go with the old school cash register. Paper in, coins out. Credit card receipts and big bills go under the drawer...
That's all about to change.
You've probably already heard of Square, a merchant sales company that is pioneering mobile payments via smartphone technology. They have just announced their modern day answer to the cash register - the Square Stand. Modernizing small businesses, this new piece of hardware features an all-in-one Point of Sale (POS) system to be integrated directly with an iPad.
Features include a credit card reader (accepting cash, credit, and Square Wallet payments), a rotating base so customers can sign with their finger, and a customizable checkout flow where you can add names, photos, and order modifiers for a more personalized check-out experience.
With its companion Square Register app, business owners are also able to track and analyze sales immediately. Shall I repeat that one?
The Square Stand comes in at a rather high $299, and takes 2.75% per swipe (with no fees). Additionally, In order to have a fully functioning retail setup, you do still need a receipt printer, barcode scanner, and cash drawer - products that Square does offer.
While the product is not set to release until July 8th, several companies will already be giving the product a test run, including Cafe Grumpy in New York City and Morelli's Ice Cream in Atlanta. Square also has a partnership with Starbucks, so it is likely that these devices may start to pop up in some of their locations soon.
Will the Square Stand truly create a more functional environment for small business owners? Is this kind of innovation truly worth the price?