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TheStreet Open House

Square Stand to Change Payments ... Again

Stocks in this article: SBUXAAPL

SAN FRANCISCO ( TheStreet) -- Square, the company that helped bring the mobile payment and digital wallet industry to the forefront of consumers minds, is at it again. This time, the company is taking a slightly more traditional approach to payments, but in a whole new way.

Square Stand, which the company announced earlier this week, is poised to disrupt the traditional point-of-sale (POS) hardware and software that merchants use. Small and medium-sized businesses that use Square to process their payments either used an Apple (AAPL) iPhone or iPad married with a hap-hazard piece of hardware to hold it down, in a custom solution. Stand marries the holder to the iPad, but does much more.

Square Stand, which retails for $299 and will be available at Best Buy (BBY), Square's Web site, and other yet-to-be-announced retailers, combines all the software and hardware accessories a business would need, including a receipt printer, kitchen printer, cash drawer and a scanner.

I recently sat down with Jesse Dorogusker, who helped develop Stand, at Square's headquarters, to discuss the product and its impact on businesses and consumers alike.

Chris Ciaccia: Tell me a little about Square Stand and where you see it.

Jesse Dorogusker: The evolution of the register software product including most recently just a few weeks ago for quick-serve restaurants, including items on fire and enhanced ticket printing, really focuses on those kinds of items. Then a few days ago, we followed that up with Square Stand. Again, the hardware plus the software coming together to make a whole solution. When businesses are running their business, they don't say "Well I need some hardware and I need some software." They kinda say "I need something that looks like this points to Stand and I don't really care about the low level detail. But we know, that the hardware plus the software is the best thing for them.


Ciaccia: It's priced at $299. That seems a little aggressive. Is Square making any money on this, or is just kind of a piece of hardware to get people to use Square software?

This question was followed by a demonstration of Square Stand and how it works.

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